What is Metaverse?

You might not know this, but the metaverse is coming. What is this metaverse?

Metaverse enthusiasts compare the rush to buy virtual land to the scramble for domain names in the early days of the internet.

We will begin with the Wikipedia definition:

“A fictional virtual world is described in the novel Snow Crash, published in 1992, by Neal Stephenson. This virtual world, created artificially by a computer program, hosts a community of users, present in the form of avatars who can move around, interact socially and sometimes economically. "

On second thought, you will find that each of these elements already exists in the real world. The Metaverse is a virtual projection of our world and everything that composes it, in a digital version freed from physical constraints, since it is projected into a digital universe. The icing on the cake, imagination, and creativity will have no limits in this new virtual world.

What is the Metaverse? Neither more nor less than the fusion of the virtual and the real. Imagine that instead of moving from one place to another, through your avatar you will be able to find yourself there in a single instant as if you were there for real, the sensations included.

Imagine, for example in fashion week, rather than running from one parade to another, being able to go there in total virtual immersion as if you were there. What if the Brand allowed you to buy a digital version of the collections? The top! You will be able to "flex" with your avatar wearing the latest Gucci clothes, nowhere else to be found (and what a Tomorrowlandscale market for brands).

Examples that the Metaverse are being born before our eyes:

In 2020, Travis Scott does an immersive virtual concert in the game Fortnite.

Or the 2020 edition of the Tomorrowland music festival which took place in a virtual pandemic environment requires:

We also observed the explosion of NFTs, these unique digital tokens resulting from blockchain technology (tamper-proof but readable by any member of the network) which makes it possible to identify digital objects. Digital art transactions are now taking the center stage and breaking records. Listed for sale by Christie's, this work by digital artist Beeple has found a buyer for the modest sum of $ 69 million:

Beeple’s collage, Everyday: The First 5000 Days, sold at Christie’s for $69Mn. Image: Beeple

Proof of this burgeoning craze for the endless possibilities of the Metaverse, the thunderous IPO of Roblox, a gaming platform where you can create your own game and share it with a community of players around the world:

Or the RTFKT start-up, which made $ 3 million by creating and marketing a capsule collection of virtual sneakers to be worn by your avatar in your favorite game:

NFT lovers and Fashion collectors pay big money for virtual sneakers

Upland sells virtual properties that anyone can buy at an auction. Soon you will be able to buy the digital representation of the Eiffel Tower, and even the entire Champ de Mars if you are willing to pay the price: landlords making money.

A whole new world is taking shape there before our eyes. The field of possibilities is infinite. Still, in gestation, the key to the mainstream Metaverse will be the popularization of immersive reality equipment, not to mention the decompartmentalization of already existing platforms, allowing us to switch from one to the other and to mix the universes (switch from d 'a Chanel show at a Beyoncé virtual concert at TomorrowLand, from the same platform, or play Roblox with your Fortnite avatar, vice versa, etc).

Ultimately, what you are not told is that the entire current digital economy, and therefore also real when it comes to financial transactions (hello cryptophiles), will be absorbed into the Metaverse. Especially since as with the NFT, even if purely speculative for the moment, we see a new economy emerging in this universe.

This is where the fight will be fierce, between all the giants and other players who will want to grab this enormous economic potential. And to tell the truth, the fight is already launched, who will provide the platform to lead them all (a single ring, you know the rest). This is reminiscent of the heart of the plot of Steven Spielberg's film which democratized the notion of Metaverse: Ready Player One.

The pandemic has accelerated digital penetration across the world by 10 years. Both given our behavior, interactions, and lifestyles, as well as the business models and economic projections which need to be reviewed. More than ever, digital innovation is at the heart of the challenges. Failing to become the final day for companies that will not be able to take the turn, the next few years are a tremendous opportunity to reinvent themselves and build the world of tomorrow.


The Team:

Shriya Madan, an ardent learner, a digital enthusiast, aspires to make an impact in the real world with the power of technology

-Tech Researcher, BLVCK PiXEL

Pranjali Apurva, driven by curiosity, converging design principles with digital transformation

-Chief Innovation Officer, BLVCK PiXEL

BLVCK PiXEL is a Digital Innovation Consultancy headquartered in Paris. We aim to bridge the gap between Technology & Business through Design-led Strategy. Connect with us.