What Is The Metaverse And How Can Businesses Take Advantage Of It? [2024]

What is the metaverse, and how do companies take advantage of it? Its relationship with cryptography and the adaptation of marketing to this ecosystem.

What is the metaverse?

The metaverse is a connection of worlds through virtual reality (VR) and augmented reality, which seeks to increase the interaction between online users.

The goal of the big brands is to create a digital ecosystem similar to reality.

This universe will be a personal and business challenge, where companies will have to manage all areas, including their image.

ReputationUP has also updated its services based on the new reality and is the first company worldwide in online reputation management in the metaverse.

Our team is responsible for the caring of corporate reputation, based on four phases: cleaning, monitoring, protection, and improvement.

What does metaverse mean?

The Cambridge Dictionary defines the metaverse as follows:

“The internet considered as an imaginary area without limits where you can meet people in virtual reality (images and sounds, produced by a computer, that seem to represent a real place or situation)”.

Since the end of 2021, this concept began to be heard more socially.

Likewise, the financial and technological sectors know the new stage that the Internet will experience with the latest ecosystem.

This is what the study by the investment bank, Morgan Stanley, predicts:

“Total VR/AR spending worldwide is estimated to reach $72.8 billion in 2024, from $12 billion in 2020.”

Where does the concept come from?

The concept comes from Neal Stephenson’s 1992 novel Snow Crash:

“In this mind-altering romp – where the term “Metaverse” was first coined – you’ll experience a future America so bizarre, so outrageous, you’ll recognize it immediately.”

When will it be available?

Meta (formerly Facebook) is already working on its metaverse, with no release date.

Users can now enjoy other virtual reality modalities, such as Horizon Worlds, which runs through avatars.

Facebook’s technological subsidiary service offers unique experiences, legendary games, live events, etc.

Other options are the Decentraland or The Sandbox platforms, where users can interact and acquire goods, thanks to the Non Fungible Tokens (NFT) and the Ethereum Blockchain.

What can we do in the metaverse?

The idea of ​​the metaverse is the creation of a new ecosystem in which you interact with other people.

It is considered an evolution of social connection.

The metaverse will allow socializing, learning, or playing and enable people and companies to meet their goals.

Companies will be able to develop their activities in this new space.

In other words, all the actions will have a digital impact, which will mark your online reputation.

The metaverse joins every company’s spaces: search engines, social networks, digital platforms, forums, etc.

ReputationUP can manage your image in the metaverse and the rest of the sites through Online Reputation Management (ORM) strategies: cleaning, monitoring, protection, and improvement.

Who owns the metaverse?

There is no single owner of the metaverse, and the big companies, linked to the digital field, want to lead in this sector.

The creation of this universe demands a coexistence and connection between several metaverses.

Who will create it?

Meta, Epic Games, and Roblox are the three companies that have stood out the most in the field of the metaverse.

Large corporations are fighting to be the first to offer users the chance to enjoy this universe in an affordable and accessible way.

Is Microsoft in the metaverse?

In January, Microsoft announced the acquisition of Activision Blizzard, a leading game developer, and content publisher.

The technology corporation announced its intention to invest in the future of virtual reality:

“This acquisition will accelerate the growth in Microsoft’s gaming business across mobile, PC, console and cloud and will provide building blocks for the metaverse.”

What is the Facebook metaverse?

The Facebook metaverse is under construction and has its web page, where they communicate all the project updates.

Mark Zuckerberg‘s company is developing new technologies to help people connect and explore.

The 3D spaces will allow socializing, learning, collaborating or playing, among other actions.

In October 2021, Zuckerberg promoted his company’s metaverse alongside TikToker Khaby Lame in a video.

Does the metaverse belong to Facebook?

The concept is global, although it is true that the Facebook project is called the metaverse.

His strong commitment can be interpreted as creating a new ecosystem on the Internet.

Are meta and metaverse the same?

Meta is the new name of the Facebook brand, aligned to its latest project.

The company evolves from its image, aligned to social networks, to the leader in the metaverse.

Zuckerberg has referred to the period of the metamorphosis of his company in an interview with The Verge:

“If we do this well, […] I think we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”

The metaverse is not only the future of Facebook but also of the Internet.

Can I have a job in the metaverse?

The metaverse wants to acquire all of a person’s experiences in their real life, including work.

