How Does Metaverse Impact the Landscape of Social Media?

The Metaverse is poised to revolutionize the digital realm, but intriguingly, its roots trace back decades. The term “Metaverse” was initially coined by Neal Stephenson, who introduced it in his 1992 novel “Snow Crash.” 

This literary work vividly portrayed a world where individuals convene through virtual avatars, navigating immersive 3D environments. Fast forward to the present, and the Metaverse stands as a realm replete with fresh prospects, challenges, and risks that beckon marketers, investors, and enthusiasts alike.

The recent rebranding of Facebook to Meta has catapulted it from a social media titan to a multifaceted conglomerate. Meta’s proclamation of its dedication to Metaverse pursuits marks a monumental shift. In essence, Meta’s metamorphosis within the realm of social media manifests as the creation of a virtual reality-infused social network. 

So, how does the metaverse impact the landscape of social media? Will it pave the way for established social platforms to thrive within the Metaverse, or will novel contenders emerge, pioneering innovative Metaverse-driven social media?

This article stands as a comprehensive roadmap, delving into the essence of the Metaverse and dissecting its profound impact on the realm of social media.

How Does Metaverse Come Into Shape?

The Metaverse is an expansive digital domain that seamlessly intertwines the tangible and the virtual. It stands as an enduring, immersive expanse, inviting individuals to partake in activities that were once solitary endeavors – purchasing digital real estate, constructing virtual abodes, or engaging in communal virtual interactions. 

These endeavors, once scattered, will eventually find a cohesive haven in the Metaverse. Importantly, it evades the clutches of singular ownership, remaining unburdened by the control of a sole entity. It’s an autonomous virtual economy, untethered to any singular vendor’s dominion.

In this boundless realm, a user might partake in a Metaverse Fashion Week, then venture to seek rental properties or open an eCommerce store. These virtual landscapes not only facilitate buying and selling via both fungible and non-fungible tokens (NFTs) but also record each transaction securely on the blockchain.

The Metaverse’s fabric is woven from an intricate tapestry of trends and technologies, such as:

• Augmented reality (AR)
• Virtual reality (VR)
• Internet of Things
• AR cloud
• Artificial Intelligence (AI)
• Blockchain
• Cryptocurrency
• Non-fungible Tokens (NFTs)
• Spatial technologies
• Head-mounted displays (HMDs)

Currently, four dominant metaverse worlds shape this landscape:

• Decentraland
• Sandbox
• CryptoVoxels
• Somnium

While these are the frontrunners, an array of emerging metaverses both present opportunities and challenges. With approximately 300,000 monthly active users in Decentraland and 500,000 in Sandbox, these platforms have garnered substantial attention and investments. 

However, the metaverse ecosystem remains dynamic, constantly birthing new realms that hold the promise of reshaping our digital future.

How Does Metaverse Function?

Jon Radoff, an author, entrepreneur, and game designer, introduced a comprehensive framework consisting of seven interconnected layers that delineate the intricate workings of the Metaverse.

These seven layers collectively compose the backbone of the Metaverse, offering a holistic perspective:

In essence, the Metaverse operates as a harmonious ensemble of these layers, each contributing distinct facets to its dynamic fabric. This framework unravels the intricate workings of the Metaverse, illuminating the path toward a digitally immersive future.

How Does Metaverse Impact the Landscape of Social Media?

Social media is on the cusp of an immersive revolution with the integration of the Metaverse. Over the past two decades, social media has solidified its presence as a dominant force, enabling people to connect, engage, and share interests virtually, eliminating the need for physical travel. These widely used platforms have drawn billions of users and have blurred the boundaries between video sharing, blogging, messaging, and discussion forums.   

Many social media giants have expanded their networks by introducing a multitude of services and products around their core offerings. However, in the current landscape, these companies are confronted with the need to differentiate themselves amidst the competition. Sluggish user growth has also become a concern, driven by growing concerns about data privacy, intrusive advertisements, and the rise of novel concepts like the Metaverse.

