M for Metaverse
Twelfth edition of Web3 Alphabet
Metaverse can be thought of as a 3D version of websites.
Similar to how websites in the Web2 world act as a medium for us to communicate and collaborate remotely. Metaverse allows us to do these actions in a more immersive manner through VR (virtual reality) headsets or browsers.
In Web2 era, we bought domain names. In Web3, we will buy virtual land in the metaverse. Although we do not see mass adoption of the metaverse today, there are several isolated metaverses being created with the foresight that the future of advertising and ecommerce will happen in the metaverse.
Global consulting firm McKinsey has also estimated the market impact of metaverse on ecommerce to be around $2 trillion - $2.6 trillion by 2030. In the case of the advertising market, McKinsey pegged the market impact to be around $144 billion - $206 billion by 2030.
Brands embrace metaverse
Brands across categories have started embracing metaverse. Footwear brand Nike has built its own metaverse on the video game platform Roblox called Nikeland, allowing users to play, hang out and dress avatars in Nike products.
IT company Accenture has announced the creation of its own version, called the Nth floor. This will help the company in employee onboarding, conduct meetings/training, and hold team socializing events. Jewellery brand Tanishq also recently launched its “Romance of Polki” jewellery collection on the Metaverse.
Where did it all start?
Metaverse has become a popular term ever since social media major Facebook changed its corporate name to ‘Meta’, in October 2021.
But that’s not the origin of the term.
The first mention of the term ‘metaverse’ was made by Neil Stevenson in his 1982 novel, Snow Crash. Stevenson described the metaverse as a virtual place where people could go to escape reality.
Also, in 1935, American science fiction writer Stanley Weinbaum has written a character who entered a fictional world using a pair of glasses. This character is from his book called Pygmalion’s Spectacles.
However, the first VR machine called Sensorama Machine was built in 1956 by Morton Heilig. This machine created a simulation of riding a motorcycle through a combination of 3D video, audio, scents, and a vibrating chair to give an immersive experience for the user.
That’s all from M for Metaverse. If you recall any other Web3 terms starting from the letter M, please leave a comment and M will include them in later editions.
Before you move on to other things, here’s a short message from my friends at HelloMeets:
A Note from Sahiba Kaur Sethi, Founder at HelloMeets
😓Tired of reading "clickbaity" business content?
👀Looking for something actionable & "insightful"?
📜We got you covered! Introducing HelloMeets Sunday Newsletter
🧠What’s included: One case study, Read of the week and Product of the week.
What you gain: Ignore the noise and learn actionable Product, DTC and Marketing insights from experts who know their shit.
Join 2.8K+ Smart Startup Professionals by Subscribing to HelloMeets Sunday Newsletter :D
Until next time!