The metaverse is a fully realized digital universe apart from our physical and analog worlds. Could we be witnessing a shift in how we network and engage with one another? Many people are questioning if the metaverse can determine the future of social media, given the hype around investments and breakthroughs in the field.
The metaverse is one of the biggest ideas in tech. A fully-realized digital world, independent from our analog and physical one. A new frontier where experiences and environments are creating the future of the internet. With the buzz surrounding investments and developments in the metaverse, many people are wondering if the concept could shape the future of social media.
Facebook (Meta) is definitely aiming to level up their existing social platform, but what about the rest of this digital world? Could we be facing a transformation in how we network and interact with each other? Let's look at some of the reasons why the metaverse could replace social media and how this could shape our everyday life.
What is the Metaverse?
The metaverse continues to evolve more brands and businesses to add it to their plans. It is, in principle, a multi-platform virtual world populated by real people who use avatars to play games, buy products, make investments, and try other new digital experiences.
In the last couple of years, we have seen a lot of resources and money poured into the metaverse. For example, in 2021, Nike acquired sneaker giant RTFKT Studios to produce trainers and collectibles that can be worn across different online environments. Unlike other virtual trainers, like Gucci's and Buffalo London's, theirs are backed by NFT (non-fungible token, or distributed ledger) technology. They are not alone. Alibaba, the global online retailer, has also ventured into the metaverse by launching a full-fledged firm in Beijing. The company has so far invested over $1.6 million in software development and is evaluating the potential of gaming in the metaverse.
Facebook announced, also in 2021, that it was changing its name to Meta, reflecting its commitment to the metaverse as the next step of social connection. It seems that they intend their metaverse to be a social platform first and foremost.
Is the Metaverse a Social Media Platform?
Social media has turned into a powerful theme in the last decades. The technology has eliminated most location barriers, allowing people to interact, share interests, and make transactions virtually. Social media companies have also managed to create entire ecosystems of products around their core operations. For example, they allow users to share videos, exchange messages and use online forums. Simultaneously, consumers have raised awareness around data privacy and intrusive alerts.
The metaverse will undoubtedly let us continue socializing, collaborating, and learning while adding immersion into the equation. Some aspects of social media will probably remain the same (collaboration, eCommerce, etc.), but others will change with virtual reality and augmented reality experiences. However, these technologies are still maturing, so we might have to wait to see how they change the way we interact.
Socializing in the Metaverse
The metaverse is, by definition, a persistent digital space. Many social experiences today are based around game worlds. This is, however, just one example of networking in the metaverse. Many others are in development—for instance, virtual clubs, concert venues, and digital art exhibitions. In addition, brands like Samsung have already held product launches on metaverse platforms. And several influencers have also thrown metaverse parties where attendees are limited only by the speed of their internet connection (or whether they own a certain NFT).
There are advantages to holding interactions in the metaverse compared to other platforms. Conversations are virtually in-person, which brings some of the nuances of natural dialogue that other social media apps currently lacks. The range of digital experiences the metaverse will bring is enormous, so let's go through some of the things we can already see developing and what we can expect in the coming years.
Metaverse Games
One likely scenario for how social media will transform in the metaverse is through gaming. Roblox, for example, already uses gameplay to encourage its users to interact with each other and share digital experiences. Battle-royale-style games happen entirely online, such as Fortnite, and there are also massive world-building games like Minecraft. Many of these feel less like something you do and more like a place where you are.
Metaverse gaming can also be much more than games; it could be the opportunity to celebrate virtual birthday parties or organize a charity fundraise event. The idea of gaming in the metaverse is actually long-established and predates the technology, so we can expect it to continue growing steadily as we develop new technologies to make games more immersive and social.
Metaverse Shopping
We can speculate what shopping might look like when the metaverse mixes with social media marketing. At the moment, digital shopping is not dissimilar to brick-and-mortar stores. It's likely this experience will change in the coming years. For example, virtual shops could allow potential customers (of whom a company could already know purchase history, activities, and personalized recommendations) to wander around trying clothes in 3D fitting rooms.
In the coming years, we can probably expect various new outfit generator apps and interactive product showcases. Many Gen Zers are already shopping in the metaverse because they find it engaging and enjoy the sociability of these platforms.
Metaverse Clubs and Concerts
Many real nightclubs have opened virtual dance floors in the metaverse. For example, AltspaceVR regularly holds party nights where the music is synchronized with that in the physical club. The platform also hosted the 2020 Burning Man VR event, which live-streamed the Burn while inviting users to experience a version built entirely digitally (one where you could actually fly around).
New companies are also developing events that you can only attend if you own certain NFTs. In March 2022, Bored Ape Yacht Club creator raised $450 million to build an NFT metaverse with an interoperable gamified experience. It's very likely only ape owners might be allowed into certain parties within it.
Metaverse Venues and Art Exhibitions
Many companies are also working on impressive 3D virtual spaces. Cerebrum Progressus (formerly PandaMR), for example, helps customers create virtual events, art exhibits and expo halls, meeting and conference rooms that can also be easily monetized. Users can collaborate by holding meetings in 3D meeting rooms using their custom avatars.
The Technology of the Metaverse
Technological adoption will play a key role in the expansion and adoption of the metaverse. Although most metaverse experiences today are available using a computer or even a smartphone, complete immersion can only come with the use of a virtual reality headset. This is why Meta is working hard on reducing costs for them - something they partially achieved with Quest 2. More immersion can translate into more users and better social experiences. Mass adoption, however, is still a couple of years away.
The Metaverse and Livestreaming
Meta is not the only social media company hoping to find lucrative opportunities in the metaverse. Many other businesses are opening up to the idea. One sector that could definitely benefit from the new technologies is the livestream market, mainly because users are required to participate in them in real-time. Livestreaming might become an important gateway to potentially explore and fully develop the metaverse.
Could the Metaverse Replace Social Media?
According to a recent poll, 70% of influencers believe that the metaverse might replace social media altogether, taking over existing platforms and opening new ones. Furthermore, half of them are already considering ways to make money in these upcoming digital worlds, looking for ads and brand partnerships. In fact, 21% of people interviewed were already making profits in the space.
One thing we know for sure is that the metaverse will experience a degree of popularity and success, particularly if Meta invests heavily in it. There are, however, many other social media companies (and users) that might not develop an interest in the metaverse. For example, although email as a communication medium seems to be in decline, many people will still use it to send and receive messages.
It's impossible to know whether the metaverse will fully replace social media networks and in what manner exactly. However, there is a high chance it will because the metaverse can unlock social and financial benefits that many users find attractive. It's also likely that word of mouth (particularly if big influencers begin prompting their friends to join) will keep new users coming. Many companies are already creating partnerships with fashion brands, gaming companies, entertainment agencies, and television to expand our physical world. We can expect immersive experiences (for example, virtual reality and livestreaming experiences) to keep exploring the potential of the metaverse.
The metaverse is still a work in progress. However, the fact that we might have to wait some time to see a fully-fledged metaverse world (or many, for that fact) is not necessarily bad news. On the contrary, it should give us more time to create more solid systems and products and develop new ways to establish monetization systems. A steady adoption rate and dedicated teams and companies should help us turn the metaverse into a place where we can better communicate and interact with each other.
So, to answer the question of whether the metaverse is a new layer of social platform: It's already acting like one. And it will probably only get more immersive and encompassing in the coming years, empowering both communities and creators. If the plans for the metaverse evolve as creators expect them to, then yes, it could replace our most popular social media platforms permanently.