Mumbai: The Metaverse is an online persistent 3D universe concept that combines several different virtual spaces. It is the intersection of Virtual Reality, Augmented Reality and the World Wide Web. The 3D virtual reality ecosystem lets you play games, create, explore, communicate, work and socialize.
From the advent of the internet in the 1990s to the wave of web 3.0, one of the most remarkable social evolutions is the confluence of the real and digital worlds. The pandemic has prompted brands to reach audiences around the world in engaging ways that appeal to people while maintaining authenticity, forcing the industry to resort to technology and tap into the metaverse.
According to KPMG, by 2030 we may be spending far more time in the metaverse than in the physical realm. People would use the metaverse’s virtual capabilities to seek employment, generate income, socialize with friends, go shopping, or even get married.
Not just games but digital worlds
The Metaverse is more than just a game environment; it’s a science fiction vision come true. Nor is it limited to tech giants; it is open to creators from all sectors. Established companies are preparing for the virtual world. For example, McDonald’s filed a trademark application for a virtual fast food restaurant and virtual goods and services. It will offer consumers another alternative to online food ordering and home delivery. Certainly, creativity will drive the economy as experts from various professions integrate their expertise.
The progression of the metaverse economic system will have a direct financial impact on the real balance sheets of the entities. That’s why brands have started using creative marketing tactics to penetrate the metaverse and take advantage of that first mover advantage. The metaverse has the potential to transform the brand marketing paradigm, as marketers will be able to engage consumers in new, immersive ways while simultaneously working on developments and innovations to propel them forward with a seamless user experience.
Additionally, the metaverse allows digital avatars of employees to enter and exit virtual workplaces and conference spaces in real time. They can use their avatar to give live presentations, hang out with colleagues in a networking space, and perform any task with the ease of sitting at their desk.
Marketing in the Metaverse
With the rise of the internet, social media marketing has become essential for generating traffic and revenue for businesses large and small. Brands are shifting their digital marketing approach to the Metaverse to stay relevant, especially to millennial and Gen Z audiences. They are the strongest adopters of the Metaverse. More importantly, metaverse platforms offer much more immersive and engaging experiences compared to traditional social media platforms. Some brands have even experimented with real-time tracking of their brand’s visibility and engagement across many virtual platforms. It allows marketers to analyze data such as how long users hold digital products, how long they hold users’ attention, and where users look when viewing advertisements.
High-end fashion brands such as Gucci, Nike and others are competing to “get there first”, putting their advertisements in front of massive audiences in innovative and engaging ways.
The future of the metaverse
The future of the Metaverse could be similar to our current world in many ways and could even replace some real-world activities, or it could almost eclipse our current world in a Ready Player One-esque future. Future trends are looking at the world through AR/VR devices and using immersive technology. Early adopters will have a huge advantage, making it essential for businesses to start researching and experimenting as the pace of change accelerates.
The Metaverse is still in its early stages, and everyone is experimenting to see if they can see any success stories as they explore, interact, and try new marketing tactics. There are a few steps brands can take to gain an edge by creating virtual experiences, offering in-world shopping, hosting virtual events, exploring NFTs, streamlining social media marketing, developing a strategy metaverse marketing, etc. More and more brands see the metaverse as a chance to engage with audiences in ways beyond their imagination and deliver new and unique brand experiences.
The author of this article is Blink Digital’s Chief Technology Officer, Amer Ahmad.
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