5 Common Misconceptions about the Metaverse
Another day, another article about the Metaverse. The hype is everywhere – from Metaverse solutions to marketing campaigns and the big bucks that are sure to follow. Unfortunately, these articles tend to create more confusion and misconceptions about the already enigmatic Metaverse. So if you’re feeling the good old FOMO, or you’re not doing enough, don’t worry! You’re not alone.
We’re going to keep it simple and break it down for you.
Table of contents:
Misconception #1: The Metaverse exists
We’re pulling out the big guns first. We need to establish what the Metaverse is, or more accurately, what it will be. Simply put, it is the next step in developing the Internet. It will be an interconnected, spatial virtual world working in real-time, with a wide array of activities for users. A 3D Internet, if you will.
If you want to know more about the history of the Metaverse, be sure to check out a brief history of the Metaverse.
Numerous big and small companies are working on various technologies to make the Metaverse a reality. Parts of it exist already, with VR and gaming engines being the best examples. However, we are still years away from these technologies being fully developed and interconnected.
The so-called Metaverse platforms being promoted, like Decentraland or Facebook Horizon, are stand-alone, separate entities. What happens in one will not be the reality of the other. And for it to be called the Metaverse, there needs to be continuity.
Misconception #2 Gaming platforms like Roblox or Minecraft are the Metaverse
Gaming = Metaverse? It doesn’t work like that. Platforms such as Roblox or Minecraft are mentioned in the Metaverse buzz because they are used for socialising and hanging out in the virtual world. Online games have served this purpose for years now.
The Metaverse is the next step. These platforms will become part of it, and gaming will undoubtedly be an essential activity in the Metaverse, though not the only activity. For now, they can be, at best, called meta-platforms. However, they lack interconnectivity and continuity, which are the fundamentals of the Metaverse.
Misconception #3 Brands are already running Metaverse campaigns
Brands are jumping on the Metaverse bandwagon by creating campaigns based on avatars, digital clothing, branded virtual worlds, and branded game maps. Let’s face it – these are gaming campaigns wrapped up in the Metaverse narrative.
There’s nothing wrong with that – these brands are leveraging key assumptions of the Metaverse and testing new ways of engaging the increasingly demanding consumer. Is creating a Fortnite map enough to call you a Metaverse marketer? If the main goal is to gather publicity and appear in the headlines, then… maybe.
How to make your “Metaverse campaigns” worthwhile? Learn from our Pragmatic Metaverse Workshop For Marketers!
Misconception #4 The Metaverse will replace the real world
It will not. The Metaverse will supplement our analogue lives as the next step of developing the “3D Internet”. Will technology have more impact on our daily life? For sure. Will the Metaverse change how we socialise, work, learn, play, shop, and other parts of our lives?
It definitely will. It is the same way as the Internet and many other inventions earlier in history. Don’t worry; in the foreseeable future, we will still be humans of flesh and bones, and IRL will still matter.
Misconception #5 The Metaverse will be the promised land
There’s a lot of buzz around Metaverse opportunities and the revenue it’s projected to generate. The marketing and tech worlds concentrate mainly on what great things we can achieve due to the Metaverse breaking the barriers of the physical world, connecting us in an unprecedented way.
Is there enough talk about the threats of the Metaverse? It will undoubtedly impact society in many ways, and there is no reason to think that this impact will be solely positive. What about privacy? Who will control and moderate the Metaverse? Will it help to even out global social inequalities or exacerbate them? We all have to ask ourselves these questions before we lose our heads with all the hype.
Hungry for more knowledge?
That’s enough basics to get you started forming your own opinion about the Metaverse, and don’t trust common Metaverse misconceptions. However, there is still a lot to learn before assessing whether your brand should begin preparing for the Metaverse and how to do it right.
Good news! You can expand your knowledge in just one hour with our Pragmatic Metaverse Workshop For Marketers by Wiktoria Wójcik, the co-founder of InStreamly! What will you learn?
- The extended definition of Metaverse
- Is Gen Z ready for Metaverse?
- The opportunities & threats of the Metaverse
- The three layers of Metaverse
- How marketers should approach the Metaverse today