Metaverse is a term first coined by Neal Stephenson in his science fiction novel Snow Crash. It is a virtual reality platform that allows users to interact with each other and their environment. In recent years, the term has been adopted by tech and gaming companies to describe a similar concept; a virtual world that people can visit and inhabit. Simply put, the Metaverse is a shared virtual space where people can interact with each other and digital content. At the same time, business leaders need to understand the critical components that will make up this new online ecosystem.

The three critical facets of Metaverse:

Identity

Identity is who you are in the Metaverse. This includes your avatar, virtual representation of yourself, and your unique username and profile. Your identity in the Metaverse allows you to interact with other users and experience the digital content that makes up the Metaverse.

Presence

Presence is what you do in the Metaverse. Your presence is your avatar's actions and interactions within the virtual space. This can include walking, talking, gesturing, and much more. In addition, presence is how you engage with other users and experiences in the Metaverse.

Persistence:

Persistence is what persists after you leave the Metaverse. This can include your identity (avatar, username, profile), relationships with other users, and digital artifacts you've created or interacted with during your time in the Metaverse. Essentially, anything you do in the Metaverse that leaves a lasting impression is considered persistence.

With the pandemic continuing to rage on and social distancing measures still in place in many parts of the world, businesses have had to get creative to stay connected with their customers and employees. Metaverse is often described as a mix between the physical and virtual worlds, and it's becoming increasingly popular for businesses to connect with their audiences. Critical elements which build on the three facets of identity, presence, and persistence are:

1. A 3D Environment

One of the most critical components of the Metaverse is a three-dimensional (3D) environment. This environment needs to be realistic and immersive to give users the feeling that they genuinely interact with each other and digital content. Virtual reality (VR) headsets can be used to create an immersive experience, but even without VR, a well-designed 3D environment can provide an engaging experience for users.

2. Digital Content

Another crucial component of the Metaverse is digital content. This content can take many forms, but it needs to be high-quality and engaging to keep users coming back. Famous examples of digital content include games, videos, and interactive experiences.

3. Social Interaction

The final crucial component of the Metaverse is social interaction. For the Metaverse to be successful, it needs to be a space where people feel comfortable interacting with each other. This interaction can take many forms, including text, audio, video, and even sharing user-generated content.