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Tuesday, December 6, 2022

Younger Generation will Step Over FAANG in the Metaverse Race

The younger generation is also more likely to express positivity about the metaverse

Metaverse is a virtual reality/augmented reality universe that helps you build social connections virtually. By far everyone knows about this technology. In 1992, science fiction novelist Neal Stephenson used the world metaverse, but this virtual world got recognition when Facebook changed its name to Meta to reflect its strategic focus on making this sci-fi vision a reality. YPulse’s recent The Metaverse trend report looks at the current realities of virtual spaces, how young people are truly participating in them today, what the future of the metaverse may look like, and how brands can pioneer their virtual pathways. The truth is that Gen Z and Millennials have been in the metaverse for some time now. For years, young people have been playing sandbox video games where they can interact in open virtual worlds, from Fortnite to Animal Crossing, to Roblox, and Minecraft—and they’ve been embracing brands who market to them inside these games. Metaverse is a 3D digital representation based on the popular virtual reality gaming experience. Now, people are not only using metaverse to play a game but also to build their brands.

Deloitte’s survey revealed that to prepare for the next generation of digital entertainment, media and entertainment companies should be thinking hard about how people socialize around entertainment and how entertainment itself is becoming more personalized, interactive, and immersive. The online survey of 2,000 U.S. consumers was conducted in December 2021 and January 2022 and was also fielded for the first time in mature digital entertainment markets, including the U.K. (n=1,002), Germany (n=1,002), Brazil (n=1,000) and Japan (n=1,000).

What does the Future Metaverse Present?

Incorporating Web3 technology enabled through blockchain technology (like NFTs and Cryptos), the future metaverse would be something very similar to the real world in many aspects and even replace some real-world activities.

The metaverse of the future also spans on an idea of running openly, almost without any interruption from a single community or company, as the participation of creators will be from across the world as more brands are looking to open their outlets on the broader meta verse just like on the internet of the current times.

How Far Will the young generation go in the Metaverse?

In its fully realized form, the metaverse promises to offer true-to-life sights, sounds and even smells, whether a tour of ancient Greece or a visit to a Seoul café can happen from your home. Decked out with full-spectrum VR headsets, smart clothing, and tactile-responsive haptic gloves, the at-home traveler can touch the Parthenon in Athens or taste the rich foam of a Korean dalgona coffee. You wouldn’t even have to be you. Members of the metaverse could prowl the Brazilian rainforest as a jaguar or take the court at Madison Square Garden as LeBron James. The only limits are your imagination. It is also expected that using a blend of physical and behavioral biometrics, emotion recognition, sentiment analysis, and personal data, the metaverse will be able to create a customized and enhanced reality for each person.

While the metaverse industry is growing fast, fueled by the pandemic keeping people at home, it’s an open question as to whether one company will eventually emerge as the dominant force, such as Google, which now has a near-monopoly among search engines. One positive side of this trend is that since it is a virtual platform, the chances of people getting physically hurt will lessen, and also it will encourage them to get out of their comfort zone to try new things. The only wondering question left to ask on this matter will be the legal implications of the metaverse. For example, whether a marriage in the metaverse will be legal or if someone is assaulted in the metaverse, how the convict will be penalized. With the virtual avatar trend, there are huge chances of false identity or theft of identity, so recognizing the right person and their physical address can be a difficult job. This should be a major concern for all the countries and their legislative and crime division.

In conclusion, in the near future, one can say there is a possibility that the young generation will choose to work in the metaverse rather than going for FAANG companies. But also the amount of effort FAANG companies are putting into exploring this new realm no one can make any promises.

Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.

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