Meta has already taken this step with Horizon Workrooms, a VR program:

“It is our flagship collaboration experience that lets people come together to work in the same virtual room, regardless of physical distance.”

In it, people from all over the world can interact and work through avatars.

The future of work

Covid-19 has changed the way employees work within companies.

The pandemic has challenged the corporate world, and the new universe will modify remote collaboration.

The metaverse involves artificial intelligence, virtual reality, cryptography, and blockchain.

Thus, the new jobs face a new environment, which will combine real people and virtual characters.

Cryptocurrency will be the primary transactional method in each operation, backed by the blockchain.

Is virtual reality the same as the metaverse?

According to the Meta project, virtual reality is part of the metaverse and augmented reality.

VR allows exploring new worlds and shared experiences.

Is the metaverse AR or VR?

As the Meta project indicates, the metaverse will unite Augmented Reality (AR) with Virtual reality (VR).

AR enhances shared experiences with virtual swipe effects through videos and photos, making it possible to express yourself with people.

With VR, new worlds are explored, even with faraway users.

What companies are in the metaverse?

All areas of the digital sector are united to work in the metaverse:

• Infrastructure: connectivity technologies such as the cloud, 5G or Wi-Fi;
• Human interface: VR headsets, AR goggles, and other tools that bring users into the metaverse;
• Blockchain technology;
• Spatial computing, such as 3D visualization;
• Creator economy: design tools and digital assets;
• Advertising: advertisements, social networks, or reviews.

Some of the companies involved in the metaverse are Epic Games, Nvidia, Niantic, and Meta.

What is the largest metaverse company?

To date, the largest metaverse company, due to its investment and future projection, is Meta.

In 2020, Facebook declared, in its fiscal results, an investment of 18.5 billion dollars in R&D.

Part of it was allocated to virtual and augmented reality, the field of the metaverse.

What is the most popular metaverse company?

In the realm of the metaverse, the most popular company is Meta.

In fact, its project idea is being well received by Internet users.

It can be seen in the following Google Trends graph.

The term ‘metaverse’ came to the fore when Zuckerberg posted the video alongside Lame.

What is the metaverse in crypto?

Before continuing with this guide, please note that the metaverse is a recent project.

There are still many unknowns, which we will solve with examples, such as the following, to answer this question.

In the 3D world, Decentraland, users can interact and exchange cryptocurrencies for land.

Likewise, it is based on the blockchain built on Ethereum.

The blockchain protects the cryptocurrency economy and user data.

How does it affect cryptocurrencies?

The day that Facebook published the promotional video of the metaverse, the price of cryptocurrencies increased.

You can visualize it in the following graphs.

MANA, the token traded on Decentraland, tripled its value in 24 hours: from $1.3994 (October 29) to $3.5647 (October 30).

The bad results of Bitcoin in 2021 ceased those same days, giving a value of $60,000.

Through these images, the influence of the metaverse on the value of cryptocurrencies is observed.

What cryptos are related?

Metaverse Exchange (METACEX), The Sandbox (SAND), or MANA are some of the tokens related to the metaverse.

They are used to operating in their virtual worlds, with their economy.

Will bitcoin be used?

Today, you can use bitcoin to exchange this cryptocurrency for metaverse tokens.

However, it is not integrated into any metaverse, as with SAND or MANA.

Is GALA a currency of the metaverse?

GALA is a token part of the blockchain-based gaming platform Gala Games.

Although his growth is not as strong as MANA’s, the data from GALA coincide with the media impact of the metaverse in November.

What actions will benefit from the metaverse?

The impact of the metaverse is also reflected in traditional investing, such as the stock market.

NASDAQ has compiled a list of the best stocks related to this universe, and therefore, the most benefited:

• Advanced Micro Devices Inc.;
• NVIDIA Corporation;
• Electronic Arts Inc.;
• Amazon.com Inc.

On the other hand, he defines Meta as the “goliath in the metaverse space”.

Can I buy stocks in the metaverse?

The metaverse itself does not offer a stock sale.

The possibility is reduced to investing in stocks related to this area.

What is the best metaverse to invest in?

There are several virtual options where users can invest:

• The virtual gaming platform, The Sandbox: players interact within the virtual forum and acquire goods and services thanks to NFT and Ethereum Blockchain technology.

