If you are still not fully familiar with the term Metaverse, don’t panic! The Metaverse is barely a new concept, but it is expanding dramatically, as more and more businesses and brands are beginning to include it in their long-term plans.
As Facebook was the first to create a buzz as a social media platform back in 2012, they are now moving to be the first in introducing the Metaverse by simply rebranding to Meta and being “metaverse first”. Being Meta, the firm has plans to make remarkable steps in the metaverse in the coming years.
This all leads to the question…what is the metaverse? Is it something we already know? Is it social media, the internet, online shopping, or video games?
What is the Metaverse?
As you guessed, the metaverse includes social media, the internet, online shopping, and video games. The Metaverse is a world, active virtually, where businesses, users, and digital platforms can network, connect, and co-exist. It includes everything from NFTs to gaming and social platforms.
In simple terms, the metaverse is a version of the internet that enables 3D virtual environments. It is accessible via virtual reality headsets, populated by digital avatars (real people), and augmented reality headsets.
You may think that the metaverse is a new concept, but the idea of a multi-platform virtual world has been with us for years. We’ve observed it in many things, from social media to video games like Fortnite and World of Warcraft. These games have virtual avatars that can interact with the virtual environment and with other virtual players. In addition, the experience is being personalized by enabling the players to purchase in-game, such as decorative accessories and clothing.
As the metaverse has been in our world for quite a while, the 2020s metaverse builds upon these ideas and kicks it up a notch.
How will marketing be impacted by the Metaverse?
You should now start thinking how you will be ahead of you competitors and understand the impact of the Metaverse on marketing. The metaverse will have a huge effect on marketing in many ways, but the good thing is that you can begin now.
1. Augmented Reality
By using glasses or even your phone to try a brand-new product, augmented reality has brought the customer and shopping experience to another level. Customers now are able to interact in all stages of the customer journey without even leaving their houses. However, the metaverse will also be beneficial for in-store experience, by displaying extra features and sharing detailed information.
2. Virtual Reality
As we all know, virtual reality isn’t something new. In fact, it has been around for years, and it will continue to evolve and develop. By taking over the customers’ vision, many of them will try to seek the opportunity in trying them, in contrary to online advertisements where they try to avoid.
3. Advertising and the Metaverse
Branding and advertising have never been the same. They are constantly changing as technology is growing. This includes virtual billboards, clothing avatars, or merchandise.
As we will have the ability to personalize avatars and spaces, we will be able to create a virtual branded content for our customers. New opportunities and merchandising spaces will be available to you that you currently don’t think of, such as, digital art, virtual apparel, or even virtual fashion shows!
Will the Metaverse replace social media?
Well, it is impossible to say when the metaverse will replace social networks, but it definitely will. 2021 observed a huge amount of money and resources consumed, for the metaverse only. Platforms like Facebook (Meta) and businesses like McDonalds, are creating their way into the metaverse by registering for 10 trademarks in the virtual space. With all the latest developments and investments, you might be speculating, how the idea will outline the future of social media or social media marketing.
I know that the idea is still vague for some of you, but as business owners, you should always be prepared for the future of marketing. As a piece of advice, start by opening new commerce stores on Facebook and Instagram shops. Also, investing in augmented reality or virtual reality advertisements will give you a glimpse into the future of the metaverse.
Challenges in Metaverse
We can’t find an entirely perfect thing. Especially with the metaverse, a new, distinctive concept with bits and pieces that are not yet gathered together. There are some challenges that I think the metaverse should overcome:
With what we have now, personal identification is simple and straightforward. But when thinking about the metaverse and the virtual environments, what will be the elements that identify a person and how will they prove their identity, instead of another person? This is where we lack trustworthiness and credibility. I believe new verification methods will be developed in the near future, where we will have the possibility to forge footage, voice, and facial features.
Data Privacy and Security
As it will be required for us to fully verify our identity, more personal information will be absorbed into the systems. Data and security have always been a concern in the virtual world. Including the metaverse, will require building whole new methods to protect personal data and ensure the users’ safety.
Laws and Jurisdiction
The metaverse no doubt, will bring in diverse communities and people from different countries together in a unified virtual space. However, there will be no laws to regulate. This will require the need to identify which subject matter jurisdiction will be applicable. In addition, countries need to delve deeper into their virtual legal areas as all countries around the world will be unified in one village.
Despite the challenges and drawbacks that the metaverse has and even though it is still years away, eventually, it will be the new norm. As the last bit of advice, don’t wait till the time has come, instead, use this time to prepare yourself and your business for the opportunities that are awaiting you. As a start, you can think of augmented reality and virtual reality to engage customers by displaying extra features and sharing additional information. Believe me, you don’t want to wait until those techniques become popular, so, start now to not regret it later!
Now I want to let you know about a great course that will help you understand the metaverse and gives you a brief on games, Web 3.0, NFTs, blockchain, and cryptocurrencies. It will also help you understand how to invest and gain profit in the metaverse and what are the different industries that will be disrupted.