Why we’re not averse to the metaverse
Among the plethora of marketing wheezes that many of us have trained ourselves to filter out on a daily basis, one recently stood out for me as I was stirring my first flat white of the day. A London coffee shop chain has started rewarding customers, on a random basis, with give-aways. Nothing new in that you might think, but the give-aways in question are NFTs. If you’re ahead of the IT crowd you’ll already know that Non Fungible Tokens are essentially unique digital objects. In this case, digital versions of the artworks on display in the coffee shop chain’s physical outlets. But to be in with a chance of winning one, you’ll have to visit a physical store.
Much of what you will have read about the metaverse so far will lead you to believe that there will be a linear progression into a virtual world... The logical thrust of this version of the metaverse is that we will become recluses, frequenting virtual shopping arcades and entertainment centres, rendering bricks and mortar versions obsolete.
Why this is interesting for property is that it illustrates that the metaverse has not only arrived in a very real sense in our streets and town centre properties, but it is potentially a Good Thing. Certainly, it can be an ally in the quest to redevelop and regenerate our towns and cities.
But first things first: if you are still wondering what the metaverse is exactly, I’m not going to get into the specifics of how it works (P-THREE are property experts after all), though there are plenty of explanatory guides online, such as this useful primer. Suffice to say that the metaverse is a virtual world; if you want to think of it as an immersive version of the internet, that’s not a bad place to start.
How we enter and interact with the metaverse is still a work in progress, though I am fairly certain the current ungainly VR headsets currently on the market will be replaced by something much more refined, in the same way mobile phones have evolved from portable bricks to sleek pieces of nanotech.
Much of what you will have read about the metaverse so far will lead you to believe that there will be a linear progression into a virtual world that will see us doing all the things we do normally – going to work, going shopping, playing sports, hanging out with friends and colleagues, travelling – digitally, all from the comfort of our living room. The logical thrust of this version of the metaverse is that we will become recluses, frequenting virtual shopping arcades and entertainment centres, rendering bricks and mortar versions obsolete.
This isn’t a vision I buy into. Not because I think technology won’t allow this to happen. In fact, I’m pretty sure it will. But because we won’t allow it to happen. If you’re unsure about that, bear in mind that we recently underwent a proto-metaverse experience. During lockdown we did many of things we would normally do elsewhere from home. And some of them we did very successfully. But did we like it? Overall, no, we did not.
As humans we are sociable beings – we thrive on person to person interactions. We also value physical objects and the real world – being able to sense, smell, taste and touch real things. Technology (including the metaverse) can help enhance those experiences, but I’m convinced it won’t replace them. So I am not at all concerned that bricks and mortar store fronts will be replaced by digital facades.
But neither am I complacent. The metaverse will show us an alternative reality that will likely be stylised and idealised. Urban quarters will need to step up to the challenge by creating spaces that people are drawn to and keen to populate IRL (in real life).
If these places get the balance right, I am certain the metaverse can help to boost physical retail and leisure destinations. We already know that the internet can create a buzz around a particular fashion product, but that customers still want to visit stores to see and touch it in a real world environment, often as part of a social experience. Similarly, the findings of entertainment led venues such as the first full venue for our clients UEFA Champions League by METRIX have concluded that, it is only with a mix of the virtual and physical that you enjoy a rounded experience.
There is much about the metaverse that is still to be developed and understood. And that’s OK, as we will have time to learn as the virtual world evolves. What is definitely not OK is pretending that the metaverse isn’t there and hoping it will go away. It won’t. So, the urban quarters who embrace it and can use it to give themselves new vitality will gain a distinct competitive advantage. Those are the quarters I’ll be working with in future – how about you?
Article by Thomas Rose, Co-founder P-THREE
Photo credits: Unsplash