Many investors are buying digital land, such as islands, and selling assets, for example, works of art.

The actions are performed with the original token, SAND;

• The virtual world, Decentraland: in this space, gamers communicate with each other and buy digital assets, which can be exchanged for goods and services.

Decentraland’s original token is MANA, and it operates within the Ethereum network.

Similarly, players can buy and sell the two tokens linked to the metaverse.

Will it replace reality?

The metaverse will not replace reality, and this was confirmed by Chris Cox, Chief Producer Officer of Meta, in an interview with the BBC:

“It won’t replace real life, nothing should, and I don’t want to design something that will.”

However, the objective of the metaverse is to coexist with real life and offer all services to people, entrepreneurs, and companies.

In this sense, ReputationUP works, which, aware of the new panorama, offers a comprehensive digital reputation management in the metaverse.

Among other actions, the reputational team is in charge of carrying out a complete improvement, monitoring, and brand protection strategy.

An excellent online reputation generates reliability among users.

In other words, if a company has a bad image, it runs the risk of lowering its sales.

And this will also happen in the universe of the metaverse.

To prevent this, it is better to go ahead and rely on a company, such as ReputationUP, specialized in online reputation and the Right to be Forgotten.

How to access the metaverse?

We show you, step by step, how to start a social experience, like the ones offered by Meta:

How to start in Decentraland?

As we have explained throughout the guide, there is no single platform to enter VR.

You can log in to Decentraland as follows:

• Enter the platform’s website and click on Get started;
• There are two ways to log in to the app: through your wallet or as a guest;
• If you select the second option, you can now start the game, creating a personalized avatar: choose the gender, clothes, hair color, etc.;
• Fill in the username and email fields;
• Start the experience.

The Decentraland platform is only available in English.

How the metaverse will change marketing

Marketing will be modified and will reach a new level, the personal one.

The company will promote interaction with the client and individualize the sales service.

The metaverse will seek to attract, retain and secure the brand against the competition.

Likewise, marketers should consider millennials and Generation Z as a target market.

E-commerce

The metaverse will unite traditional shopping and e-commerce to define the new electronic commerce.

According to a Google survey, 66% of consumers are interested in using AR for purchases.

These are some of the e-commerce that are starting in the universe:

• Amazon, with the AR tool: the user can visualize, on their device, how the furniture or other decorative elements will look like in their home;
• Warby Parker: the app allows consumers to try their glasses before buying them;
• Wanna Kicks: Like the previous one, the application enables users to try on some shoes before purchasing them.

With the evolution of the metaverse, a new concept of e-commerce will be created that will generate an easy, comfortable, and quality shopping experience.

But above all, the goal of the metaverse within e-commerce is personalization.

Brands will offer customers the desired products at the expected time.

The purpose is to achieve a higher conversion rate, increasing sales and decreasing returns.

Shopify reveals that interactions with 3D/AR content products show a 94% higher conversion rate than items without 3D/AR.

Influencer marketing

The future of influencer marketing is based on creating an avatar and collaborating with brands already part of the metaverse.

Influencer agency, Post For Rent, is the first to build an influencer headquarters in the metaverse:

“Building the first office in Decentraland is just a stepping stone towards a greater vision, with plans for future live events, […] campaigns and one-of-a-kind brand collaborations which are already in the works.”

The new universe will allow interaction and experiences among influencers.

Today, the influencer space is saturated, and the metaverse is an opportunity for new generations.

For those already part of the influencer universe, the metaverse involves the construction of a twin personality.

Creating a new profile brings with it a new online image to manage.

This is linked to the emergence of new followers and haters.

The metaverse is a free space where everyone can express their opinion, and crisis management is vital to anticipate or resolve a negative outcome.

ReputationUP cleans, protects, monitors, and improves reputation in all digital spaces.

In this sense, our expert team provides personal reputation management services to influencers and VIPs starting their career in the metaverse.

We intercept fake news from your haters in real-time to take immediate action to protect your online reputation.

Reviews

Reviews will evolve from inserting a rating and writing comments to build communities.

In this way, the avatars of the metaverse interact with a brand.

Positive opinions and criticisms will arise in the metaverse.

There is a possibility that communities add new members to direct their negative comments towards the same target.

The focus of companies will be to turn customers into advocates and the community into collaborators.

