A Look into the Metaverse: The Next Frontier
The Metaverse is currently one of the buzziest areas in marketing, yet how quickly things will pick up speed on the platform still poses as one of the biggest questions about this space. Mark Zuckerberg is potentially one of the biggest proponents of the Metaverse. “We believe the Metaverse will be the successor to the mobile internet,” explains the MetaVerse CEO. Read on as we take a closer look at this space and what is on the horizon.
What is the Metaverse?
‘Metaverse’ is a conjunction of two words meta and verse. The latter is a contraction of universe. The former, has a similiar meaning to metaphysics – ‘transcending’ or ‘transforming’. Put them together and you’re left with “something that transcends and transforms the universe”. Zuckerberg did not coin the term. It comes from a 1990’s cyberpunk novel Snow Crash written by Neal Stephenson.
In a nutshell, it is a digital environment that will be created much like the online worlds of video games today. However, unlike video games it will exist in a social immersive environment wherein people with the use of avatars/digital humans can meet up, socialise and experience life without being constrained by physical space.
This last year, various brands’ work have hinted as to what 2022 may hold as marketers seek more ways to provide entertaining customer experiences (CX) that drive business outcomes. Mobile campaigns were integrated with a number of platforms and technologies to extend brand exposure and form more lasting connections with consumers.
The world is currently in the infancy stages of AI. Although it’s been around for ages its only recently transitioned to experimental technology that’s commercially viable from dystopian technology akin to those in science fiction.
One question that’s top of mind for consumers is how privacy will be considered in this burgeoning space. This space poses many uphill battles for marketers in the form of consumer skepticism, slow-to-move policy makers and a lack of technical knowledge about virtual/augmented reality.
“The rise of [the] metaverse and the way there is so much talk going on about it is because it’s a logical fallout of the deprecation of cookies in some form.”- Gowthaman Ragothaman. CEO, Aqilliz.
Benefits of the Metaverse for Brands
- Virtual Stores (VStores): retail stores could set up stores here to generate another revenue stream.
- Product showcases: the ability to showcase products virtually whose users will eventually own in the physical world.
- Virtual events: Companies can hold virtual events or even sponsor them. This has already been the case with musicians holding concerts on Fortnite and
- Customer service channel: If Zuckerberg is right with the Metaverse becoming the successor to mobile then customer service may well become virtual-first.
- Virtual influencers (VI): Virtual brand ambassadorships are on the horizon. Digital humans will be employed by brands.
- Virtual Office Spaces/Meetings – companies can hold meetings online in the Metaverse in virtual office spaces.
Marketers will be able to create virtual influencers that amalgamate brand ethos and digital word-of-mouth insights that they garner from social platforms. Life as we know it will be replicated on the Metaverse at lightning speed.
We’re curious to see what this year has to bring in relation to this space. What do you think the future holds in relation to the Metaverse? Get in touch and let us know!