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It was difficult to go anywhere in 2022 without coming across the term “metaverse.” Following Facebook’s rebranding at the end of 2021, nearly everyone was eager to share their vision for digital worlds where we can work, play, and socialize on a single platform.
Anyone who has been paying attention will have noticed that these visions frequently differ greatly. While Meta focuses on virtual reality environments, companies such as Microsoft and Nvidia are creating metaverse environments for collaboration and working on digital projects.Â
Simultaneously, those who believe that the internet’s future is decentralized and built on blockchain are experimenting with non-fungible tokens (NFTs) to enable ownership of digital assets and decentralized autonomous organizations (DAOs) to bring digital democracy to the virtual worlds we inhabit.
With the metaverse concept expected to add $5 trillion to the global economy’s value by 2030, there’s a lot to play for, and 2023 is likely to be a pivotal year in determining its course.
As a new marketing channel, the met averse Marketing and advertising, like search engines and social media (the technological enablers of web 1.0 and 2.0), will provide the fuel that propels web 3.0 – the metaverse – into the mainstream. Although the concept has not yet fully developed, companies ranging from international finance behemoths like HSBC and JP Morgan to global lifestyle and fashion behemoths like Nike and Gucci have staked their claim and begun to build their metaverse presence.Â
We know that consumers are always looking for new and more engaging ways to connect with brands with which they want to do business. Another communication channel is the metaverse, which focuses on customer experience and one-to-one connections.Â
Crucially, unlike social and search, which the likes of Google and Meta have largely monopolized, there is still a lot to play for. Businesses will go all-out over the next 12 months to position themselves in prime virtual locations, whether by building their platforms or occupying existing arenas like Meta Horizons, Fortnite, VR Chat, or Decentraland. Nobody knows the winning strategy, but one thing is certain: you must be in it to win it.
Aside from its potential as a marketing tool, the metaverse promises platforms, tools, and entire virtual worlds where business can be conducted remotely, efficiently, and intelligently.
The metaverse concept is likely to merge with the concept of the “digital twin” – virtual simulations of real-world products, processes, or operations that can be used to test and prototype new ideas in the safe environment of the digital domain. Designers are recreating physical objects inside virtual worlds where their efficiency can be stress-tested under any conceivable condition without the resource costs that testing them in the physical world would incur.
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