Two decades ago, Facebook introduced their interpretation of social media services, effectively altering how people live.

Today, most of the world’s population exists on social media. It is how people connect, interact and stay relevant to the rapidly evolving world. Social platforms’ far-reaching impacts even affect how Businesses are conducted and how Economies can be influenced.

Will the introduction of metaverse platforms affect such a drastic shift?

At least, Mark Zuckerberg believes so. So much so that the social media giant changed its brand to Meta and started diving head-in into the narrative.

The metaverse is envisioned to be a digital space that parallels the physical world. It is where people, represented by their virtual avatars, will live their lives, meet others, attend events, do business, shop, game and more.

Essentially people of the (very near) future will exist in Virtual Reality. It is an iteration of social media but with more interactivity, immersion and endless possibilities.

Why hasn’t the critical mass jumped in yet?

For a start, metaverse projects tap into blockchain/Web3 technology. While the concept managed to rally huge support from Web3 fans, the processes involved can seem daunting and foreign to Web2 natives.

In fact, Web3 advocates are so community driven that new Web3-specific cultures, norms and lingos were birthed. This further drives the divide between them and the critical mass still deeply etched in Web2 platforms.

With so many big brands and companies moving towards this space, the eventual migration into Web3 platforms is, however, inevitable. The market will shift when crossing into the metaverse becomes more palatable and digestible to the masses.

Why are only big brands jumping on board?

Major brands like Nike, Gucci, Coca-Cola and Lego have jumped into the metaverse. So have major celebrities like Justin Bieber, Ariana Grande and Steve Aoki.

Also Read: “See you in the metaverse” – Yours, life

Small and Medium Enterprises (SMEs) are creeping in at a much slower rate. The world has witnessed how prominent brands like Nokia, Atari and Kodak got eliminated in the race to adapt. Major brands’ motivation to shift could be fuelled by their fear of becoming irrelevant in a fast-changing economy.

While SMEs have shown growing interest in entering the metaverse, being foreign to Web3 still presents a hurdle for SMEs to cross before a shift can happen. Being foreign also means that many SMEs do not see pragmatic reasons or direct benefits for embracing Web3 technologies.

How is Playground contributing to this transition?

Playground is a metaverse platform that harnesses Web3 technology. The platform aims to help with the crossover by building systems and environments that make sense to Web2 retailers and businesses.

Believing that the idea of metaverses already has strong proof of concepts in game-centric virtual worlds, the team aims to encourage Web2’s mass adoption by building systems and 3D environments familiar to Web2 natives.

For instance, getting into the Playground’s metaverse might not require a crypto-wallet connection right at the get-go but will present its uses and benefits at a later stage.

Playground’s deliberate steps to bring real value to commercial parties have also seen the onboarding of traditional retail- renowned brands like Franck Muller, Naiise, Sincere Watches and MegaMall are amongst many that have hopped onto the Playground bandwagon.

Leveraging on its collaboration with many game developers and game studios, the platform offers Retailers easy access to gamification strategies that can enhance community engagement, branding and sales conversions.

–

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva Pro

The post Is the metaverse the future of social media? appeared first on e27.