What Does Metaverse Mean for Brand Experiences?
There is one thing that should be mentioned first. Metaverse in its current form is more of a concept than an actual platform. From this perspective, the final result will likely be different from what is currently pictured in the sketchbooks. Matthew Ball, CEO of Epyllion Industries, exemplified this issue in a statement with the difference between Internet speculation in the 1990s and the Internet today. It is difficult to predict exactly what the Metaverse will eventually evolve into.
However, with backers like Facebook, Microsoft and some of the world's leading gaming platforms, Metaverse is starting to attract the attention of both the tech community and (perhaps more importantly) venture capitalists.
Metaverse can be defined simply as the "3D World Wide Web" or "a digital copy of the physical world". In this world, users can move around, chat with other users, shop, hold meetings and participate in all sorts of other activities. All live performances are front and center on Metaverse. All sports events are in the best part of the stands. All avatars are forever young and beautiful as you wish.
As you can imagine, such a system is the dream of all marketers. Lindsey McInerney, Head of Global Technology and Innovation at Anheuser-Busch InBev, highlighted two aspects of marketing in a statement to Built In. According to McInerney, Marketing is all about getting where people are. It's also packed with all sorts of possibilities, from targeted marketing and advertising opportunities to fully virtualized brand experiences.
Companies like ABB are already experimenting with Metaverse-type marketing opportunities, such as virtual horse racing involving NFTs. Epic Games also recently aired a virtual concert featuring Ariana Grande on its Fortnite channel, while Hyundai is offering glimpses of what future mobility might look like in Roblox.
Right now, Facebook seems to be carrying the flag of Metaverse. CNN recently noted that CEO Mark Zuckerberg raised the issue several times during his recent conference call with analysts. He even went so far as to say that Facebook will move from just a social media company to a Metaverse company, adding that he has been thinking along this line since middle school.
Components of the Metaverse
Naturally, there are still things to be done to get to the point considered. Facebook and other Metaverse proponents will have to integrate a diverse array of technologies and do so in a way that supports universal cross-platform interaction.
It is equally important that the system has enough power to bring realistic and even detailed avatars to life. Avatars should not be interrupted by Roblox-style block figures and stylized moves. Nor should there be an infinite number of rectangles like in Zoom. In addition, data sharing needs to occur simultaneously between multiple users.
Of course, rules and regulations will need to be made. However, if recent history repeats itself, these regulations will only emerge after Metaverse is used. Also, companies like Facebook and Microsoft will likely play a large role in creating these regulations. The amount of data that can be collected from the Metaverse is astronomical. There is no doubt that someone with this much data will have the power to exploit not only individual users, but entire markets.
However, no matter how it develops, Metaverse will likely prove to be a new marketing channel as the number and variety of providers increases. Forward-looking companies will benefit from developing strategies for this new level of human interaction now so they don't have to catch up with technology later on.
