In recent years, the concept of the metaverse has become widespread, and the number of companies using it for business is increasing one after another. On the other hand, many companies may feel that incorporating the Metaverse into their business requires extensive preparation and planning, and that there are high barriers to entry.
In this article, we will explain the concept of Metaverse, related terminology, related services, etc. for those who are thinking about developing a business using Metaverse, and we will also introduce successful cases of business use and how to get started with Metaverse.
For an overview of the metaverse, please also refer to the following articles.
What exactly is the Metaverse?
What is Metaverse? Explain the meaning
First of all, what exactly does the metaverse mean? Here, we will define the metaverse and explain the meanings of VR, AR, MR, and XR, which are often heard as peripheral terms, and the differences between them and the metaverse.
Metaverse definition
Metaverse is a word coined by combining the words “meta”, which means “transcendence”, and “universe”, which means “world”, and refers to a three-dimensional virtual space where people can enjoy a variety of experiences.
Users can use their avatars to access virtual spaces, communicate and interact with other users, play games, and even conduct economic activities.
The meaning of VR, AR, MR, and XR and the difference between them and Metaverse
Let’s take a look at the meanings of VR, AR, MR, and XR, which are often heard around the Metaverse.
VR is an abbreviation of “Virtual Reality” and means “virtual reality.” This is a technology that allows users to immerse themselves in a virtual environment using a special headset, gloves, etc. and experience it as if they were actually there.
AR is an abbreviation for “Augmented Reality” and means “augmented reality”. This technology augments reality by displaying information from the real world and the virtual world overlappingly.
MR (Mixed Reality) is an abbreviation of “Mixed Reality” and means “mixed reality.” By combining the aforementioned AR and VR and reflecting the virtual world in the real world, content can be treated as if it were real.
XR is an abbreviation for “Cross Reality” and is
a general term that encompasses technologies such as VR, AR, and MR mentioned above that create a new world by fusing the real world and the virtual world
.
Metaverse refers to the entire virtual space and services realized using XR technology.
The spread and permeation of the Metaverse in recent years has been remarkable, and it is spreading in many fields such as entertainment, business, education, and medicine, and innovative services and methods are currently being developed one after another.
History of the Metaverse and how it became popular
The word and concept of Metaverse has existed since the 1990s, but it has only penetrated the general public since October 2021, when Facebook changed its name to Meta. Therefore, I would like to introduce the history of the Metaverse until it became popular.
Born in the science fiction novel “Snow Crush”
The term “metaverse” itself was coined in 1992. It first appeared in the novel “Snow Crush” by American science fiction author Neil Stevens.
In addition to the metaverse, which is a virtual space, Snow Crash also created the concept of avatars.
Birth of second life
“Second Life” is software released by Linden Lab in the United States in 2003, and is a service that provides a life in a virtual space using 3DCG. Users can create their own avatars, travel around the world, and interact with other users on Second Life.
Because Second Life also used virtual currency, it is considered by some to be a precursor to the Metaverse. However, the boom came to an end due to problems such as the high performance required of the control terminals and the slow speed of the communication lines provided at the time.
However, the Second Life service continues to be provided, and as of 2021, there are more than 200,000 daily active users, and more than 345 million transactions are performed annually.
The popularity of MMORPG “Ultima Online” and the spread of online games
Starting with the popularity of the massively multiplayer online RPG “Ultima Online,” which began service in 1997, online games such as “Lineage” and “Ragnarok Online” from South Korea and “Final Fantasy XI” from Japan began. Games are being released one after another, and the popularity of online games is becoming established among the general public.
Until then, most home games were games that were enjoyed individually by purchasing dedicated software that was sold as a set with hardware. However, since the 2000s, with the spread of the Internet and faster connections, online gaming has gained momentum. Online games, where applications are downloaded for free or for a fee over the Internet and enjoyed by a large number of people at the same time, have gradually become more prominent.
In recent years, the number of online games that can be easily enjoyed on smartphones and tablets has increased, and games have come to be played on a variety of devices. Additionally, with the spread of smartphones and updates to 5G networks, smartphone-specific game apps are being released one after another.
Facebook changes company name to Meta Platforms
On October 28, 2021, Facebook announced that it would change its company name to “Meta.” This change is to clarify that the company is a “Metaverse-first” company that focuses on the virtual technology and platform “Metaverse.”
With the name change, the company has revamped its image and signaled its intention to focus on growth areas such as VR. In conjunction with the company name change, the company also announced that its securities code would be changed to “MVRS.”
