But in (virtual) reality, what is the Metaverse?
To start in its simplest form; the Metaverse is an extension of the internet, into a 3D virtual world. It’s a form of digital interaction where connected, immersive, virtual experiences can either simulate the real world or imagine worlds around it.
Think of it in this way; the internet as something we look at; the Metaverse is a version of the internet that we are immersed in! We experience the Metaverse as an avatar – a virtual version of ourselves that we can use and control to represent ourselves as we explore this virtual new frontier.
So how is the evolution of the web connected to the Metaverse?
We’re coming to the end of Web 2.0, which connected people through the internet and gave us social media platforms such as Twitter, LinkedIn, TikTok and Instagram. Web 3.0 connects people, places and things via the Metaverse. This could be in a fully virtual environment or in the physical world through augmented reality (AR). Web 3.0 should be seen as the evolution of the web that will change the way we communicate, work, shop and socialize in future.
What will users actually do in the Metaverse?
Anything. Over time, we can create an economy which includes buying and selling virtual property, interacting and socialize with other users in real-time, experiencing new levels of entertainment and services, and try new products and services before anyone else.
Companies such as Ready Player Me create tools for people to make avatars from a photograph to represent themselves. This virtual version of you can travel between online experiences in any Metaverse. If we have an avatar, we might need a virtual stylist, mode of transport, and even companion!
The Metaverse is not limited by the physical world, but it’s also not limited by time or space. It’s an entirely virtual world where anything is possible.
What opportunities does this present for brands?
The Metaverse empowers both individuals and businesses to have virtual identities, presence and voice, to engage customers in unique ways. From buying digital lands, conducting face to face business, learning new skills, being part of global events to supporting environmental change – it offers opportunities for brands that are limited only by their imagination!
The Metaverse is only getting started. We are moving towards Web 3.0 and every brand needs a strategy. Brands should always be looking to stay ahead of the curve, and perhaps begin experimenting with what the Metaverse has to offer. We’ll be releasing a new blog post with more details on why & how your brand can leverage the Metaverse, so keep your eyes peeled for more!
It’s worth highlighting that using this technology currently can involve substantial investment and is potentially even tougher to measure results. If your focus for 2023 is about maximizing your budget and increasing effectiveness (which in our opinion, it should be!) then we’d suggest you focus your marketing efforts on proven channels. Ensure your team are keeping an ear to the ground with any new developments that will be right for your customers, because we can guarantee your attention will need to be shifted sooner than you think!