1.2. Setting a Category of its Own
It is easy to overlook that “social media” isn’t even a term back in the early 2000s, let alone an industry category, until Facebook goes mainstream. The same goes to “smartphone” before Apple’s iPhone, or “e-commerce” before Amazon. In short, industries are not confined to a specific boundary, and will evolve based on the actions of its players.
Correspondingly, "metaverse" is set to be the next “blue ocean” [1] to form in the coming decades. If social media is the umbrella for Internet + telecommunications, or smartphone is for computer + mobile phone, then “metaverse” will be the umbrella for social media + video game + e-commerce.
However, although the conceptualization of "metaverse" predates all the way back to 1992, the practical feasibility of executing on that concept requires a certain level of maturity from its underlying “red ocean” [1] industries — hence why back in 1992 "metaverse" is bound to remain as a sci-fi concept, while in the present it has evolved to become a feasible proposition.
Just like how social media needs the Internet and telecommunications to reach a certain level of maturity, or similarly smartphone on computers and mobile phones, "metaverse" would also need the existing industries of social media, video game, and e-commerce to reach a certain level of maturity.
Copy link