Background to the spread and development of the Metaverse
There are several possible reasons why the Metaverse has spread to the general public. Here, we will explain the background of the spread and development of the Metaverse.
Evolution and development of communication and VR technology
VR technology has evolved significantly in recent years and is now able to provide a more realistic experience. Advanced peripheral technologies such as 5G and AI are also developing, making it possible to enjoy VR experiences in a smoother and more immersive manner. These technological advances are greatly contributing to the spread and development of the Metaverse.
Impact of remote spread after the coronavirus pandemic
Due to the spread of the new coronavirus in early 2020, the government declared a state of emergency, and temporary restrictions were placed on outings such as commuting to work or school. At that time, remote work (working from home) and online education (taking classes from home) were recommended, and as you all know, online activities have rapidly spread to general society.
With the spread and development of online technology, communication activities in the digital space have suddenly accelerated, and at the same time demand for the metaverse has also increased.
Popularization of NFTs, virtual currencies, etc.
The emergence of NFTs and virtual currencies is also considered to be a factor supporting the spread of the Metaverse.
NFT is an abbreviation for “Non-Fungible Token,” which in Japanese means “non-fungible token,” and refers to digital data that cannot be replaced. Until now, digital data was easy to copy and falsify, but NFTs use blockchain technology to prove unique ownership of digital data and give it scarcity.
In recent years, we have often heard news of NFT art being sold for high prices, but NFTs are also used in a variety of fields other than art, such as games, music, and video.
Virtual currency, also called crypto assets, is a digital asset that can be exchanged over the Internet. Bitcoin, Ethereum, and Ripple are well known. The use of virtual currency to buy and sell NFTs is also increasing.
Major companies use Metaverse as a marketing method
After Meta’s company name change, many major companies began to enter the Metaverse. These companies are leveraging the Metaverse to explore new business opportunities and increase customer touchpoints.
Specifically, this includes displaying and selling products in virtual stores, holding virtual events, and prototyping and simulating products using digital twin technology. Additionally, marketing methods such as increasing brand awareness through advertising and promotional activities within the Metaverse are increasing.
Companies that use Metaverse for marketing can reach new customer groups that could not be reached through traditional marketing methods and build deeper engagement. The Metaverse can be said to be an important tool that opens up new possibilities for business.
Relationship between the Moonshot Project led by the Cabinet Office and the Metaverse
The “Moonshot Research and Development System” is a national project led by the Cabinet Office that aims to solve social issues such as a declining birthrate and aging population, a decline in the working population, global warming, resource depletion, and food crises. is.
The goal of realizing a society in which people are freed from the constraints of body, brain, space, and time by 2050 is one of the specific visions of the “Moonshot R&D System,” and is also consistent with the philosophy of the Metaverse. We are doing so. In other words, the spread of the Metaverse is expected to solve many social issues.
Reference link:
Cabinet Office/Moonshot Goal 1 By 2050, realize a society where people are free from the constraints of body, brain, space, and time.
Future prospects of the Metaverse – Market size expected to reach 78,870.5 billion yen in 2030
According to MarketsandMarkets, a global market research company, the global Metaverse market will grow to USD 61.8 billion (approximately 8.4 trillion yen) in 2022 and USD 426.9 billion (approximately 58.2 trillion yen) in 2027. The compound average growth rate (CAGR) is expected to reach 47.2%.
The Ministry of Internal Affairs and Communications predicts that the global Metaverse market size will reach 78,870.5 billion yen by 2030. The Metaverse is likely to be a technology that will have significant economic and social impact in the coming years.
Furthermore, the prices of stocks related to the Metaverse continue to rise, and investors are paying attention not only to semiconductor and hardware provider companies, but also to stocks in telecommunications, games, SNS, advertising, etc. It is expected that Metaverse-related business opportunities will further expand in the coming years.
Reference link
- Ministry of Internal Affairs and Communications/Part 2 Current status and issues in the information and communications field
- Global Information Co., Ltd./Metaverse’s global market: By component (hardware, software, professional services), by industry (consumer, commercial, industrial manufacturing), by region (North America, Asia Pacific, Europe, Middle East/Africa, Latin America) ) – Forecast to 2030
Benefits that companies can gain by entering and introducing the Metaverse
By utilizing the Metaverse in business, companies can gain various benefits.
