When we talk about Metaverse technology, you can feel its vibe as humanity treks through several new waves of technological innovations. Primarily popularized through Mark Zuckerberg’s ‘Meta’ company announcement back in 2021, he aims to “bring the metaverse to life, help people connect, and help communities and businesses grow.”
What is the Metaverse?
For
the average person practicing traditional marketing, it’s helpful to think of
metaverse technology. Wondering why? It’s all because it offers a persistent
digital world where you can create, play, learn, and interact with individuals,
just like the real-time world. Apart from traditional marketing, it provides
virtual worlds or technically different experiences that you can access and
move between the mainframe of virtual experience. It is all like you are
visiting many other websites in real-time.
You
could access these virtual experiences through several devices, including
technology like-Virtual Reality (VR) and Augmented Reality (AR).
Is the Metaverse Just for Gaming?
No!
In many ways, gaming through new technologies has been and will likely continue
to be the gateway for most people into Metaverse. The technology will offer you
a rich environment for all activities and experiences, such as fitness
meetings, events, shopping, education, training, and many others.
According
to a report by Fortune, 87% of Gen Z play video games on their phone or other
consoles. So many digital members of Gen Z enjoy gaming that it is beginning to
become this generation’s primary source of entertainment, beating out
traditional forms of media like TV shows and movies.
One
of the first things that pondered my mind when thinking about the Metaverse was
the movie “Ready Player One.” If you haven’t looked for it, you should watch
it. While the film is much more focused on the gamine genre of the Metaverse,
it does give a unique approach to what one vision of the future of the
Metaverse may look like.
The
metaverse concept came into inception in the novel “Snow Crash” in 1992 by
author Neal Stephenson. This laid the founding stone for “Ready Player One.”
To
understand the same, you can eye at the below-mentioned approach. Just as
numerous people and organizations create the content accessed through the
internet, the Metaverse will be similar. Individuals and companies in digital
marketing will be able to create worlds and experiences that will allow them to
interact in many different innovative ways.
Does the Metaverse Already Exist?
Yes,
in the same way, the internet came into existence in 1992. However, while the
internet came to be in 1989, it didn’t become public until 1991, and the first
image uploaded in 1992 came. Metaverse will likely follow a similar adoption
curve.
Is the Metaverse Real or a Passing Technology?
To
understand the story, I can say that Metaverse is real and is here to stay. Of
course, there’s still much debate about how it will all play out, but I am
confident it will stand out.
The
Metaverse is very much in its fan moment base, with most early adopters
currently playing with it through various early-stage uses. However, what the
metaverse technology will eventually evolve has the potential to be pretty
unbelievable and serve many different purposes.
New
users adopting the technology and continuing to use it will determine the
ultimate success or failure of the Metaverse. However, there are several
challenges that the Metaverse faces before it’s ready for mass adoption.
One
needs to remember that hardware is a significant factor in adoption. Currently,
most VP headsets are hefty and harder to manage. Not something you want
hassle-free wear while carrying out other real-time activities. This is one of
the top reasons I think Augmented Reality will likely be the method that
initially appeals to the masses.
Who Owns the Metaverse Technology?
There
will most likely act within the space of centralized and decentralized worlds
in the metaverse technology, so no one owns it. However, there are a lot of
brands that are planting theirs most over a stake in the Metaverse. For
example, a company like Nike recently purchased virtual sneaker maker RTFKT and
launched Nikeland in Roblox.
In
this marketing approach, there was no doubt a land grab rush-style Wild, Wild
West for a few years as companies competed to build their worlds.
Many
organizations and companies have an advantage because of their pre-existing
user base, including Facebook, Decentraland, Roblox, Sandbox, Fortnite,
Microsoft, Apple, Amazon, Google, Disney, and others. Many will likely utilize
a User-Generated World (UGW) model by incentivizing their user base to create
worlds the larger organization will probably own all or a portion of.
How Will the Metaverse Technology Change Marketing for Businesses?
I
love this query. While we are starting to understand the Metaverse and its
potential better, I can confidently say that it will be hassle-free and
continue to evolve. User behavior will ultimately be the deciding factor. But,
of course, anything we predict at this point within the Metaverse is mostly
conjecture.
First,
the excellent news is that the primary marketing concepts won’t change.
Second,
your overall marketing strategy should be handsomely integrated across numerous
channels and tactics. That mix should often be prioritized based on a deep
understanding of your customer, looking at psychological and behavioral
factors.
Here
are the most usual thoughts on how the Metaverse will change marketing for
business. Of course, this is by no means recalled as an exhaustive list:
- Richer
immersive quantum experiences.
- Potential
for deeper customer connections.
- Digital
scarcity via NFTs.
- Augmented
Reality will likely be the more commonly used functionality by the masses
because of the limitations of the whole VR experience.
- Gen
Z, followed by millennials, will likely be the leading group adopting this
technology initially.
What Can Organizations Do to Prepare for Digital Marketing in the Metaverse World?
If
you have to ask me this popular question, I would recommend a few of the
following actions to dip your toes into the most of information that Metaverse
has to offer:
- Start
looking out the Augmented and Virtual Reality and experience what it’s
like to be in the Metaverse.
- Get
educated. You’re here, so that’s a good start.
- Execute
your overall marketing strategy to build your company or organization.
This will likely make a fan-make-like entry into the Metaverse with
success getting to its core.
- Get
hassle-free and involved in one of the many games, communities, and
interactive worlds.
- Follow
some early adopters of the technology leading the way in metaverse space.
- Reach
out to an organization or agency like ours that help business gets the
best strategy channels and tactics to help them succeed.
Final Words
No
matter how the Metaverse grows, innovation and consumer adoption levels will
probably rise. When you consider how quickly platforms are growing and the
emerging use cases, it’s clear that companies and organizations will have
incentives to go on testing and learning in an all-new way. It will also be
imperative for digital marketers to secure the workforce required to keep up
with rapid developments in core areas such as technologies like-augmented and
virtual Reality, consumer journey, and social commerce.
Finally,
the Metaverse has excellent future potential beyond what people think marketing
as a perfect recipe. To create value throughout the core value process in
place, companies must take the time to think through the potential strategic
core lines of the Metaverse for sales, operations, R&D, HR, and production.
Organizations and brands that plan and execute now will benefit most from the
future of the Metaverse. If you want to grab all the complete information
on Metaverse and how you can use it in sync with the digital marketing
industry, feel free to connect with us today!
