What Is The Metaverse (and Why Should You Care)?

Do not feel guilty if you need to ask about the metaverse.

Although the metaverse is not a new concept, its rapid rise to prominence is remarkable. The meaning of the metaverse seems to be expanding daily as more well-known brands and businesses incorporate it into long-term plans.

Although celebrities and global brands such as Nike have been involved in the metaverse, Facebook is the one responsible. Facebook, which is a pioneer in social networking (and thus the first version of the Metaverse), recently underwent a major rebrand. Facebook is now Meta and the company plans to make major moves in the Metaverse in the years ahead.

All of this begs the question: What is the Metaverse? It’s a complicated answer, but it’s something you know even though it may seem confusing. It is social media, online shopping, gaming, and the internet all in one.

Continue reading to find out more about the metaverse, and if it is worth your while to join the craze.

To learn more about how to target your audience and where to focus your social media marketing efforts, download the Digital 2022 complete report. It includes online behavior data from 220 nations.

What is the metaverse?

Metaverse is a virtual place where users, businesses and digital platforms can interact. It encompasses everything, from virtual gaming and social platforms (e.g. Roblox) and NFTs (a.k.a. non-fungible tokens (more later).

Do you fancy a NFT along with your Happy Meal
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McDonald’s has enlisted 10 trademarks to be registered in the metaverse.

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Yes, really. @anulee95 reports

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https://t.co/hDhKDupOSd

Metro (@MetroUK), February 10, 2022

The Metaverse is an enduring science-fiction fantasy that has become a reality. Movies such as Ready Player One and Tron have long imagined digital worlds that are as heavy as real ones. The Metaverse is exactly that: a virtual world accessible through virtual reality headsets. It’s populated by real people (often using avatars digital) and offers endless possibilities.

Although it might sound like a novel idea, the concept of a multi-platform digital universe has been around for many years. It’s been seen in everything, from social media to video games. The early versions of the Metaverse were a part of our world since World of Warcraft, Runescape, and MySpace. These ideas are the foundation of 2020s metaverse. It takes them to a new level.

What is the reason Facebook changed its name to Meta?

Mark Zuckerberg, the social media giant Facebook, announced in October 2021 that Meta would replace it.

The new @Meta name for Facebook. Meta is building the metaverse. It’s a place where we can play and connect in 3D. The next chapter in social connection is here. pic.twitter.com/ywSJPLsCoD

— Meta (@Meta), October 28, 2021

Facebook (the social network) is still Facebook. It is the parent company that operates Facebook, WhatsApp and Instagram. Meta was its new name.

Why? It’s simple. Zuckerberg said, “We’re basically going from being Facebook first as an organization to being Metaverse first.”

Meta has already invested billions in building the metaverse ($10 Billion alone in 2021). It intends to include every corner of the metaverse in its plans. The company’s long-term vision includes Oculus, NFTs and cryptocurrency. Although it’s too soon to see the results of their efforts, the money and time they are investing now will make it happen in the near future.

Is the metaverse the future for social media?

You might be curious about the impact of recent metaverse developments on investments and whether or not the concept will have an influence on the future of social media marketing (and social media advertising).

To learn more about how to target your audience and where to focus your social media marketing efforts, download the Digital 2022 complete report. It includes online behavior data from 220 nations.

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The metaverse saw an influx of resources and money in 2021. Platforms like Meta, and companies like Nike (who recently partnered up with RTFKT Studios, a sneaker-centric metaverse giant) are investing large amounts of money and resource into the metaverse. This is clearly a sign that there are people and businesses who believe it’s the future for social media.

Welcome to the @RTFKTstudios family

Learn more: https://t.co/IerLQ6CG6o pic.twitter.com/I0qmSWWxi0

December 13, 2021, Nike (@Nike).

The answer to this question is not yet clear. This metaverse is still very young. Although 2021 was a big year, the future will be crucial to its survival.

What are your options in the metaverse?

Let’s now look at specific actions that you can perform in the metaverse.

1. Network

Meta’s metaverse will be a social platform, it seems. It wouldn’t be much of an “reality” virtual if it didn’t allow users to interact in some manner.

This applies to NFT purchases and crypto exchanges, but it also includes socializing in a more traditional sense.

Roblox, a digital game platform, is a great example. It was used by more than half of American children under 16 years old in 2020. Roblox allows users to play through a variety of video games, all created by Roblox users. It currently has over 20 million games, many of which are revenue-generating for designers.

