The Metaverse is located at the point where VR, AR, and cryptocurrencies converge. Brands are being put on alert because it might permanently alter how we work and live.
While the Metaverse’s infrastructure is still being built, businesses and brands are seizing the chance to enter this brand-new realm.
How far away are we from realizing the metaverse in its entirety if they agree?
Over the past few years, our civilization has seen many changes, but none are quite as significant as the Metaverse.
The world was captivated by the discussion of the long-term societal ramifications of such an immersive social platform when Mark Zuckerberg revealed Facebook’s new parent company, “Meta,” last October.
And with good cause.
Up until now, the concepts of virtual reality, augmented reality, smart glasses, social media, and cryptocurrencies have all existed separately but in close relation.
These moving pieces are combined by the metaverse to produce a potent marketing and business tool.
Meta was described by Zuckerberg as a “social technology company” with a clear emphasis on social responsibility that will transform how individuals work, interact with others, and perceive their surroundings.
This realm is unconstrained by conventional physical bounds, which is one of its main draws for people seeking a more expansive perspective.
But where did this concept come from, and where is it going?
Let’s find out.
- The Evolution Of The Metaverse
- How Online Gaming Gave Virtual Reality Its Start
- How the Metaverse Was Made Possible by Cryptocurrency
- How Major Brands Are Participating
- The Metaverse Is Already Here, And It’s Closer Than Ever Before
- Is The Common Consumer Actually Prepared?
- Predictions For The Metaverse In 2022
The History Of The Metaverse
Science fiction author Neal Stephenson used the phrase “metaverse” to refer to a 3D virtual environment that individuals may, in a sense, occupy. It was more conceptual than useful.
But it will start to function in 2022. Virtual avatars that reflect real people live in this realistic digital environment.
You can conduct many of your regular daily interactions and events in the Metaverse when you are an avatar.
With its adjustable appearance, this figure can be a person, an animal, or something more abstract.
The avatars of other people in this virtual world can then be interacted with. You can purchase and sell land, travel to concerts and museums, create a house, and more in the Metaverse.
In many ways, the Metaverse continues where games like Second Life from 2003 left off by adding a whole new degree of connectivity and a new facet to our global economy.
How Virtual Reality Got Its Start With Online Gaming
Over the past 20 years, the idea of virtual and augmented reality has gradually crept into popular society. The first to really utilize it and include it into their platforms was the gaming industry.
Games like Fortnite (2017) and Pokémon Go (2016) focus on utilizing these technologies to bring people together through their apps.
One of the most popular and lucrative augmented reality games is called Pokémon Go.
Its meteoric rise to fame in 2016 signaled a new phase in the assimilation of augmented reality technology into our daily lives.
People can engage in real-time combat and attend events in a specific metaverse in the virtual reality game Fortnite, which uses avatars to represent players.
The idea of “extended reality” (XR) was first introduced to society through these two extremely well-known video games.
Extended or mixed reality (XR) is the term for all activities that incorporate a component of the real world with the virtual world.
This covers forms of virtual reality (VR) and augmented reality (AR).
Users’ experiences are made more immersive by XR, which also blurs the line between what is produced by technology and reality.
This blending of realities opens up many opportunities for integrating various technologies to provide users a more complete and immersive experience.
How Cryptocurrency Made The Metaverse Possible
The Metaverse is virtual, making it always active, self-sufficient, and opening up amazing business opportunities. And a lot of these opportunities have cryptocurrencies as their foundation.
The creation of Bitcoin in 2009 and the overall rise in acceptance of cryptocurrencies over the past ten years have ushered in a new era in which financial transactions are no longer exclusively made in physical form.
Especially for investors and business executives who are constantly scanning the horizon for new trends, cryptocurrencies are becoming a more respectable means of financial exchange as a result of the recent boom in popularity of Ethereum and NFTs.
In the upcoming years, discussions about these currencies will spread to a wider audience.
This already virtual environment is only enhanced by virtual money, which provides everyone in the metaverse the ability to make purchases. Businesses are taking notice and imitating the trend.
How Major Brands Are Getting Involved
Some of the companies getting ready for the Metaverse include well-known brands like Nike, Adidas, and Vans.
Nike applied for many trademarks in October 2021 for its well-known catchphrases and iconography (such as “Just Do It” and the distinctive checkmark), which will enable them to produce and market virtual goods.
