The word ‘metaverse’ has been a buzzword for the past few years, creating waves of excitement, intrigue, and no small measure of confusion. There has been almost $3bn worth of funding pumped into the space, but what is it? As concepts go, it can seem utopian, with echoes of science fiction intertwined with cutting-edge tech buzz. But is it all just white noise, or is there a solid foundation beneath the glitz and glamour?
At Talewind, we’re diving deep into this subject, and we invite you on this journey of exploration with us. This is the first in a series of posts where we explore a wide variety of topics relating to the metaverse and what this means for brands and players looking to make the most of the platform.
The Origin of the Metaverse
The metaverse isn’t a newborn concept. The term can be traced back to Neal Stephenson’s 1992 sci-fi novel “Snow Crash”, wherein humans, as avatars, interacted with each other and computer programs in a 3D virtual space. It later permeated popular culture further with books like “Ready Player One” that presented a fully-realised vision of a virtual universe brimming with limitless possibilities.
At Talewind, we view the metaverse as a vast digital cosmos where humans can live, work, play, and communicate in immersive environments. It’s a social hub, a business platform, an artist’s canvas, and a gamer’s paradise, all rolled into one. It’s an evolving landscape where reality and digital realms converge in the most intricate ways but most importantly, it doesn’t exist.. (yet!). But let’s also be clear about what it isn’t.
A common misconception is that the metaverse is just a 3D internet. While there might be parallels, the metaverse, in its truest essence, is an interconnected realm of shared spaces, economies, and experiences, transcending what we know as the ‘web’ today.
More Than a Passing Fad
In 2021, the social media network Facebook’s parent company rebranded to Meta and leveraged significant amounts of it’s funds towards creating ‘The Metaverse’ and through a combination of hubris and Wall Street herd mentality, the tech world went into a frenzy. This was short-lived and unfortunately a lot of people felt the start and end of the metaverse was contained in a couple of years.
You might wonder if this is just another tech bubble, poised to burst, but consider this: the metaverse offers unprecedented opportunities for global communities to converge, bridging divides and reshaping economies. Its potential for education, business, and social interaction makes it a game-changer, it’s just not here yet – we’re still very early in its conception!
Roblox: A Glimpse of the Metaverse?
Roblox, a platform we at Talewind specialise in, offers tantalising hints of what the metaverse might eventually become. For Roblox, it’s not just about gaming; it’s about connecting, creating, and sharing in expansive digital landscapes. It offers 65m+ Daily Active Users a tapestry of experiences, where users craft worlds, foster friendships, and embark on adventures. It’s a testament to how platforms can evolve to foster global connections and enrich experiences, setting the stage for what’s to come.
Each year the number of Robloxians increases and with such a wide variety of gaming and social opportunities, it’s no surprise that the average user spends nearly 2.5 hours a day on the platform. Some of the top experiences available to engage with come from existing branded IP such as Sonic Speed Simulator which has achieved nearly a billion visits in the past year. It is through successful activations like this that brands are able to maintain their place within children’s hearts and stay relevant for decades to come.
With platforms like Roblox and exciting new platforms such as Everywhere, the metaverse provides fertile ground for brands to interact with audiences in novel ways. Rather than watching an actor play with your product in a scripted advert, or even their favourite YouTuber unboxing it on stream, your customers can now engage directly with it, understanding how fun it is on a deeper level – and all within the digital realm.
It’s an unparalleled avenue for businesses to connect with Gen Z & Gen Alpha in environments they resonate with, and extend those relationships into the real world where they are more likely to buy the physical product in-store. While Roblox has aspirations to age up its audience, the majority of players are currently U16 and this is very much its USP as the younger generations are spending more and more time in digital environments unreachable by traditional marketing methods. We’ve spent years analysing the variety of ways that this audience engages with games on platform’s like Roblox and can’t wait to share that knowledge with you.
The Road Ahead
As advocates of this field, we suggest a deep dive into a different aspect of the metaverse each month. From user-generated content creation, to understanding intricate virtual economies, join Talewind as we embark on this thrilling exploration.
To understand tomorrow, we must understand what the metaverse can be. And as we navigate this vast digital ocean of potential, Talewind promises to be your guiding star. Follow us, and let’s breathe adventure into the metaverse.
David Statter (he/ him)
Marketing Director @ Talewind
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