Why Are Big Companies Investing in the Metaverse?

The metaverse is currently the biggest and most widespread trend in the crypto space trite now. Like all trends, it has eventually spread beyond crypto and is now a technological marvel.

With large companies pouring investments into it, many have now started to ask what the metaverse is. How will it work, and what are the solutions it will provide? Well, like everything else, it’s worth understanding the rudiments before you proceed.

Understanding the Metaverse

The metaverse itself is a bit of a confusing thing. This is because the technology doesn’t actually exist. Unlike decentralized finance (DeFi) or non-fungible tokens (NFTs) where everyone has a clear understanding of the technology and how it works, the metaverse is open to explanation.

Different parties have their own definition of how the metaverse should work or what it should be. However, the consensus is that this should represent an extension of the internet and the physical world. The metaverse is a collection of alternate realities where people can connect, interact, and socialize.

It is the intersection of the physical space and a visually-enhanced physical iteration of reality.

Currently, we’re all limited by the boundaries of physical space. If you want to experience the internet, you’ll need to go into it. But, with the metaverse, you get to carry the internet with you everywhere you go.

Why Companies Are Building So Much Around It

Companies such as Facebook and Microsoft have already committed significant funds towards building the metaverse. Some of these brands are building exclusive experiences, while others are open to collaboration. So what makes the metaverse such an alluring concept?

Marketing in a New Light

Today, companies are faced with the mission of transitioning their marketing strategies from ad buys on online platforms to the digital, shared economy. Companies are looking to expand their reach and meet customers where they are - without necessarily going through third parties and other intermediaries. This is why many of them are building multiverses.

The rationale is simple - build a digital world where people can come in and enjoy several experiences, then target them with your advertising from there. So, you get to craft the entire existence of the metaverse and still sell to people directly.

At the same time, companies that develop the most advanced iterations of the metaverse will be able to onboard other companies looking to sell ads with their platforms. So, eventually, it’s a race to find who will innovate first and build the ideal version of the metaverse. Once you do that, the world is yours - literally!

Shaping a Culture

Like the real world, metaverses will also have a culture. Brands have seen massive impacts from concepts like digital clothing and world-building. Games like Grand Theft Auto, League of Legends, and Fortnite have been able to set a culture in their worlds. These cultures have been defying in many ways, especially when it comes to setting the tone for other players and people who want to use the platforms for different purposes.

People won’t necessarily be walking or traipsing around in the multiverse. They’ll be able to interact with others and build relationships from there. These relationships and experiences will eventually affect their decisions.

So, brands have an opportunity to set cultures and build idealized worlds where their users can come together and interact.

This will be a major step up from social media, where interactions are still broad. Narrowing things down will help to build a community in a metaverse and set the right culture tone.

Another Form of Entertainment

The best way to get people to listen to you is to entertain them. This is the core of engagement and content production. Well, the metaverse can also help brands in this regard.

In games like Apex Legends and Fortnite, players become celebrities - sometimes, celebrities come around and become players themselves. The metaverse can also be a bedrock of digital entertainment, offering people the opportunity to consume content and come in contact with their favorite celebrities.

One of the most advanced metaverse platforms is actually in the digital entertainment and content space. The Sensorium Corporation is currently in the final beta stages of its Sensorium Galaxy metaverse, which promises to be an immersive experience for metaverse enthusiasts.

The Sensorium Galaxy runs on a combination of blockchain technology and artificial intelligence. The platform’s metaverse offers complete freedom, allowing players to build their online avatars from scratch and access immersive and entertaining experiences.

To bring its vision to life, Sensorium already recruited some of the biggest names in the entertainment industry. These include David Guetta, and Jay Z. Players will be able to access their content and share them with their friends, enabling everyone to enjoy premium entertainment at all times.

As explained, the entertainment scene continues to be one of the most impressive ways of engaging with people. Everyone loves to be entertained and to engage with people of like minds. The metaverse could be the entertainment solution that the entire world has been asking for.

A Brave New World for Everyone

Currently, the metaverse remains open to interpretation. Different companies and brands that are going into the project have different visions of what it could be. But, the consensus remains that the metaverse will be a massive growth opportunity for the companies involved and an additional engagement channel for people in these worlds.

The next few years will see massive developments in new metaverse iterations - as well as the existing ones. So, these are exciting times for everyone.

Currently, the Sensorium Galaxy is the largest and most expansive metaverse iteration there is. But, even that one is in its beta stage. The developers clearly understand the importance of a metaverse solution, and they’re working to ensure that their product eventually launches successfully. However, the metaverse space is already flashing signs of an industry that will grow into the hundreds of billions.

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