The metaverse, AKA the future of the internet, is still in its early stages but is already being populated by adopters who wish to get in quick to see what all the fuss is about. Likewise investors who are keen to build worlds to home them with a view to gaining a first move advantage.
However, a new report suggest that while users flock to these free-to-use services, companies are having a difficult time making money from them. Turns out that metaverse users care little for virtual shopping…
Buy one? Or just get one free…
Productsup have reported that they measured the popularity of virtual shopping – from pure VR shopping experiences to AR enhancements through smart glasses – and have determined a distinct lack in the urge to engage in enhanced digital consumerism.
For virtual goods, this is exacerbated. Digital items such as NFTs are selling for millions in that particular space, and some assumed that digital items in the metaverse would be ‘the next big thing’. This report suggests that this assumption might be wrong.
The report from Productsup showed that 60% of metaverse users didn’t want virtual shopping. Although, with so many companies aiming offer commercial metaverses, opinion may change as popularity and adoption through familiarity becomes more commonplace.
Or if online retail is removed from other avenues, consumers may simply have to get used to the switch.
Metaverse users have stated that they would be interested in hearing about deals within the virtual world but aren’t interested in purchasing – specifically – products IN the virtual world. For many, the metaverse seems to be a form of escapism and the idea of commercialising the technology – while inevitable – is already off limits to those who are already in the space.
Corporations in The Metaverse
Be it successful or not, corporations will make their way into the metaverse. Mark Zuckerberg’s Meta has also pitched itself as the driving force of the next-gen interaction platform which it calls ‘the future of the internet’. Zuckerberg even stated earlier that that Meta colleagues now address themselves as Metamates.
Millions of people will undoubtedly be drawn to the space when it’s ready, despite reports of toxicity, sexual harassment and the EUs recent 14-page paper on the possibility of the metaverse being used by terrorist organisations to recruit members.
Behemoth companies such as Microsoft, Apple, Niantic, Nvidia and many others are already forging ahead in the metaverse with the likes of Nike already selling virtual shoes as NFTs for users who – at least so far – couldn’t get enough fake shoes.
We watch future developments with interest.
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
