Since Mark Zuckerberg staked Facebook’s future on it, the metaverse has become one of the most discussed ideas. He even changed the name of his company to Meta. The metaverse represents the subsequent stage in the growth of the internet. It is a location where your brand must have a prominent presence.
The metaverse is embodied internet
In Snow Crash, published in 1992, Neal Stephenson coined the phrase “metaverse.” Nevertheless, Microsoft CEO Satya Nadella may have been the first prominent CEO to discuss the metaverse. In his keynote talk at Microsoft’s Build developer conference, Nadella described Azure’s products as a metaverse.
“As the virtual and physical worlds intersect, the metaverse, comprised of digital twins, simulated surroundings, and mixed reality, is emerging as a premier platform. The entire universe is your app’s canvas in the metaverse.”
However, Zuckerberg’s discussion with Casey Newton brought the idea to a global audience.
Zuckerberg referred to it as the “successor to the mobile internet” and an “embodied internet,” in which users are immersed in the content rather than simply watching it. And you feel present with other people as if you were in other places, experiencing new things you couldn’t necessarily do in a 2D app or website.”
This sense of presence is central to the concept of the metaverse. In his Metaverse Primer, Mathew Ball defined seven characteristics of the metaverse:
- Synchronicity and the quality of being live
- No limit to the number of concurrent users
- Exist as a complete, coherent economy
- Bridge the gap between the digital and physical worlds
- Offer interoperability of all assets, items, content, and data
- The content and experiences must populate the environment and be created as well as operated by a variety of contributors, from individuals to groups of people
We can take these seven qualities as the basis of our understanding of what the metaverse is.
How can brands engage in the metaverse?
As the metaverse is constructed, an increasing number of people will spend portions of their lives there. Therefore, you must comprehend your current clients and your intended audience. Then, marketers must determine how their target audiences and customers interact with the metaverse. Then, they can adjust their tactics dependent on how much time they spend in the metaverse. Younger generations than Gen Z will likely adopt the metaverse faster than any other demographic. Therefore, brands whose primary clients originate from this group will need to adapt rapidly to the metaverse.
However, brands must recognize that speed is not as crucial as mastering the metaverse. First-mover advantage is eventually lost when competitors catch up. The key to long-term success is mastering the fundamentals. It is important to be the best mover, even if that means not being the first.
A business must successfully navigate a competitive environment in order to thrive and generate profits. It is essential that you begin analyzing how your competitors navigate the metaverse and what judgments they make there. Do they perceive something that you do not? Is there anything you can learn from their methodology? What is their deficiency? It may be beneficial to appoint someone to study the metaverse and assist your organization in adapting its strategy to the opportunities and difficulties presented by the metaverse.
Your brand should consider how the metaverse can help it reach long-term objectives more quickly or comprehensively. Currently, ESG investing is growing insignificance. The metaverse may provide a mechanism for measurably testing technologies to achieve long-term sustainability and other ESG goals.
Consider how your brand can most effectively penetrate the metaverse. This can play a significant role in deciding the success of your brand. Your entrance should be as seamless as possible. Problems with admission could tarnish your reputation. To win the metaverse, it is not necessary to fill it with advertisements. It involves creating value. For their target audience and customers, brands must provide exceptional experiences. Nike’s emergence on Roblox as well as Gucci’s launch of an NFT are examples of how brands can get the metaverse right, and deliver value to customers.
As is the case with the Internet today, no single company will control the metaverse. As long as there are numerous social media applications, there will be multiple metaverses. There will be room for several metaverses within each metaverse. Brands are able to construct their own private metaverses, servicing their customers in a variety of metaverses. The metaverse will be both specialized and extensive.
Brands that are already present in the metaverse are aware that, like other new technologies, it provides the possibility of lucrative returns. However, this comes with substantial danger. All new technologies will have growing pains. For example, the absence of standards, concerns around content moderation, and other issues. Brands must recognize that failure is a very real possibility. However, the benefits of success beyond anything they have attempted since the emergence of the mobile Internet.
The embodied character of the metaverse offers brands with unique obstacles. You must have the ability to convey a tale in a way that is both immersive and believable. Even if it does not resemble anything in the real world. In reality, the metaverse gives creatives the opportunity to construct on a scale they have never attempted before. This will be a true test of creativity. Especially because the metaverse is an escape in many ways. In order for people to become engrossed, it must offer something materially distinct from what they see on a regular basis. Brands that can effectively employ their innovation in the metaverse will succeed ineluctably.