Expanding business possibilities and branding as an advanced company
Metaverse allows companies to create new customer touchpoints and provide external parties with a platform that allows them to more intuitively experience their products and services. By developing your business in the Metaverse, new opportunities will emerge and you will be able to differentiate yourself from other companies. It is easy to get the impression that you are a progressive company, and you can also expect a branding effect.
Reduces the man-hours required to hold an event and improves the effectiveness and efficiency of communication
Events that utilize the Metaverse can be expected to reduce the amount of man-hours required to hold events compared to real events. Another benefit is that the barrier to participation in the event is low, so you can expect a large number of participants and visitors.
Furthermore, Metaverse allows you to communicate in real time through avatars, making it easier to deepen relationships with your customers, which can also be expected to improve business effectiveness and efficiency.
It becomes easier to secure excellent human resources, leading to resolving labor shortages.
Metaverse eliminates geographic constraints, making it possible to recruit talented people from all over the world. Another benefit is that it is easy to improve the skills of employees through training and education programs that utilize the Metaverse.
Leads to telework promotion and BCP measures
Metaverse provides a platform to facilitate remote work. We are also considering ways to utilize the Metaverse as part of a BCP (Business Continuity Plan) to minimize damage and quickly recover business even in the event of a natural disaster or emergency situation such as a server down. You can
Utilization of data leads to improvement of products and services
User behavior data on the Metaverse can also be collected and analyzed. This can be used to improve products and services, discover new business opportunities, etc.
Scenes in which Metaverse is used in companies
There are a wide variety of situations in which the Metaverse is used in companies. Below, we will introduce some main usage examples.
exhibition
Metaverse recreates a real venue online with live action or CG, and allows virtual exhibitions of new products and service introductions using videos.
Seminar/Webinar
Keynote speeches and seminars can also be held within the Metaverse.
Company information session/job hunting event
Many companies have a track record of holding recruitment events on the Metaverse, such as information sessions and job fairs with company booths.
Recruitment interview
You can conduct individual or group interviews with candidates within the Metaverse.
General meeting of shareholders
By using the Metaverse, you can remove geographical constraints and participate from all over the world.
Various events such as study sessions, training sessions, awards sessions, etc.
Various events such as study sessions and training sessions can also be held on the Metaverse. Since there are no geographical restrictions and the use of avatars lowers the psychological barrier, many people are expected to participate.
Metaverse is already being used in a variety of situations by many companies, and its future possibilities are endless. However, there are issues such as security vulnerabilities and delays in legal development, so it is necessary to fully prepare for these points when using it.
Reference link:
Metaverse Exhibition | V-expo
Please check the following article for examples of interviews and business use of the Metaverse.
Scenes in which the Metaverse is used at school
The main uses of Metaverse in schools are as follows.
Entrance ceremony
With the Metaverse entrance ceremony, even new students living in remote areas can participate from home. Of course, students from overseas can also share the same experience, so we can expect students from many different parts of the world and regions to come together.
Contests/Academic Tournaments
Students can display and present their works and papers on Metaverse and receive feedback from other students and teachers. Through the Metaverse, students can improve their work and papers and also deepen their learning experience.
Exchange meetings/information sessions/open campus
Just like in real-life meetings, many students can interact with each other on the Metaverse. It is also suitable for holding school information sessions and open campuses to provide prospective students and parents with information about the school, curriculum, events, etc. Compared to holding a real event, the advantage of holding a Metaverse is that it is easier for both the school and the students to adjust their time.
Reference link:
Metaverse school events | V-expo
Scenes in which individuals use the Metaverse
The Metaverse is also used by individuals in a variety of situations. Below, we will introduce the main usage situations.
Marriage hunting
The Metaverse is increasingly being used as a place for new encounters. By communicating through avatars, which can be said to be unique to the Metaverse, it is a great advantage to be able to know the other person’s inner self without being limited by their appearance. In addition, because people from areas with difficult access to urban areas or from different countries can participate, the number of people you can meet increases, and the possibility of matching people who would otherwise not have the opportunity to meet in a real place increases.
Alumni Association
By using the Metaverse, you can easily reunite with classmates and friends who live far away. Real-time communication is possible, and you’ll be able to enjoy socializing just like you would at a real reunion.
Conference/digital workshop
Meetings and workshops held on the Metaverse can be attended from home, making it easy for many people to participate. Another benefit of the Metaverse is that it increases opportunities to learn new knowledge and skills.
