Metaverse is the new socially acceptable buzzword that can essentially be the new face of the internet in the future. Though the concept in all its reality remains amorphous, every organization from a startup to enterprise needs to understand how it will impact social media, which is a critical element of existence in today’s world.
Being a web2 application, it is often said that social media will succumb to the advancement of web3 and Metaverse. Well, that is not going to be the case.
The functionalities of social media applications such as “likes,” “shares,” and “chats” are not just limited to them now. These functionalities have made their way to virtual workspaces, games, and other connected virtual worlds. Thus, it is safe to say that social media will be one of the most significant contributors to the advancement of Metaverse in the near future and vice versa.
Before understanding how social media metaverse development can help you gain traction for your business, let us look at the latest market statistics of this evolving concept.
- As per Globenewswire, the market size of Metaverse was valued at $210 billion in 2021.
- The market volume is further expected to grow at a CAGR of 23.2%, resulting in an overall market share of $730.5 billion by 2028.
Since the latest market statistics predict how Metaverse and virtual interactions are expanding beyond social media, every organization is now looking for effective ways of metaverse development that can help them engage with their user base better.
Deciphering the Impact of Metaverse on Social Media
Social media has impacted the world in the past two decades. From allowing people to interact better and share their interests in a virtual space, social media has made it possible to eliminate location barriers. Furthermore, social media platforms are now attracting millions of daily users by blurring the boundaries between people with the help of video chats, texting, blogs, and other forms. Multiple social media organizations currently use this virtual space as the core of their daily operations.
But what about the competition? How can organizations differentiate themselves from their closest competitors? Well, the answer to this conundrum is the adaptation of Metaverse.
In simpler terms, It will be the most notable extension of social media and search engines that will be capable of offering extraordinary experiences to the user base. The virtual world of Metaverse is capable of combining every relatable aspect of social media, such as communications, eCommerce, video sharing, etc., with captivating instances of AR and VR.
Since the concept of Metaverse is evolving daily, its underlying applications and technologies still need to be closely monitored.
The Positive Impact of Metaverse Development on Social Media
Social media organizations are some potential stakeholders that will monetize from the advancement of Metaverse. The concept will be capable of increasing the user base of social media companies by attracting Gen Zs and Millennials with its potential. Since the digitally-suave audience is now more open to adopting new technologies, it will be at the top of their list considering its market applications.
Many social media platforms, from TikTok to Facebook, have dived into the universe of Metaverse to meet the demand of their next-gen audience. Even the most significant players in other industries like real estate, FinTech, manufacturing, gaming have decided to give virtual advancement a shot by investing in the Metaverse. Thus, one can easily assume how keen the world is to determine the impact of metaverse development on their business.
Users can also look for multiple products in the virtual space. This will allow the organizations to market products more efficiently to their user base via social media.
For instance, numerous users have created their 3D avatars on Snapchat. Brands can further collaborate with Snapchat and offer users various customizations of their Metaverse avatars, ultimately allowing them to increase monetization opportunities.
Advantages of Social Media Metaverse Development
Integrating Metaverse into a social networking site will create a new network with safer data protection policies, AR/VR capabilities, encrypted transfer mechanisms, and smart contracts. As a result, social networking mobile apps will witness a massive transformation in the coming future.
Here are a few advantages of social media Metaverse development:
The user base of the social media app can enjoy a fully-customized and realistic communication experience with other members of the social media Metaverse universe. This can help you increase the overall customer retention rate.
2New Business Opportunities
Integrating Metaverse in the social media apps can offer you new business opportunities. For instance, a social media app with the capabilities of Metaverse can allow you to put up a virtual storefront that can offer an interactive user experience to your customer base thereby increasing the overall sales and revenue. Highly interactive customer engagement can further help you understand their requirements better and offer personalized customer service.
Since Metaverse as a concept is bidirectional, the user base of one social media network can communicate with the user base of another without any barrier. This will further make way for increased user sign-ups for your mobile app.
4Social Media Monetization
Social media marketers can collaborate with celebrities worldwide by creating content in Augmented Reality (AR) and selling their products to a broader fanbase globally with the help of their respective social media handles.
Looking for more reasons to invest in social media Metaverse development? Well, consider this.
BUD, the Metaverse-based social media app, has raised more than $80 million in funding since its inception. The app was launched to offer a free-to-use platform to several users that wish to create their own 3D avatars in the Metaverse universe. The app allows users to create multiple personalities, trade in virtual space, and much more.
The growing popularity of Metaverse has made the app rank among the top 10 social media apps across 40 countries. Thus, it is the right time to invest in Metaverse social media apps that can redefine how users connect online.
It is the merger between physical and virtual realities capable of offering true-to-life interactions in a digital workspace. The concept’s social impact has surpassed the world’s expectations and has ultimately allowed the brands to explore multiple opportunities for growth and creativity. While monetizing on the technology seems to be the ultimate goal, the upgrade it has imparted to the social media platforms is applaudable.
The rise in technologies will further make way for the revolution of the Metaverse universe. Social media will shift from web2 to web3, while online interactions will become more powerful, offering the world an entirely new way of communication.
Though it is impossible to predict how Metaverse will ultimately impact social media networks, it is undoubtedly safe to say that the concept will unlock new financial and investment opportunities for the world to uncover.
If you are looking to understand how Metaverse development can help you put your business perspectives in order, hop on to our Metaverse journey today and unravel the power of next-gen technology.