Roblox users can interact through games and an avatar-based platform, similar to Habbo Hotel. It’s ultimately a platform that allows aspiring game designers to test their skills and meet others who are interested in working in the field.

Jonathan Vlassopulos is VP Head of Global Music. @davidguetta DJ joins Roblox’s metaverse to perform the first DJ set by an avatar. @warnermusic https://t.co/eUbKNpGbmN pic.twitter.com/p4NBpq9aNF

— Roblox Corp (@InsideRoblox), February 4, 2022

Roblox is one example of the Metaverse’s networking. Social media has been a long-standing way for professionals to network with clients and peers. The Metaverse is an extension of this, and often offers new and exciting ways to do so.

2. Do business and invest

Unless you have been living under a rock the past year, you may have heard the terms “NFT”, “cryptocurrency” and “cryptocurrency.” These are both important building blocks of the Metaverse and offer great opportunities for businesses and users to invest on the platform.

Cryptocurrency refers to a variety of digital currency platforms. Bitcoin and Ethereum are the most well-known of these platforms. The blockchain-based cryptocurrency, cryptocurrency, is an unregulated digital currency. Although its value fluctuates, long-term platforms (especially those mentioned above) have seen a significant increase in their value since their inception.

The fact that cryptocurrency is not subject to nationalization is one of its biggest draws. Its value is therefore the same in America, Japan, Brazil, or any other country. The Metaverse is a global platform. The Metaverse is a global platform that uses cryptocurrency as a currency. As its value increases, it looks as though it will pay off long-term.

NFTs are a key component of investing. NFT stands for non-fungible token. An NFT is a digital signature that can be used to deed ownership of digital goods. An NFT could be a piece or photo of art, a song or digital real estate.

About my latest #NFT drop in my words… Read now: https://t.co/FYhP7ZxvaK

ParisHilton.eth (@ParisHilton), February 8, 2022

An NFT certifies ownership and certifies value. This is the unique part of the item. This basically allows you purchase bricks that make the internet possible.

NFTs are an excellent investment right now. The overall value of NFTs, like cryptocurrency, is increasing significantly. Many of them have been sold for millions. Some, such as the “Bored Apes” series, were purchased by celebrities like Justin Bieber (who has a large NFT portfolio) and Paris Hilton.

gummy nft @inbetweenersNFT https://t.co/UH1ZFFPYrn pic.twitter.com/FrJPuFnAmL

— Justin Bieber (@justinbieber) December 22, 2021

NFTs can be a great place to start if you are looking to invest in the Metaverse. NFTs are expected to continue growing in value as they gain popularity.

You can also make your own. NFT can be made from almost any digital media. Your potential NFT portfolio could be larger than you think if you have a collection of music, photos, or art.

3. Shop

You can now use cryptocurrency to purchase just about any item in real life. Eric Adams, the mayor of New York, even received his first paycheck in Bitcoin or Ethereum. The shopping options in this corner of the metaverse can be endless, so it is easy to see why.

There’s also a way to shop that is more connected to the metaverse. There are many things to do in this virtual space, whether you’re looking to expand your NFT collection or build your avatar’s world using Roblox.

We talked earlier about digital real estate. It is a collection of virtual land that Roblox has created in online worlds. The first step to building an identity in the metaverse is digital real estate. These platforms will be huge as the space grows. Meta currently has Horizon Worlds in its plans. It is described as “Minecraft meets Roblox”.

Horizon Worlds will be available to anyone 18+ in the US or Canada starting today. Horizon Worlds invites you to unleash your creativity and create new worlds with Horizon Worlds. Check out more here: https://t.co/VJLOMVSKg2 pic.twitter.com/AfonRpZw5h

— Horizon Worlds (@HorizonWorlds), December 9, 2021

These spaces allow users to shop for upgrades for their avatars, including new outfits and sneakers as well as new ways to style and present their digital properties. This is a way to make your own identity in the metaverse, much like you would in a videogame.

There are still many things to do if you are more interested in the metaverse because of the gaming features platforms like Roblox offer. It’s a big part of the Metaverse, from buying games to upgrading your library.

Meta Is Opening An Arcade Restaurant In Horizon Worlds – https://t.co/pxQvRBvlFI pic.twitter.com/4HH0vdIOY4

— XRCentral (@XRCentral), February 3, 2022

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