The Metaverse represents an extension of the social media realm, introducing a new layer of immersion and novel experiences for users. This emerging concept melds seamlessly with social media’s familiar aspects, such as collaboration, e-commerce, live events, and interactive experiences that are rooted in the realms of virtual reality and augmented reality (AR).

However, it’s essential to acknowledge that the Metaverse is still largely conceptual, and its underlying technologies are in their nascent developmental stages. While the potential of the Metaverse is promising, regulators are closely scrutinizing its development to ensure the safety of users and the protection of their information.

Regulation is poised to become a central concern for the Metaverse, mirroring the challenges that social media faces, including issues like advertisements, misinformation, online safety, data privacy, and replication of experiences. 

Metaverse platforms are expected to grapple with analogous challenges and more, given their collection of biometric and personal data from users. As the Metaverse evolves, it will be vital to strike a balance between innovation and safeguarding users’ rights and experiences.

How the Metaverse Enhances Social Media?

As we have seen how the metaverse impacts the landscape of social media, let’s now explore how the metaverse enhances social media:                  

 Growing User Base and Catering to Generation Hashtag

The Metaverse presents a golden opportunity for social media companies to tap into substantial revenue streams. A major advantage is the potential to expand their user base, especially among Generation Hashtag—the cohort born between 1991 and 2005.     

Comprising digital natives, this group places high value on aligning their digital presence with their physical identity. They are proactive in embracing new technologies and services to enrich their online experiences.      

Recognizing this, social media entities, spanning video-sharing platforms to online dating apps, are venturing into the Metaverse realm to meet the expectations of Generation Hashtag. Renowned brands spanning sectors like fashion (Nike, Gucci), finance (JP Morgan, HSBC), and technology (Accenture) are strategically positioning themselves early in the Metaverse landscape to captivate this demographic. 

Transforming Advertising through Immersive Experiences

The Metaverse represents a dynamic shared space where virtual worlds, the Internet, and augmented reality converge. Users navigate this realm through personalized avatars, contributing to an imminent shift in the landscape of social media marketing. 

Advertisers will harness customer insights from virtual interactions to curate targeted marketing strategies within the virtual environment. Interactive 3D models and innovative approaches will spark a revolution in product marketing, with Bluemoon serving as a prime example. 

As a pioneering collaborative NFT marketplace with its Metaverse integration, Bluemoon seamlessly merges VR/AR elements and leverages social media to empower creators and users alike. This platform offers the creation of tailored VR spaces that provide unique avenues to showcase brands and products in an unprecedented light.

Metaverse-Powered Marketing Innovations

Virtual Search, a pivotal concept within the Metaverse, empowers users to seek out products by focusing on specific items within the virtual landscape. This presents a novel opportunity for social media marketers to curate precise product offerings that cater to individual needs.

Moreover, brands can harness Snapchat’s 3D avatar tool to craft bespoke 3D avatars, fostering deeper brand engagement. Users can personalize their Metaverse avatars with distinct attire and accessories, while virtual magazines spotlight celebrity avatars sporting exclusive ensembles.

Augmented reality also enters the marketing playbook, with social media marketers poised to collaborate with content producers and celebrities to promote products in captivating new ways.

How Can We Help?

A remarkable transformation awaits the realm of social media. The transition from the two-dimensional confines of traditional platforms to the three-dimensional landscapes of the Metaverse promises a paradigm shift in online interaction. 

This immersive shift will redefine the way we connect with loved ones across the globe, presenting an entirely novel dimension of communication and shared experiences.

The road ahead is paved with new opportunities and uncharted territories. For those poised to embark on the journey of building a Metaverse project, we extend a welcoming hand. Our team of Metaverse experts is eager to collaborate, turning your vision into reality. Reach out and share your ideas, and together, we can navigate this transformative landscape to create something extraordinary.

Final Thoughts

The Metaverse is poised to ignite a profound social revolution, unleashing a wave of boundless creativity and uncharted possibilities for both brands and businesses. While it may build upon the foundations of existing social media platforms, its influence is destined to evolve and reshape our world in unprecedented ways. 

As time progresses, the Metaverse will serve as a fertile ground for emerging technologies and innovations, harnessing the fundamental shifts in human behavior that it catalyzes.