By now, everyone has likely heard of the metaverse. Though, despite its prevalence, the definition of the term is unclear. Descriptions of the metaverse vary, which feed into overwhelming confusion surrounding the word. However, a consistent variable of the metaverse is a “digital world with immersive experiences.”

With this explanation as a lens, it can be easier to understand metaverse and see that it already exists in science fiction, virtual reality (VR) and gaming ecosystems, such as Minecraft and Fortnite, and even a Peloton Bike, where users participate in virtual experiences. 

So, while Xbox owner Microsoft’s recent announcement of its acquisition of gaming studio Activision Blizzard did not surprise the gaming world, what has drawn broader attention is how the company positioned the news. In Microsoft’s press release, the company said that the acquisition will “provide building blocks for the metaverse.” Viewing this messaging with knowledge of gaming and VR platforms makes the connection logical and seemingly harmless.

However, in a recent episode of The New York Times’ The Daily podcast, they discussed Microsoft’s announcement and evaluated potential concerns with the space. They emphasized that metaverse is no longer just science fiction and highlighted concerns about big tech companies harnessing control of the creation and evolution of the sector. Nike, Walmart, Disney, and of course Facebook, or Meta, are a few of the big names that have announced plans or existing investments in the metaverse.

The concern The Daily flagged primarily centers around the uncertainty of the future of the space and the prospect of a finite number of companies governing a new reality.

For example, as large tech companies invest billions of dollars in informing and making a profit off users in the metaverse, they will solidify their control over consumer behaviors and information. The dystopian worry then becomes that these companies will shape an immersive digital world while the real world tackles issues like climate change and inequity. And that these tech giants will control the metaverse, just like they control much of today’s internet.

With these concerns on the table, users should be cautious about the evolution of the space. For other tech companies, it’s wise to familiarize themselves with the space now and determine how the metaverse could support stakeholders and customers. Through this exploration, companies should also consider the potential value or role they can play in shaping the metaverse to ensure it is an equitable space.

A recent article in PR Daily outlined three tips companies can consider as they navigate the metaverse. The tips include increasing education around metaverse, setting company objectives around the space, and determining opportunities for participation.

These tips are informative in that they can help companies map out whether or not getting involved in the sector makes sense. Like other tech tools or platforms, it’s not always a one-size-fits-all approach. The fluidity of the metaverse in itself should motivate companies to take a strategic look at where and how they can add value to the digital ecosystem in the short and long term.

The metaverse is an exciting topic and one that will continue to present new opportunities and concerns. We’re eager to see this space unfold and help our clients position relevant news in the metaverse.