What is the Metaverse?
TECHNOLOGY | INNOVATION
As digital technology continues to evolve, fields and technologies are becoming out-dated at a faster rate. Newer, faster, and more efficient technology is being developed and produced in the blink of an eye. One of the technologies worth paying attention to is virtual reality. The virtual and augmented reality world has become a digital IT giant that cannot function without the proper innovative measures.
The Metaverse, heavily popularized by Facebook CEO Mark Zuckerberg, is defined as a “cyberspace” for augmented and virtual 3D realities that combine aspects of the digital and physical worlds to interact with the audience. It is a space where people can create digital representations of themselves, known as avatars, to interact, meet in an office space, and even try on clothes.
“Within the next decade, the Metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers.”
– Mark Zuckerberg
To put it into perspective, Matthew Ball, co-founder of Ball Metaverse Research Partners, has outlined key characteristics of the Metaverse. Some of these characteristics include:
- Synchronous and live activity – the Metaverse would be a living, real-time experience that exists consistently for everyone to access
- Fully functioning economy – individuals and businesses would be able to create, buy, sell, invest
- Mix of platforms – the Metaverse would be an extension of the combined physical and digital worlds
- Offer unprecedented interoperability – users would have access to large amounts of data, digital items, assets, and content
Metaverse Products and Services
Facebook’s rebrand to “Meta” in November 2021 was a move to position themselves as a digital leader for rebranding old tech, selling the benefits of new tech, and capturing the imaginations of investors. Many companies, including Microsoft, Snap, and Nike have envisioned the Metaverse as a digital economy where users would have the ability to buy, sell, and create goods. Some of the products and services include:
This ground-breaking transformation for digital marketing already has hundreds of millions of active users. As of March 2022, the Metaverse reached approximately 400 million unique monthly active users with 83.5% of the total market aged 18 and under.
How will the Metaverse impact the future of Digital Marketing?
In an economy where anything is possible, just imagine the infinite features and benefits it will bring to digital marketing. Advertisers and campaigners would have the ability to:
- Institute new, innovative ideas that engage customers
- Provide the customer with fulfilling experiences leading to strong B2C and B2B relationships
- Optimize SEO (search engine optimization) for websites, blogs and social media platforms to increase customer engagement
Read Below for more information
Benefit #1: Institute new innovative ideas that engage customers
Digital marketing uses words and images to provide value to the end consumer. The Metaverse would provide marketing professionals with numerous tools, gadgets, and elements to use when producing interactive content. This content would not only be eye-catching but would create a space to engage with customers ranging from retail to gaming. The Metaverse would have digital advertising spaces for billboards and LCD screens for promoting products and services. Brands could also implement virtual brick-and-mortar locations, selling NFTs to users, and offering product trials for casual browsing.
Benefit #2: Provide the customer with fulfilling experiences leading to a strong B2C relationship
Marketing and advertising campaigners would have the ability to target elements such as sight, smell, taste, and touch of the products using augmented reality tools. This interactive advertising method would enable a realistic, 360 experience of the product.
Retail companies including IKEA and Home Depot have utilized the Metaverse by implementing AR-powered interior design apps to boost both ecommerce and in-store product sales. In addition, skincare companies including L’Oréal and Kohl’s now have virtual try-on applications. The AR features allow customers to view and try on the products online before purchasing.
Benefit #3: Optimize SEO for websites, blogs, and social media platforms to increase consumer engagement
SEO stands for “search engine optimization”. SEO focuses on key words and phrases searched by a customer. The way in which customers interact with the website would change in the Metaverse. Users would have the ability to navigate the site virtually with 3D avatars by using words and actions to digitally interact with the customer care team or with other reviewers.
Motion tracking, facial recognition, and touch communication tools will not only enhance marketing analytics but will also be a major cost saving advantage. This new VR advertising concept will transform how ads are pushed to the end consumer.