Let's break down the metaverse into simpler terms. The metaverse can be understood as an immersive virtual world where users can interact with each other and digital objects in a simulated environment. In the broader perspective, some might ask, ‘Do we really need the metaverse since we already have a universe?’ With social media and the digital realm becoming increasingly sophisticated, the question perhaps should be reframed: ‘Will the digital realm become so connected that it justifies venturing beyond the limitations of the physical world?’ If so, the metaverse could represent the next stage of digital human evolution, fostering a more advanced and interconnected world.
Case in point: Today's digital world allows us to connect with celebrities, athletes, and even policymakers, gaining real-time insights into their work and lives. This article explores what the metaverse holds and how we can capitalise on this paradigm shift.
Contents:
1.Meta Year Zero: How the Metaverse Came to Be
The idea of a virtual world goes way back. Here are some key milestones along the way:
1838
The concept of 'binocular vision' is proposed, laying the groundwork for 3D images, a building block of immersive experiences.
1935
Science fiction imagines a sensory-rich fantasy world accessed through goggles, showcasing the potential of technology for virtual exploration.
1950s
The Sensorama Machine combines visuals, sounds, smells, and motion to create an immersive experience, like riding a virtual bike.
1970s
The Aspen Movie Map allows users to virtually explore a town, marking an early step in VR technology.
1992
The term ‘metaverse’ is coined in the novel Snow Crash, describing a virtual escape from reality.
2010s
Companies like Facebook, Sony, Samsung, Google, and Microsoft invest heavily in VR and AR technology, making headsets more accessible.
2020s
Apple adds technology to iPhones and iPads that paves the way for future mixed-reality experiences.
2021
Facebook rebrands as Meta, highlighting its commitment to shaping the metaverse.
2. The Transition: Industries in the Metaverse
Metaverse is more than just a video game play. Even though the term gained recognition in the realm of virtual gaming, the application and its potential have reached many different sectors and are gaining momentum. Here are some examples of the metaverse's function in these four industries.
Entertainment
Imagine attending concerts with friends from anywhere in the world, or exploring virtual museums with interactive exhibits. The metaverse promises immersive experiences that redefine entertainment.
Retail
Forget browsing online stores. In the metaverse, you could virtually try on clothes, decorate your dream home, or even test-drive a car – all within a simulated environment.
Real Estate
The metaverse could revolutionise real estate. Virtual tours could become standard, allowing potential buyers to explore properties from afar. Additionally, a whole new market for virtual land and properties might emerge.
Education
Imagine attending classes on the Great Barrier Reef or dissecting a virtual frog in biology. The metaverse offers interactive learning experiences that could make education more engaging and accessible.
This is just a glimpse into the vast potential of the metaverse. As technology advances, we can expect even more innovative applications across various sectors.
3. ‘Thank You. Here’s Your Virtual Voucher.': Product and Services Adapting to the Metaverse
The metaverse consists of digital spaces where users can engage in various activities. With the use of virtual reality, a user can experience simulated environments, away from the physical world. Companies like vFairs and 6Connex offer virtual event spaces where users can gather, attend concerts, conferences, and more.
On the real estate front, platforms like Decentraland and The Sandbox allow users to buy, sell, and develop virtual land and properties within a digital world. There are also non-fungible tokens (NFT) marketplaces such as OpenSea and Rarible where users can buy, sell, and trade NFTs of digital art, collectables, virtual real estate, and more. Many products and services are adapting to the metaverse trend. Here are a few examples:
Nike
Nike has released virtual sneakers and clothing for digital avatars, as well as sponsoring virtual events and experiences.
Gucci
Gucci has created digital fashion collections and virtual experiences within platforms like Roblox, allowing users to dress their avatars in Gucci-branded virtual clothing and accessories.
Samsung
Samsung has been exploring opportunities in the metaverse through its development of augmented reality (AR) and virtual reality (VR) technologies, including VR headsets and AR glasses, as well as partnerships with metaverse-focused companies and developers.
Coca-Cola
Coca-Cola has created virtual experiences, branded content and hosted virtual concerts, and events. Coca-Cola also has its own virtual Coca-Cola vending machines.
Hilton
Hilton has experimented with virtual reality experiences, allowing users to virtually tour hotel rooms and destinations. Besides that, Hilton has hosted virtual events and meetings within virtual environments.
4. Selling in Two Worlds: 5 Benefits of Marketing in the Metaverse
Marketing in the metaverse not only injects fun into buying and selling but also offers several benefits that traditional marketing channels may not provide. Here are five benefits of advertising in metaverse:
Immersive Brand Experiences
Brands can create immersive and interactive experiences for consumers within virtual environments, fostering stronger emotional connections and brand loyalty.
Global Reach
The metaverse transcends geographical boundaries, allowing brands to reach a global audience without the limitations of physical locations or logistics.
Enhanced Data Analytics
Marketers can gather detailed insights into user behaviour and preferences within virtual environments, enabling more targeted and personalised marketing strategies.
Innovative Product Presentations
Brands can showcase products and services in unique ways, leveraging augmented reality and virtual reality technologies to demonstrate features and benefits in a virtual space.
Engagement and Interactivity
Marketing in the metaverse allows for real-time interaction with consumers, fostering engagement through live events, virtual meetups, and gamified experiences.
These benefits highlight the potential of the metaverse as a dynamic and immersive platform for marketing initiatives.
5. ‘Ready, Player One?’: The Future of Marketing in the Metaverse
Predicting how marketing will evolve in the metaverse involves looking at different factors and possible outcomes. Some likely changes include better immersive experiences, smarter use of data for marketing, and advances in AI for targeted ads. These improvements can help build stronger customer loyalty. The chances of this happening are high because people naturally like to socialise, and virtual spaces are likely to reflect that.
However, as marketing in the metaverse grows, there will be new challenges. These might include issues like privacy, intellectual property, and following advertising rules. Dealing with these challenges will likely need new rules and guidelines. This could be somewhat tricky, with the chances of it happening being moderate.
In summary, marketing in the metaverse will probably become more immersive and tailored to individual preferences, thanks to better technology and data analysis.
Like to know more about how we can help bridge your target audience with creative marketing strategies that fit your brand vision? Reach out to us @enquiry@wearehea.com or +65 6242 3595.
Source:
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The Metaverse, Interaction-design.org
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Amy Kover, A new perspective on hospitality: How Hilton uses VR to teach empathy, Tech.Facebook.com March 10 2020
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