The Metaverse is evolving. Here's how top brands can avoid FOMO in 2022
It has barely been a few months since Facebook changed its name to Meta and the term metaverse is everywhere. From High Street fashion brands to commercial banks, everybody wants to be a part of the metaverse and has worked to build up their presence in the digital world.
While the focus of the metaverse has largely been the real estate prices that have ballooned in the recent past, the upcoming year promises more than just real estate booms. Here's what to expect from the metaverse in 2022.
More Realistic Avatars
Something that needs immediate attention in the near future is that avatars in the metaverse move away from their emoji-like appearances to more realistic ones. Avatar customizations might be a million dollar market but going ahead, metaverse users would like their avatars to resonate with their actual identities.
If Meta and Microsoft really look at the metaverse where people will come to work and interact with others, then the avatars need to look more like real people doing real things. Legless avatars might work in a game but if you are expecting a CEO to give a talk about the company's new offerings, they can't be floating on the stage.
More Popular Names to Join Metaverse
Critics of the metaverse might believe that it does not really have anything new to offer and it is more of old wine in a new bottle, but that is unlikely to stop big brands from splurging more money into the metaverse, just out of their fear of missing out (FOMO).
While we have seen the fashion industry mark its entry, the beauty one might make a splash later this year, hopefully, with products for the more realistic avatars. Apart from them, big names such as Disney and even Intel are expected to make announcements of their metaverse worlds as the year progresses.
Use of Alt Coins
As users begin to interact in the metaverse, the need for a medium of exchange will arise. Platform creators are keen to introduce their own digital currencies to be used in these worlds but given that users may want to hop in and hop out of these metaverses, a more uniform means of exchange will also be required to be available. With non-fungible tokens (NFTs) becoming a standard feature in discussions about the metaverse, popular altcoins like Bitcoin, Ethereum, and their ilk will also follow into the metaverse.
Metaverse companies may be eyeing sales of their AR/VR hardware as a sizeable source of revenues at the beginning of their metaverse journey. However, if the metaverse has to grow to a large scale and not remain limited to a few early adopters and enthusiasts, the entry-level requirements need to drop.
As with developing technology, hardware upgrades are bound to come in but will also require the headsets to shed their clunky forms and become easy-to-use wearables. This not only includes creating interactive visuals but also immersive sounds to deliver a truly extended reality experience.
Coexistence of Code and No-Code Platforms
Meta may have already spent billions of dollars building up the first iterations of its metaverse but if the metaverse is truly to grow as a decentralized entity, users need to be given the freedom to build up their visions of this world.
This would mean developing platforms that allow users to let their creativity run wild without having to bother with the intricacies of coding. As with the current iteration of the world wide web, no-code platforms along with the engineers of the tech industry will shape up the metaverse. The race in the coming year will be to develop these no-code platforms and reach out to potential users.
The metaverse has just begin to unravel.