Metaverse & The Future of Digital Marketing

Digital ecosystems have flourished over the years, with each piece of data being integrated into the Metaverse. As technology continues to heighten its possibilities in every realm, we are challenged to have due with the exhilarating changes when it comes to marketing.

What is Metaverse?

Metaverse means another parallel dimension wherein multiple interoperable online spaces come together to achieve an immersive online experience. People can come into contact with the digital world through augmented reality (AR) or virtual reality (VR). It was first used by Neil Stevenson in his 1982 novel entitled “Snow Crash”. He describes the Metaverse as a virtual world, as the characters think of it as a form of escape from a dystopian reality.

What consists of the Metaverse?

As broad as the idea of a Metaverse is, since technology is ever-growing, here are a few characteristics that make a Metaverse:

1. An online community is to be built, similar to the real one. This is where both augmented reality and virtual reality come into play. Augmented reality is wherein an enhanced version of the physical world is built, with computer-generated input combined with the user’s environment through gadgets in real-time. Virtual reality, on the other hand, is a new world created where a user can explore any preferred digitized place.
2. There would have to be avatars or a digitized version of yourself. Animations play a great deal in seamless character creation. Hence, this is where 3D modeling becomes vital in getting in touch with the Metaverse. These digital objects are customizable and created to perform in a three-dimensional area. 
3. Blockchain technology is emerging as an advanced form of the online transaction. This is a key facilitator in the Metaverse and is a database shared across a network of computers. Cryptocurrency and NFTs are a few products resulting from blockchain technology.

The Metaverse shows significant growth and is expected to skyrocket over the next few years.

• According to Bloomberg, an American software company, the Metaverse market would then reach nearly $800 billion in 2024.
• It is estimated that by 2030 the number of distinct internet users on Metaverse could grow to 5 billion.
• It is estimated that 25% of people worldwide will engage in digital work, shopping, education, social contact, or entertainment for at least an hour each day by 2026.
• The cost of real estate bought in the metaverse so far exceeds $500 million.

Numerous brands have joined the Metaverse.

• Coca-Cola

This beverage company is one of the brands that was quick to give out a creative approach in the Metaverse. They released their first-ever NFT (non-fungible token) collectibles, just in time for International Friendship Day 2021. The proceeds collected were given to their partner, Special Olympics International.

Source: coca-colacompany.com

• Balenciaga

The fashion industry has even put its efforts into getting in touch with the Metaverse. With its collaboration with the game Fortnite, the brand created numerous outfits for players to purchase and wear on their characters. Through the interactive avatars in the game, Balenciaga has explored the world of digital fashion.

Source: epicgames.com

• Hyundai

An automobile manufacturing facility has embraced the Metaverse space and partnered with the game Roblox. Their collaboration created a virtual space with Hyundai’s motor products. This allowed players to become familiar with the automobile company’s vehicles and other technologies. 

Source: hyundai.com

• Meta

Formerly known as Facebook, the social media company is known to have changed their brand name to Meta. They have merged all their apps into one new company brand for people to do more with technology through immersive experiences. Moreover, the metaverse will have a similar feel to today’s online social interactions, however, it may occasionally be projected into the real world or stretched into three dimensions.

Source: facebook.com

 

Here are a few reasons to start diving into the exciting world of the Metaverse for digital marketing. 

• Flourish creativity

Dipping your toes in the Metaverse would mean learning the latest high-edge digital tools to upscale your creative outputs, thus increasing traction and adapting to the digital trends. Moreover, this enables you to upscale your marketing efforts with an upgraded creative flair. 

• Branch out to a wider audience

According to Statistica, 74% of Americans are considering or planning to join the Metaverse. With this in mind, bigger prospects are out in the open through the digital world. Tapping into the Metaverse means reaching out to existing and potential customers with just a click.

• Strengthen online presence

The Metaverse provides opportunities to merge both the physical and digital worlds. A customer can fully immerse themselves in the business through interactive experiences.

With our technology evolving to new innovations beyond our expectations, digital marketing has been given the opportunity to traverse the merged physical and virtual worlds. The possibilities are endless, and leaving a mark in the Metaverse can be an amazing feat for any business. At the end of the day, in marketing, anything is feasible with the right approach and a strong willingness to adapt.

3d modeling , Metaverse , Content marketing , Digital marketing