Metaverse: the Next Stop for Social Networking and Influencers?

While many projects like to pitch the metaverse as the new way to experience gaming, it’s a place for so much more. First, the metaverse developers aim to create a virtual landscape meant to replicate the real world. Concerts, promotional events, hangouts, and all kinds of interactions can all occur in the space, giving easy access to experiences for users from all over the world.

According to IZEA Research, 70% of all influencers believe the metaverse will replace social media entirely, taking over current video platforms and opening new opportunities: both for profiting and communication. 

The Metaverse for Social Interactions

As of now, the metaverse is considered a niche product in comparison to social media and other mainstream products. That said, this digital world still has the potential to offer exciting, influencer-centric capabilities.

Brands like Samsung have held product launch events in current metaverse platforms, for instance, offering users exclusive NFTs for their participation. Considering we live in a COVID-stricken world, these events offer a way for users and brands to meet up without the risk of spreading the virus and also ensure the event is accessible to users all around the world. These brands may be able to promote the event on social media, but only those who attend in the metaverse gain any benefits.

In a similar vein, influencer parties can be held almost exclusively in the metaverse for the same reasons. In the metaverse, party attendees are limited only by their internet connections, not their location. Access can be easily restricted to NFT ticket holders, preventing random people and bad actors from sneaking their way in.

We must also consider the fact that interactions in the metaverse are simply more personable than on social media. Conversations aren’t through text or a one-way video call, but are virtually in-person, bringing with the nuances of natural conversation that social media platforms lack.

How Influencers Can Monetize Their Metaverse Activity

Aside from holding events, influencers can monetize their metaverse activity in various ways and are actively looking to do so. IZEA research mentioned above claims that 51% of influencers are looking into profiting within the metaverse, and 21% are already making money there. 

One of the ways of getting income in the metaverse is holding virtual land within the space to organize ticketed events or even rent it out to others.

Influencers can also partner with big brands who are already established in the metaverse, or who may be looking to do so in the future. Companies like Puma and Calvin Klein are already working to create metaverse avatars for this very reason, and other brands are sure to follow.

Will the Metaverse Replace Social Networks?

While it’s impossible to say when the metaverse will replace social networks, I think it’s safe to say that it will. As mentioned, it unlocks new social and financial benefits, unlike anything we’ve seen before. As more influencers realize the benefits offered by the metaverse, they’ll tell their friends and word of mouth will keep the new users coming.

We must also consider technological adoption, however. While most metaverse platforms are available via a desktop, true immersion comes with a virtual reality headset. Companies like Meta are working to develop consumer-priced headsets, and have achieved as much with the Oculus Quest 2, but mass adoption is still a ways away. 

That long timeframe isn’t a bad thing, however. Instead, metaverse platforms have years to flesh out their systems and for teams to build a reliable product. Alongside this, influencers and brands can establish monetization systems so new entities understand how monetization works right away. 

With such a new technology, there’s still a lot to work out. But a slow and steady adoption rate paired with dedicated development teams can ensure the metaverse becomes the space to be and communicate.