Blending physical with virtual reality through augmented reality and virtual reality headsets is no longer a science fiction movie. In the current digital era, a small upfront investment and tech knowledge can help those looking to explore fantastic, immersive digital worlds from the comfort of their home and meet friends or colleagues in this sophisticated 3D space. Metaverse is now more accessible than ever, and its mainstreamness continues to grow.
According to a recent McKinsey study, this digital realm can impact personal and commercial life to unexpected heights. The investments made in 2022 in the Metaverse exceeded $120BN and are forecasted to reach $5TN by the end of the decade, leaving participants in the business world wondering what are the best ways to leverage the new generation of the internet. This determination, combined with a heartfelt concern, is also spurred by the consumers’ keen interest in exploring new ways of interacting with businesses. As per the same survey encompassing 3,400 consumers worldwide, two out of three are excited to try to replace physical activity with a virtual one.
So, let’s learn are there is to learn about Metaverse in the business world and discover some examples of brands that have successfully incorporated them into their corporate strategies.
Deciphering the Metaverse mystery
Despite the widespread use of the term “Metaverse” in everyday conversation, it’s evident that this concept remains somewhat elusive and not fully comprehended by the majority. Besides insufficient knowledge on the matter, there are still traditional, opinionated perspectives from those lacking enough tech education, which might act like an invisible and unbeatable enemy in the journey toward progress.
Forbes.com proclaimed the Metaverse one of the leading ten trends that businesses and customers need to grasp and prepare for this year. Plus, as Apple CEO Tim Cook announced last year, among the main barriers to its adoption is people’s lack of understanding of the concept, along with its use cases, advantages, and challenges. Yet, it’s clear as the light of the day that Metaverse will sooner or later become the norm in the business world and beyond. As the calendar winds down, it’s only logical for businesses to prepare to enter 2024 with new forces to tackle this perplexing concept.
Metaverse, to clear things up, represents a simple yet sophisticated collective digital space developed on top of the internet and embracing experiences, environments, and virtual realms that are parallel to the physical, tangible world. Users can switch different spaces in the blink of an eye and see split-second decisions turn to reality in the virtual environment, interacting with other participants and the surrounding elements or assets.
To help you create a more precise idea, you can imagine a world where you can do anything you desire, such as shopping at the most famous stores or owning a home near a celebrity’s house from the comfort of your home. The opportunities and possibilities are close to infinite, allowing customers to discover innovative businesses and their offerings through new, mind-bending, and immersive ways that benefit all parties involved.
How safe is Metaverse for brands and customers?
There’s a reason you don’t see people flinching when boarding a bus, entering a store, or taking a walk in the park, and that relaxation is due to safety standards and norms the society has long created and stuck to. Public and private companies are obliged by regulatory bodies and strict governing rules to assure the safety and integrity of the individuals they interact with. Otherwise, and in case of incompliance with the rules, leading to accidents or any other incident that may harm an individual physically or emotionally, those at fault are prone to dealing with severe consequences. Regulatory bodies ensure safety practices are in place, and informational resources such as www.legalexpert.co.uk/personal-injury-claims equip individuals and businesses with all the necessary information regarding the correct conduit and repercussions that data breaches can bring about.
In light of the latest tech developments with Metaverse at the top, it’s only natural to wonder why anyone would ask for less from the digital realm. This immersive space will witness millions of users breaking into it through its virtual walls. Letting aside the metaverse landscape’s actual building and engineering, more data, such as psychographic and biometric data, will be used to create the explorable space. Engaging with customers within these surreal borders will have businesses readopt new and more embracing perspectives on human interaction that will differ from what they’ve been accustomed to.
Big names such as Roblox or Balenciaga have already dipped their toes into the Metaverse waters
From giants in the fashion sector, such as Balenciaga, to long-established gaming platforms, such as Roblox, more companies are continuously jumping on the Metaverse bandwagon. Games like Axie Infinity, Minecraft, and Fortnite already experimented with Metaverse elements and showed users how to engage in immersive activities. Similarly, heavyweights like Coca-Cola and Nike have already found ways to interact with a broader user base through the Metaverse. It’s not far-fetched to say that traditional marketing is slowly becoming obsolete and left behind. Digital marketing is gradually entering a new phase with the next version of the internet that renders conventional marketing tools and strategies outdated.
Some of the platforms and brands that have already deciphered the mystery in which Metaverse is shrouded and effectively leveraged it in their strategies to meet the evolving customer demands are as follows:
- Decentraland – the Ethereum-based, decentralized digital world empowers enterprises to gain a voice and create a presence in the Metaverse realm, allowing users to purchase and sell virtual land.
- VRChat – VRChat, a platform with more than 4 million users, enables users to develop avatars and worlds, giving power to businesses to build and offer immersive marketing experiences.
- Nike – the leading footwear brand, has launched Nikeland, a Roblox-based sports destination where users can access all sorts of gears for their digital avatars.
- Shopify – the giant commerce platform that has integrated AI to help businesses of all sizes have a streamlined interaction with customers.
- Balenciaga – With Fortnite, the luxury fashion brand has developed a digital space where users can purchase NFT wearables for their characters.
Suppose you own a brand and want to prepare it for the next generation of the internet. Then the smart and useful way to tackle this new trend is to explore all the opportunities that Metaverse has to offer and create marketing strategies tailored to your business and customers’ needs, always keeping an open eye on the tech developments that are seizing the enterprise stage.
Featured and internal images by Freepik; Thanks!