Questions You Wonder About Metaverse

Shopping, gaming, social media and more… Metaverse opens the doors to a new universe where we can have all these experiences. This is a place far beyond the physical world, but too real to be imagined. A successful combination of virtual reality (VR) and augmented reality (AR) technologies. So what brought us here? What kind of transformation are we on the verge of? What does this “alternative world” that has come into our lives promise us in the future?

What does metaverse mean?

Metaverse is a combination of the Greek words “meta” meaning “beyond” and “universe” meaning “universe” in English. This expression, which conceptually means “beyond the universe”, points to a whole multiverse equipped with virtual and augmented reality technologies. Here, it is possible to perform many activities in daily life by switching between fictional characters and virtual environments. This includes going to the movies or any event, shopping, traveling, playing games, training or even selling.

Metaverse is actually a new internet platform that brings together many technologies we have heard so far. A new fictional plane created from augmented reality (AR), virtual reality (VR), Internet of Things, 3D, artificial intelligence (AI) and blockchain technologies.

Metaverse, of course, is not a new concept. It is often said that those who play Sims have mastered the most basic of Metaverse. Because you also have your own avatar and you interact with other users. Of course, Metaverse differs from Sims. How Does? Your assets in games depend on the game developers, as well as how they will be used. However, Metaverse is not just a platform for gamers. Here we own our assets with blockchain technology. Their names are defined in our NFT accounts and no one can take them from us unless we ask them to.

As a human species, we have long been interested in the idea of ​​exploring another universe. Undoubtedly, digitalization has brought us the closest to this. New technologies that enable us to live our experiences in the physical world in the digital environment have started to enter our lives rapidly. Metaverse is actually a new internet platform that brings together many technologies we have heard so far. A new fictional plane created from augmented reality (AR), virtual reality (VR), Internet of Things, 3D, artificial intelligence (AI) and blockchain technologies.

How does the path of Metaverse and E-commerce intersect?

E-commerce is one of the innovations brought by digital technologies. In the physical world, there are advantages such as being able to try a product and socialize, which are still attractive; but there are also disadvantages such as paying by waiting in long lines and wasting time. In e-commerce, yes, we can’t experiment, we don’t socialize, but we can get a frictionless payment service, don’t wait in line and save time.

Here, Metaverse aims to change the whole future of e-commerce and reshape the experience between brands and users by combining these two worlds in a great way. It shouldn’t be a coincidence that Mark Zuckerberg uses the words “commerce” and “shopping” 13 times in the video where he talks about Metaverse.

Augmented reality (AR) and virtual reality (VR) technologies, which form the basis of Metaverse, have been used in digital shopping for a long time. Amazon, one of the e-commerce giants, can show you how any furniture will look in our house before buying it with its application called “Room Decorator”. IKEA has been providing the same service to its customers for the last few years. Another company called Warby Parker offers the opportunity to try on our face every pair of glasses we want to buy through its mobile application.

The famous cosmetics brand Charlotte Tilbury, on the other hand, offers its customers the opportunity to shop with virtual beauty consultants in its digital store opened in 2020. Here, you can invite many of your friends to the virtual store and shop simultaneously. In addition, thanks to the games installed in the virtual store, you can get a chance to get a rare lipstick, for example, by finding 3 different keys to open the lock.

According to a study in the USA, 61% of users prefer to shop from websites with AR and VR technologies, and they even agree to pay 40% more for this. Are we surprised? Actually no. Because these technologies give the customer the chance to try the product and be more confident in the quality, while providing benefits such as reduced returns on the manufacturer’s side and reaching a wider customer network.

How do we shop on Metaverse?

With the spread of Metaverse, it is expected that digital shopping will evolve from the concept of “click and buy” to “experience and buy” concept in the future.

With the spread of Metaverse, it is expected that digital shopping will evolve from the concept of “click and buy” to “experience and buy” concept in the future. So how will the shopping experience change with this new concept?

• Instead of buying diving materials from an e-commerce site, we will have a chance to try and buy these products underwater in Metaverse.
• We will have the opportunity to meet our idol while shopping at a football equipment store on Metaverse.
• While shopping for books, we will be greeted by our favorite book character at the door of the store.
• Let’s imagine that we are an artist, instead of giving our painting to galleries or putting it for sale on the internet, we can open our own gallery on Metaverse and sell our works here.

How does Metaverse take the personalized experience one step further?

It is obvious that Metaverse will bring a great personalized experience in E-commerce. Although companies have started to invest in personalized experience, personalization is still somewhat limited in the E-commerce world today. Many mobile applications do not go beyond offering personalized prices and offers. It is assumed that Metaverse will take this one click further. The first samples are already starting to arrive. Nike launched its Metaverse universe, NIKELAND, last November. In this virtual environment, which offers a personalized 3D space, users can play games and create their own games. In the brand’s store in New York, the children’s floor can be viewed as NIKELAND, thanks to a special Snapchat lens and AR technology. In other words, it transforms its physical store into a digital experience.

What will the economy of the future be like?

It is certain that Metaverse will introduce a brand new economy that includes crypto into our lives. Crypto wallets are expected to replace traditional debit/credit cards in the future. This change has already started with the real estate market. Last year, a virtual land was sold for more than $913,000. The revival of the real estate market will undoubtedly bring about issues such as real-world housing finance and lease agreements. On the other hand, it is a question mark for now whether traditional banks will undertake these processes or whether decentralized independent institutions will carry out these processes.

Brand new supply-demand balances are likely to occur. Employees in low-income countries will be able to find jobs in more developed countries, for example. In fact, some people can make a living only on Metaverse. For example, you want to plan a musical entertainment, you do not have a DJ, you can organize the entertainment in the virtual environment and set your DJ on this platform. In other words, there will be not only the purchase of goods, but also the purchase of services.

There will be not only B2C (company-to-consumer sales) but also B2B (firm-to-company sales) applications. Consider a manufacturer company, it needs to buy parts for its machine. Normally, he takes brochures from the people who produce this piece, holds a meeting, collects the images via e-mail and buys the product that way. Now, he will be able to create a digital twin of his factory in Metaverse and try it in the virtual environment before buying the part he wants.

What will the payment processes be like?

Increasing user interest in digital currencies is a plus for crypto payments on Metaverse. It is predicted that the security side will be greatly relieved with the encryption structures used during payments. Moreover, it is estimated that this new payment method will reduce the costs of money transfers between different countries by 40-80%. But there are also some barriers to crypto exchanges. While it has unique security advantages, crypto scam threats used for illegal transactions may discourage consumers from adopting this payment method. For this reason, crypto payment providers need to focus more on security issues.

It is expected that not everyone will prefer to use crypto. However, with the agreement made by Mastercard with Coinbase recently; Credit cards that allow the purchase of NFTs at a fixed rate, accepted by governments without having to buy crypto, will be coming very soon. In this regard, it is expected that the payment methods that enable crypto to somehow turn into traditional currencies are expected to increase day by day. In short, we still need time for Metaverse to spread to the base, become a part of our lives, and regulate payment systems. However, it is a fact that a very interesting and very exciting world is knocking on our door!