Imagine a virtual world where you can instantly travel from one place to another in minutes, a world where you can live, eat, shop, work, and have fun. That is absolutely the idea of the Metaverse, and this virtual world is increasingly being explored by businesses and consumers alike.
The metaverse in essence is the successor state of today’s mobile internet. As technology advances and Artificial Intelligence (AI) being the extension of human intelligence, the metaverse is here to replicate the same bringing the world to you all in a virtual space.
Having new experiences that are not possible in the actual world like visiting new planets, working in a virtual office, and attending virtual events all through virtual and augmented reality are offering incredible experiences. Although the Metaverse is still in its preliminary stages, its gradual development offers us the opportunity to redefine the way we live, and how brands market to their audience.
What does the Metaverse mean for Marketing?
The metaverse allows companies to create their own virtual space, depicting their brands in a way that goes beyond the traditional advertising done through videos and written content. Commendably no company has embraced the metaverse more intentionally than Facebook, which changed its name to ‘Meta’ in late 2021. Facebook also bought virtual reality company Oculus in 2014, and the company’s latest virtual reality headset competes heavily with other big brands. Report estimates that the metaverse economy could be worth between $8 to $13 trillion by 2030, which is an incredible figure.
Major game companies like Roblox, LEGO, and Epic Games have invested heavily in the metaverse, as it is seen as the next big thing for Gen Z and millennials, who are already using and also getting used to metaverse platforms for gaming. Top fashion brands like Nike and Gucci are following suit, as they recognize the importance of creating similar shopping experiences for these generations in the long run. We believe that the metaverse is a long-term vision for companies and brands that aim to stay ahead of the curve.
The future of the Metaverse is bright and is targeted primarily at the younger generation who seek new ways to learn, interact with friends, and have fun. Companies that have the best access to the latest technologies and advancements will have greater advantages on this platform.
For Marketers: It is important for them to know how and what the Metaverse can do, and to know that the Metaverse is here to stay and is gradually evolving into the next big thing for brands.