Reference link:
Metaverse matchmaking | V-expo
Entertainment/Amusement Usage Examples
Metaverse has a high affinity with entertainment and amusement, and there are many use cases. Below, we will introduce specific usage examples.
Gundam Metaverse Project
“Gundam Metaverse Project” is a project co-created by Bandai Namco and Gundam fans. Metaverse provides a place for Gundam fans from all over the world to gather, where they can access various Gundam-related content.
This project will be open for a limited time and aims to be operated and developed together with the fans, and there are high hopes for the future in which the next Gundam will be born from the fan community.
Additionally, this project is part of the “GUNDAM NEXT FUTURE -ROAD TO 2025-” project aimed at the 45th anniversary of the Gundam series and the 45th anniversary of Gunpla, and is expected to further expand the world of Gundam through the Metaverse and deepen connections with fans. It has been. This is a great example of how the Metaverse is being used as an important means to further strengthen existing fan bases and attract new fan bases.
Reference link:
Gundam Metaverse Project Official Site
BANDAI CARD GAMES Metaverse Lobby
“BANDAI CARD GAMES Metaverse Lobby” is a metaverse space where you can enjoy Bandai card games online. Users can create their own avatars and compete against other players while exploring 3D space.
On this platform, you can participate in events prepared for each card game title and enjoy battles with your own cards. Available 24 hours a day and allowing card battles with users from all over the country, TCG fans have the opportunity to find new opponents and test their skills.
Reference link:
[ONE PIECE Card Game] Metaverse Lobby 24 – BANDAI CARD GAMES Metaverse Lobby
Sanrio Virtual Festival
“Sanrio Virtual Festival” is a virtual music festival that connects Sanrio fans and fans of virtual artists from all over the world. At this event, you can enjoy an entertainment space that combines a theme park and culture.
In the past, there have been many scenes where virtual artists and Vtubers collaborated with Sanrio characters, such as orange & MIRA_sk featuring Kuromi, Hikaru Hanyu featuring Kogimyun, Yuyu Bokagami featuring Cinnamoroll, and Kasou Butohdan with Sanrio Characters.
We offer a new form of interaction to a wide range of participants, from Sanrio fans to business people interested in virtual technology.
Reference link:
SANRIO Virtual Festival 2024 in Sanrio Puroland official website
Softbank Hawks: Virtual PayPay Dome
“Virtual PayPay Dome” is a virtual reproduction of “PayPay Dome,” the home base of the Fukuoka SoftBank Hawks. Users can freely walk around the dome through their avatars, and can also experience “quasi-real-time pitching,” which reproduces pitches thrown by actual pitchers during games in virtual space.
You can access this space for free from your smartphone or PC browser, and there is no need to register as a member. This is a great service for baseball fans, as it allows them to share the experience of watching a game even in remote locations.
Reference link:
Virtual PayPay Dome
Virtual travel platform app “ANA GranWhale”
“ANA GranWhale” is a virtual travel platform app provided by ANA. The app recreates various travel destinations using VR technology, allowing you to enjoy your trip more freely and comfortably. There are two specific services: “V-TRIP” (virtual travel space) and “Sky Mall” (shopping space).
In addition, you can collect ANA miles by collecting currency that is distributed only within the app called “Grand Chip” and drawing something called a mile gacha. In other words, you can also enjoy real travel through experiences in virtual space.
Reference link:
ANA NEO Co., Ltd. | Extended travel experience with Metaverse
EC/retail usage examples
Metaverse is also used in the e-commerce and retail industry. Below, we will introduce some major usage examples.
Virtual shopping αU place
“αU place” is a virtual shopping service provided by KDDI. You can shop while viewing the latest exhibits at a virtual store that recreates a real store in a disguised space. By simply scanning the store using a smartphone, product displays are updated, allowing users to experience the latest exhibits.
You can also consult with store staff about products and ask for detailed information. Virtual stores offer a new shopping experience that combines the benefits of real stores and e-commerce.
Reference link:
Virtual shopping αU place
Virtual Isetan Shinjuku store | REV WORLDS
“Virtual Isetan Shinjuku Store | REV WORLDS” is a virtual shop provided by Mitsukoshi Isetan. You can access it 24 hours a day from your smartphone, and it recreates part of the Shinjuku East Exit area and the Isetan Shinjuku Main Store. Actual in-store stylists are also CGized, and products can be purchased from the company’s e-commerce (EC) site.