This also happened at the same time when Mark Zuckerberg revealed Meta.
Nike revealed in December of last year that they had purchased the virtual shoe firm RTFKT studios, which will enable them to produce shoes for the Metaverse market. The news is fantastic for sneakerheads all across the world.
Adidas is entering the Metaverse by working with other artists to create exclusive collectibles for NFT projects that have since sold out.
Their NFTs brought in over $22 million in total sales. By making a corporate investment in NFTs, they have supported the NFT community. They have also acquired a sizable piece of metaverse real estate for hosting virtual gatherings.
They were among the first businesses to not only publish NFTs but also make investments in the Metaverse ecosystem.
Vans is also participating.
Over 48 million people have already visited the company’s online skate park.
This level of involvement is unmatched. Events held in person simply cannot accommodate the same number of attendees.
In order to acquire points and personalize an avatar, customers can also shop in their virtual store.
Brands aren’t just dipping their toes into the water – they’re diving in.
It’s time for others to follow suit.
The Metaverse Is Closer Than Ever Before – In Fact, It’s Already Here
Although the infrastructure of the Metaverse is still being built, businesses and brands are seizing the chance to be a part of this new reality.
How close are we to realizing the Metaverse in its entirety if they are on board?
What potential consequences might the Metaverse have on society at large, and more especially, how we do business?
Mixed Reality And Virtual Conferences And Conventions
The epidemic ushered humanity into a brand-new era of technological innovation and sparked a critical demand for cutting-edge solutions that would enable us to carry on with our regular commercial operations from home.
Companies that relied on conventions and trade exhibitions had to change direction quickly.
Through virtual reality, the metaverse provides many chances for business meetings, saving attendees and businesses money on travel, lodging, and other related expenses.
Employees and attendees can don VR goggles and experience the event from the comfort of their own homes.
Virtual concerts can be held anywhere in the world by bands and other performers. The applications have the potential to be revolutionary.
Targeting Millennials And Gen Z
For brands, reaching millennials and Gen Z is crucial.
Gen Z’s digital natives have shown to be challenging to sell to. They grasp technology with an intuitiveness unmatched by prior generations.
They receive more information than most other age groups do as well.
Some surveys claim that Gen Z values digital lives on par with physical ones. There is minimal to no difference for some people.
Social media and the virtual world are not independent worlds; rather, they are further extensions of their more immediate, physical reality.
Additionally, it brings global friendships into the present and exposes them to businesses they might not otherwise encounter.
Physical limitations limit visibility, and physical and digital items start to play equally important roles in marketing and sales potential for firms.
According to Nike’s illustration, a virtual shoe has equal worth to a real shoe and can compete (plus, it won’t need to be scrubbed with a toothbrush).
It should come as no surprise that brands must explore digital innovation if their target audience is going online.
Brands should check out the opportunities the Metaverse offers them right away.
Only in the long term will early adopters be rewarded.
A Deeper Level Of Customer Loyalty
The Metaverse is always active. It functions in a continuous cycle of communication and interaction.
To be successful in the face of such limitless possibilities for customers, marketers must create a real-time, hands-on approach to client loyalty.
It may seem simple to tap into a higher level of client loyalty and relationship-driven marketing, but for certain people, it can be difficult.
Your present marketing plan is more likely to be supplemented by the metaverse than it is to be replaced.
In a world that is all digital, brands must remain true to who they are. I am aware of this through my work at AdRoll.
I can guarantee that success in this field does not come from technology alone, no matter how advanced it may be—and the same idea applies in the Metaverse. I have assisted thousands of firms in increasing consumer loyalty.
It will be harder than ever to attract new clients once the Metaverse is fully operational.
Start concentrating on building an exceptionally devoted customer base that will stick with you while the Metaverse expands and changes if your business has the bandwidth and resources to do so.
Is The Average Consumer Really Ready?
Marketing and the majority of society will be pushed further into digital innovation and immersion by the metaverse.
However, are customers prepared? Early adopters might be eager to give it a try, but what about more hesitant users?
Simply put, it will take time for technology to become more ingrained in daily life and society at large.
You’ll succeed if you’re making something that your intended audience wants to take part in. Make sure you have something to offer before joining the Metaverse.
By fostering a sense of community, you can persuade those who are hesitant to join in.
