Team Assignments - Virtual Reality

Question 1

Metaverse Realms:

Answer 1

Digital environments where users interact through avatars in virtual,
augmented, or mixed reality settings
-Unlike social media, which revolves around communication and networking,
metaverse realms focus on immersive experience across social, commercial,
educational, and recreational activities
-Companies like Roblox, Fortnite, and Decentraland serve as platforms for digital
interactions, commerce, and branding

Question 2

The Seven Functional Building Block of Metaverse Realms:

Answer 2

1. Identity:
   -Users control digital identities through customizable avatars
   -Companies (e.g. Nike in Nikeland) offer digital clothing and accessories for
   brand engagement
2. Conversations:
   -Unlike traditional social media text/chat-based interactions, metaverse realms
   use gestures, body movements, voice chat, and facial expressions to
   enhance communication
3. Sharing:
   -Users showcase virtual assets, achievements, and digital possessions
4. Presence:
   -The feeling of “being there” in the metaverse is heightened by avatar
   interactions, AI-driven NPC’s, and real-time engagement
   -IKEA uses AI-driven design spaces to enhance the customer experience
5. Relationships:
   -User relationships are more immersive than on social media, fostering deer
   brand connections
   -Example: Snoop Dog & Ariana Grande: Celebrities create digital experience
   for fans
6. Reputation:
   -In metaverse realms, reputation is earned through participation,
   achievements, and asset ownership
   -Users can purchase rare digital items to enhance status
7. Groups:
   -Unlike traditional online forums, metaverse groups are interactive
   communities within virtual spaces

Question 3

Applications of the Metaverse Honeycomb Model:
●Roblox Realm:

Answer 3

-A closed metaverse where the platform owner dictates interactions
-Emphasizes identity and group-based competition
-Ideal for community-driven engagement and gamified brand experience

Question 4

Applications of the Metaverse Honeycomb Model: Decentralized Realm:

Answer 4

-An open metaverse where users own and trade digital assets
-Focuses on identity, sharing, and reputation
-Better suited for brand awareness campaigns and digital asset monetization

Question 5

Key Business and Strategic Considerations (Virtual Reality)

Answer 5

1. Creating Engaging User Experiences:
   -Many users don’t fully grasp metaverse potential until they experience it
   firsthand
   -Companies must demonstrate value beyond novelty
2. Blockchain and Monetization:
   -The metaverse economy is driven by cryptocurrencies, NFTs, and blockchain
   transactions
   -Despite concerns over volatility, the digital economy offers secure and
   decentralized commerce
3. Marketing and Customer Engagement:
   -Omnichannel strategies will integrate metaverse interactions with traditional
   marketing
   -Self-segmentation enhances engagement
4. Market Volatility and Adaptability:
   -Companies like Microsoft and Meta have reduced metaverse investments,
   signaling uncertainty in adoption
   -Firms must remain agile and adaptive
5. Addressing Ethical and Social Challenges:
   -The “dark side” of the metaverse includes privacy concerns, mental health
   risks and unethical advertising
   -Regulatory frameworks (e.g., EU Digital Service Act, UK Online Safety Bill)
   are emerging to address risks