Metaverse Overview: What is it, how do I play it, benefits and more
A COLUMN of David Wurm 
on August 16, 2023, 11:00 pm | Write a comment | Note: Column - More
With the release of the Apple Vision Pro another company dives into the virtual world. A study shows that Germany still lags behind other countries in terms of adoption of the Metaverse, but there is potential for future growth. In this column, we look together at whether the market really has potential and how Germans feel about the topic.
In a nutshell: The Metaverse market is currently valued at approximately $82 billion in revenue and is projected to grow to $2030 billion by 936. Companies recognize the potential of the metaverse and invest in virtual business models and brand communication. The ONE8Y agency conducted a representative survey of around 3.200 Germans, which shows that only around half can even assign the term "metaverse". Even fewer actively use it.
- The idea has existed since 1985, encompassing various virtual worlds such as Habbo, Second Life, and Roblox.
- Metaverse refers to games with virtual worlds and player interaction.
- Only 49% of Germans know the term metaverse.
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How do I get into the Metaverse and what is it?
A brief look at history: The idea is not new, as early as 1985 the online multiplayer game "Habitat" had a first approach with the advent of the first Internet access Metaversum delivered. Even if there is a lot of talk about the virtual worldsprochen, there is still no way in this country to play, for example, the Metaverse announced by Meta (Facebook). The metaverse in that sense doesn't even exist: games like Habbo or Second Life have been around for years and offer their players a virtual world with activities. In both games, users can walk around rooms with avatars, do things, and converse with others. Also Roblox can thus be referred to as a metaverse.
Basically, all games that take place in the virtual world and offer interaction with other players can be called metaverses.
Potential of the Metaverse for businesses
The automotive industry, represented by BMW, Hyundai, Ford and Mercedes-Benz, uses the metaverse for targeted brand and Product communication. The financial industry, including JPMorgan and HSBC, has also recognized the potential of the Metaverse and is using it for marketing activities and financial services. There are also metaverse tools for business communication. For example, Microsoft has microsoft mesh create a kind of virtual Microsoft teams. With this, avatars sit at a table, just like in a real meeting room.
The Metaverse Virtual Restaurant
Image: YouTube/Screenshot
Sounds bizarre, but could well become reality. Of course, nobody can satisfy their "real" hunger with a virtual purchase of a food. However, the Metaverse could replace a visit to the local store. Last year, McDonald's secured trademark rights for a first virtual restaurant in the virtual world. This should be easy to enter as a Metaverse user and to be able to interact and browse like in a real restaurant. Only then you don't eat on site, but the order is delivered to your real home.
This is how the Germans feel about the Metaverse
While the term is already very common in the technology bubble, it looks very different for the majority. A representative study with 3.148 participants by the ONE8Y agency shows that only 49% of Germans even know the term. However, only a fraction, around 15%, actually used it. Broken down by age, 23% of those under the age of 23 have already been in a virtual world or a metaverse, like ExpressVPN writes in a blog post.
This is confirmed by another survey by the Fraunhofer Institute from August 2022. 10% of German activities would relocate to the Metaverse, 23% of those surveyed in the USA and as much as 34% in China. According to the survey, Germans would even spend more money on VR hardware, namely 367 euros, than interested parties from the USA (227 euros).
