We need to stop calling the metaverse a destination

Some see the metaverse as the replacement of the internet in its entirety, others see it as the future of all brand interactions, eliminating the use of physical environments entirely — particularly in retail. So, what really is the metaverse? Gustavo Quiroga explores the answers.

The metaverse has become the industry buzzword of 2022. In fact, research shows the use of the term has skyrocketed across boardrooms globally. However, despite interest peaking, there’s still a profound gap in its universal definition. And without a clear definition, its adoption and subsequent market potential will stumble. Bloomberg predicts that by 2024, the market size of the metaverse will reach US$800 billion, so it’s about time we get on the same page.

Some see the metaverse as the replacement of the internet in its entirety, others see it as the future of all brand interactions, eliminating the use of physical environments entirely — particularly in sectors such as retail. So, what really is the metaverse? Well to start, it should not be called a destination or a place; at best it is a new channel through which we will engage with customers and each other.

My current definition is that the metaverse is an evolving convergence of digital (e.g. online), virtual and physical worlds that is made possible by any combination of enabling technologies such as virtual reality (VR), augmented reality (AR), NFTs, crypto and more. The outcome of which is a world experience greater than anyone one of these worlds on its own. What differentiates this definition is the term “convergence” — there are some destinations such as Decentraland and Fortnite, which are metaverses but not “the metaverse” in and of itself.

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