Likewise, to eliminate negative reviews, you can contact a company specialized in online reputation, such as ReputationUP.

Our experts help brands clean up reputations from harmful contents.

ReputationUP guarantees the harmful links removal or defamatory opinions from any platform.

How can companies take advantage of the metaverse?

The metaverse can be an opportunity for companies to connect with their customers in a new way.

Of course, the brand must balance the risk of being part of this new universe and the reward.

All actions carried out by companies in the metaverse will impact their image.

Search engines, social networks, forums, reviews, and digital platforms, such as the metaverse, measure online reputation.

In the new universe, brands will have to manage their corporate reputation.

ReputationUP helps companies manage and execute all phases of the ORM: cleaning, protection, improvement, and online reputation monitoring.

The metaverse begins to be implemented in recognized brands internationally.

In the following sections, visualize how companies are beginning to use the metaverse.

Coca Cola

Coca-Cola is the world leader in launching unique, blockchain-based collectible content on Decentraland.

In an online event, users participated in an NFT auction, obtaining, for example, a friendship card or a sound player, which simulates the opening of a can of Coca-Cola.

Nike

Nike has announced its addition to this universe with the acquisition of RTFKT:

“It is the only brand in the world that shares the deep passion we all have for innovation, creativity, and community, and we’re excited to grow our brand that was shaped entirely in the metaverse.”

Gucci

Since mid-2021, Gucci has been selling items on the platform Roblox.

Gucci Garden allows users to travel through themed rooms designed according to advertising campaigns or brand muses.

The avatar transforms, shows its style to the entire universe, and explores the Gucci boutique for exclusive, NFT-certified items.

Sephora

SEPHORiA is a recent example of building online communities around a company.

Since 2017, the cosmetics brand has organized an annual event, which in 2021, was entirely virtual.

House of beauty allows users to interact in five 3D rooms, attend makeup tutorials, or a party with influencers.

Representing this digital space allows Sephora to present new content more personally, bringing the concept of the metaverse closer to its followers.

Metaverse in administration

The news of the metaverse’s entry into administration was announced by the Seoul Metropolitan Government (SMG):

“The SMG plans to establish “Metaverse Seoul” (tentatively named), a high-performance platform, by the end of next year, and create a metaverse ecosystem for all areas of its municipal administration, such as economic, cultural […].”

Seoul will be the first city in the world to enter this universe, betting on overcoming temporal and spatial limitations.

Integrating an administration in the metaverse is a great challenge, with a high online impact.

The Global Power City Index 2021 research from the Mori Memorial Foundation places Seoul as the sixth city worldwide in research and development.

Its image and reputation as a technological reference also depend on this project.

ReputationUP helps administrations to manage their online reputation, also in the metaverse.

Its patented software, RepUP Monitoring Tool, monitors words, hashtags, web domains, URLs, profiles, social pages, forums, and reviews associated with administration.

Measure the sentiment of mentions in real-time and intercept reputation crises.

The time frame in which the monitoring is done with filters goes from one day up to two years.

Our team has been operating internationally for more than twenty years through offices in Europe and America.

ReputationUP is the number one company globally, specializing in online reputation management and defamatory content removal.

Conclusions

Through this ReputationUP guide, you have learned, in-depth, what the metaverse is and how companies can take advantage of this universe.

The conclusions drawn from the article are the following:

• The metaverse is a connection of worlds to increase interaction between users;
• Metaverse involves artificial intelligence, virtual reality, cryptography, and blockchain;
• There is no single owner, and all companies are investing time and money in this sector;
• Meta works on its metaverse while other companies already offer platforms like Decentraland or The Sandbox;
• This universe will allow socializing, learning, collaborating, and even working;
• Cryptocurrency gains ground: it will be the primary transactional method, backed by the blockchain;
• Users can invest in the tokens built into the metaverse;
• Marketing will modify your strategies in e-commerce, influencer marketing, or reviews.

Since the presentation of Mark Zuckerberg’s metaverse in October 2021, this universe has revolutionized the digital world.

The metaverse will seek to attract and retain customers.

Consequently, the actions carried out will have an impact on online reputation.

ReputationUP is the first company in the world to manage online reputation in the metaverse.

The company helps clean, monitor, protect and improve digital reputation.

Premium services are aimed at companies, professionals, VIPs, and administrations.

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