REV WORLDS not only sells fashion and gifts, but also has a department store basement floor, so you can enjoy a shopping experience unique to the Metaverse.
Reference link:
REV WORLDS | INSTALL NEW WORLDS
5 examples of conference/virtual office services
Metaverse is used by many companies for purposes such as meetings and virtual offices. Here, we will introduce five specific services for meetings and virtual offices.
Horizon Workrooms
Horizon Workrooms is a service provided by Meta that allows users to collaborate in a virtual space. You can also do brainstorming and presentations using the Meta Quest headset.
Reference link:
Horizon Workrooms virtual office and meetings | Meta for Work
Mesh for Microsoft Teams
Mesh for Microsoft Teams is a virtual collaboration tool provided by Microsoft that allows you to create a shared 3D holographic experience within Microsoft Teams. The advantage is that remote collaboration can be done more effectively and efficiently.
Reference link:
Microsoft Mesh
DOOR
DOOR is a virtual office tool provided by NTT and is a metaverse space that can be accessed from a browser. Users can freely create virtual spaces and use them in a variety of situations, including business and private.
Reference link:
DOOR
RISA
RISA, a virtual office tool, is a service to solve remote work issues. Utilize avatars and virtual spaces to provide an experience of having a common place that has been lost due to the telework environment.
Reference link:
Tabers Office RISA – Here is an experience unique to virtual space.
Virbela
Virbela uses the metaverse space to support remote work, online learning, event hosting, etc. Users can create their own avatars, move freely in 3D space, and communicate with other users.
Reference link:
Virbela | Gaialink Co., Ltd.
How to use/start the Metaverse
To get started with Metaverse, you need to take the following steps: Let’s check it step by step.
Prepare VR compatible PC/monitor, VR goggles, etc.
To experience Metaverse, you will need a VR-compatible PC, monitor, and VR goggles. It is recommended that the PC be equipped with a high-performance graphics board.
VR goggles are available in a variety of price ranges, with some products for beginners starting at 1,000 yen, while high-spec products can cost over 100,000 yen.
Opening a virtual currency exchange account
Open an account at a virtual currency exchange. Enter the necessary information such as company name, name, address, date of birth, and phone number, and submit your identity verification documents.
Create a wallet
A wallet is a digital wallet that stores virtual currency. Generally, after opening an account at an exchange, select “Deposit” from the menu and select “Issue deposit address” to create a wallet.
Register on Metaverse service platform
Register on the Metaverse platform. After registration, you can create your own avatar, explore the virtual space and interact with other users.
Start using the metaharas with the above flow.
7 popular platforms of Metaverse
There are so many types of meta frustration platforms, including domestic and overseas. Here are seven popular platforms of Metaverse.
The Sandbox
THE SANDBOX is a metaer platform that allows users to create 3D objects and buy and sell land and games. Based on Ethereum blockchain technology.
Reference link:
The Sandbox JAPAN official website
Minecraft
Minecraft is a game in which users can freely place blocks to create the world. Due to the aspect of metavers, users can create their own world and share with other users.
Reference link:
Welcome to the Minecraft official website | Minecraft
DecentRaland
DECENTRALAND is a meter platform that users own virtual land and create their own content on it. This platform is also based on the Ethereum blockchain.
Reference link:
Welcome to DecentRaland
Enjin Platform (engine platform)
ENJIN Platform is a metabirth platform that can create NFT environments in games and apps. You can create NFT without using a blockchain dedicated code.
Reference link:
Enjin Platform: Mint and Integrate NFTS | ENJIN
Fortnite
Fortnite is a 100 -player survival safety game.
Reference Link:
Fort Knight | Free Play Game compatible with Cross Platform – Fort Knight
Cluster
CLUSTER is a metabirth platform where you can gather in a virtual space from smartphones, PCs, VR equipment, etc. Not only participate in events such as music live and presentation, you can enjoy chat and games in virtual worlds that are accessible at any time.
Reference link:
Metaverse platform Cluster (cluster)
VRChat
VRChat is a metabers platform where you can communicate with people around the world. Users can communicate through chat, voice calls, gestures, etc. using your favorite avatar.
Reference link:
VRChat
summary
The metaversic market is on expanding, and it is expected that it will continue to grow. As a matter of course, related brands are continuing to rise.
It is recommended that you enter early, as the number of cases of companies, schools and individuals are increasing, and it is likely that it will lead to new business opportunities.
Please refer to the contents of this article and use MetaArath for your business.