When Facebook changed its name to Meta, millions of people began wondering, “What is the metaverse?”
Put simply, it’s a virtual space where people can collaborate with one another and interact with places and things. It began gaining popularity amid the waves of COVID-19, meeting a need as the pandemic drew on. Today, it looks like the metaverse is set to become business as usual.
Expected to grow to USD 426.9 billion by 2027, the metaverse is a lucrative platform for brands to develop immersive experiences for consumers. Gaming companies such as Epic Games and Roblox have already hosted virtual events, and clothing retail giants Gucci and Nike have launched interactive experiences of their own.