“Metaverse” is a word that will be one of the year’s trends. Are virtual worlds so near to business adoption? Digital marketing agencies will be responsible for creating immersive advertising campaigns that will immerse their clients in virtual worlds.
In the article, we will go through the information on the topic, state of the art analysis, and future development forecasts.
Let’s start.
What are virtual worlds?
Virtual worlds are simulated environments that allow people to interact with each other through avatars. They have been around since the 1960s, but they have not reached their full potential. There are many roadblocks in virtual worlds, and it is difficult to say when we will see a fully developed virtual world.
A metaverse is a collective virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet.
The Metaverse is a future vision of on-demand access to a shared space with people worldwide. Neal Stephenson’s 1992 science fiction novel Snow Crash firstly coined the concept.
Business Application of Metaverse in Marketing and Advertising
Digital marketing is constantly evolving and, with it, the role of digital marketing agencies. In the future, digital agencies will be responsible for creating immersive advertising campaigns that will immerse their clients in a virtual world. Is that possible?
That’s a good question! Workspaces may become obsolete with AI and VR. However, let’s discuss some other impacts on the enterprise sphere.
As the physical and digital worlds continue to come together into a “metaverse” environment, it creates new opportunities for businesses. They will be able to provide installation spaces that customers love. Still, they’ll also be able to improve their internal processes- giving them an advantage over-improved competition.
Sponsorship of events and concerts: Event hosting in the Metaverse is becoming more popular as people are looking for new ways to spend their time. Attack headlined a music festival hosted by Minecraft, demonstrating that companies have many potential opportunities for sponsorships with these events.
Digital-only products: Digital products are becoming more and more popular. They are easy to create and can be accessed in any country or region. There is a vast market for digital-only products, which has the potential to grow exponentially with the rise in internet connections.
Why Businesses Need to Experiment with Virtual Reality and the Metaverse Now
Virtual reality and the Metaverse are two technologies that have the potential to revolutionise the way we work, learn, and live.
VR is a computer-generated space simulation. A three-dimensional image or environment to interact within a seemingly natural or physical way by connecting the user’s movements in their physical environment.
The Metaverse is a virtual reality world where people can interact with each other via avatars and virtual objects.
Many people are participating in the “NFT space,” and it’s not clear that there is a benefit. There is a lot of hype about this industry, and it seems that some people are just participating to be Metaverse. The truth is that many people are questioning whether or not NFTs will have any real impact on the world.
There will be new metrics to measure advertising success in the future. As social media and online communities grow, their effect on the market becomes more significant. Some of these new metrics may include: how much time someone spends on land, how much they interact with virtual objects, and how much they spend in a virtual world.
The way we measure success must change with the new way of doing business.
Virtual influencers, NFT: Some Business Applications for the Metaverse
A virtual influencer is a person who is not physically present on social media channels but has a strong following or reputation. They are often celebrities but can also be people from the fashion industry, such as designers and models. Virtual influencers are commonly used in marketing campaigns to provide endorsements for products and services.
NFTs have been used in the fashion industry for some time now.
Balenciaga’s “Transparent City” campaign was one of the first to use NFTs by placing digital copies of their clothing on virtual mannequins.
Nike also experimented with this technology by designing a digital version of their Air VaporMax sneakers that could be customised with different colours and materials.
Nike created Nikeland on Roblox and acquired the company RTFKT Studio with which it launched its exclusive virtual shoes.
Virtual influencers are becoming more common in the Metaverse too.
Your business in a Metaverse
So, what can I do right now as a business?
One of the most important things to do right now as a business is to focus on what you are best at. The more you focus on your strengths, the more successful your business is.
It is also essential to invest in the right tools and technologies and be aware of what’s coming next. This way, you can stay ahead of the curve and adapt to change before it happens.
The Metaverse is perfect for business, and it is a place where people can come together and share ideas, interact, and do things.
There are many famous metaverse platforms to start from.
Many others will come. You only need to set up a plan to launch your business into the Metaverse, a 3D world where people can interact with each other and share ideas.
What does it need to improve? Interaction among languages and cultures! For example, collecting and analysing data and instantly translating conversations leveraging NLP algorithms make the place more comfortable and personalised, thanks to AI recommendations based on behaviours and interests.
Artificial intelligence redefines how we live and innovate, but it’s not just about the tech. It’s about designing a meaningful experience that offers personalised services and products to help people live better lives.
These are only a few suggestions where AI will impact customer strategy: pervasive personalization has still a lot to do to make the Metaverse more interesting.
