There are a lot of questions that come up when thinking about what precisely the Metaverse is; how do you define it?
What is sure is that this term won't be defined by a single person or company but by many, and it will continue to evolve.
The word Metaverse derives from "Meta," meaning beyond and "universe." A concept of the future iteration of the internet made up of the sum of all shared, persistent, 3D virtual spaces linked into a virtual universe. With alternate digital realities, assets, and the data on the entire internet, you can work, play, and socialize.
It opens an opportunity to bring people together in ways that were not possible before in the physical world. People will be represented by a digital avatar and could explore places as virtual tourists or attend virtual events, all without ever having to leave their living rooms.
Born from projects creating digital copies of our physical worlds and building programs and apps that can be overlaid and used in local environments, these applications will make use cases available to us and enrich the physical world around us, filling it in with information.
The combination of AR, VR, and MR in the Metaverse will allow apps to take information about things and locations to place them into the physical world. Eventually, people will be able to enter the Metaverse completely virtually or interact with parts of it in their physical space with the help of augmented and mixed reality. Currently, you can only experience the internet when you go to it, but with new connectivity, devices and technologies, we'll be able to experience it all around every single day.
If you have trouble visualizing it, here's a concept video from Adobe some of the best examples of what it could look like. The video starts at the 2-minute mark.
Marketing and communications professionals need to pay attention to the Metaverse because it's the next frontier for online interaction. Just like social media revolutionized the online marketing landscape, so too will the Metaverse. While we don't have one shared Metaverse, companies are positioning themselves to work on creating it.
The Metaverse is a concept that is still evolving, but it has some common characteristics:
To function optimally, the Metaverse will rely on the following technologies, among others:
Culture Within the Metaverse
Much like how many subcultures have developed in games like World of Warcraft or GTA V, communities in the applications games and platforms within the Metaverse will also create numerous subcultures. Cultures will develop around applications, interest groups, use cases, geography, and purpose.
Like the real world, CMOs must have an awareness of the culture inside the Metaverse. Digital clothing, world-building, or marketing can have a tangible impact on brands.
Economy Within the Metaverse
Virtual economies exist across several applications today. Within the Metaverse, larger and more connected virtual economies will exist. Activities as diverse as world-building, charity, concerts, fashion, shopping, advertising, education, politics, and activism will find a place in the Metaverse. Many of the applications will offer cryptocurrencies and Peer to Peer transactions as mediums of payment between their users. Companies will need to transition their marketing strategies from online ad buys to existing in a shared, virtual economy. While there are sure to be ads in the Metaverse, brands can be part of creating the Metaverse itself.
A huge opportunity is coming.
The Metaverse is the next frontier for online interaction, which will unlock a new generation of apps, platforms, and use cases. It will have massive implications for society. Marketing, communications, and branding professionals will face new challenges but also new opportunities. Organizations that take the time to understand and adapt their digital strategies to engage with the Metaverse properly will be at an advantage. This new era of the Metaverse will unleash unique creativity and open new frontiers and horizons for brands and businesses.
The question is, how are you getting ready?