The promise of a world where people could live, work, and interact with others from the comfort of their own homes was a powerful concept that gave birth to the Metaverse. Metaverse is a concept that has the potential to transform experiences – allowing businesses to create a world with real, interactive experiences. Research firm Gartner defines the metaverse as a shared virtual collective space, created by the convergence of virtually augmented physical and digital reality. Gartner says Metaverse offers an enhanced immersive experience that is device-independent and accessible through any type of device, from tablets to head-mounted displays. Not surprisingly, Gartner estimates that the future belongs to the Metaverse, with 25% of people spending at least an hour a day in the Metaverse working, shopping, educating, social activities, and/or entertainment. Opportunities for brands
With improved connectivity and technology, the future looks exciting when everything – from buying digital land to running a business to attending virtual classes – can happen independently. unique, not limited by technology or platform. From a marketing perspective, Metaverse offers opportunities for brands that are limited only by our imaginations. For example, Metaverse is still active and has autonomous economies with its own virtual currency. Since metadata allows businesses and individuals to have virtual identities and presences, it allows marketers to engage consumers in different ways.
From static experience to interactive experience
As marketers explore more opportunities in the marketplace, they will step up the standard to deliver innovative experiences. Static experiences will transition completely to interactive and immersive experiences. There will be an increase in engagement as visitors will be incentivized to earn points that they can redeem for real goods on the physical marketplace.
As the Metaverse ecosystem grows, brands will choose different platforms and keep experimenting until they scale to the perfect platform. For example, for some companies, a Metaverse-focused gaming platform might be perfect, while for others, a fashion-focused Metaverse platform might be ideal. Over the next few years, we could see the growth of domain-focused Metaverse platforms. Think virtual universities, pubs, theaters and stadiums in the super universe. The possibilities are endless – the ability to interact with your teacher’s digital avatar or exchange a virtual handshake with a celebrity or sports icon.
Marketers can create their own versions of Metaverse, with enormous scope. As many brands have pointed out, it is possible to create a virtual asset in Metaverse. For example, an auto company might include its branded cars in a popular interactive game, while a retail store might offer virtual clothing or shoes for customers to experience. and try. By using augmented or virtual reality systems, brands can move from static media to more interactive and measurable media that tells them exactly what customers like. If a popular virtual shoe, shirt, or skirt is mass-uploaded, it tells the business that there’s a high chance of real-world success as well. What’s more, it can even help customers personalize a particular shoe or dress – from color to specific asset design.
Privacy and security issues in the metaverse
Metaverse is a relatively new space and there are no defined best practices for security. Identity can be spoofed, the digital avatar can be taken over by malicious actors, and location spoofing can be done to steal information or misrepresent someone. Most users are unaware of the data they provide for a particular Metaverse platform. Since there are no regulations regarding data sovereignty or privacy for the Metaverse platform (such as GDPR), the data is owned by the owners of the Metaverse platform. Metaverse platforms also contain a lot of biometric data related to users (fingerprints, face scans, retina scans, voice prints, etc.), which can make users very vulnerable to attacks. public from the outside.
In short, as the metaverse evolves, we will see a huge increase in innovation levels and marketing will never be the same. It will also have a huge impact on other key functions, as they will also benefit from the metaverse’s transformative impact. This is a hugely exciting time for all marketers and it has tremendous potential to experiment and create new marketing techniques that have never been explored before.