metaverse explained

A marketers Guide to the all-new Metaverse and its possibilities

Facebook = Metaverse, is it that easy to sink in

In today’s fast-paced world, technology has been ever-changing which has a domino effect on the rest of things. One of the aspects which are most affected by this change is marketing. It includes how any product will make maximum impressions on the minds of a consumer. Recently, the concept of metaverse has taken the world by storm. The marketers are staring at a concept of infinite possibilities. Social media agencies, not just in Australia but around the world are constantly working on new concepts for the world to try. 

Metaverse is actually a virtual-reality space i.e., a real-time rendered 3D world. A user can interact with an artificial (computer-generated) environment and other users. It is basically a tangible digital world, which has created a lot of excitement in social media news. They have virtual avatars who can interact with their virtual environment, and with other such players. The metaverse can be experienced with the help of conventional personal computing, and Virtual or Augmented Reality (VR/AR) headsets. Recently Facebook Inc was rebranded as Meta which marked their journey from being just a social media company to becoming a metaverse company which is a significant step. 

Metaverse is not entirely a new concept. It has been used first in a 1992 sci-fi novel Snow Crash by Neal Stephenson. Over the years, the concept has evolved through shared understanding among people. But now, with the backing of giants in the tech industry, we are seeing a humongous amount of technological advancement. Metaverse is probably the next big thing that will garner the most eyeballs.

Here’s everything to know about the Facebook turned Metaverse

Mark Zuckerberg announced in his 77-minute video that Facebook will now be focusing on becoming a metaverse company. They even changed the name from Facebook Inc to Meta. As Mark Zuckerberg puts it, it would be possible for people to go to places without commuting, and teleport as a hologram. This would all be possible in the near future.

If what is promised becomes a reality, Meta would be playing a crucial role in our lives as it is one of the few companies that is invested heavily and pinning their hopes on this new world. In the distant future, other companies will chip in and the metaverse is expected to be operated by many different players in a decentralized way. Many critics believe that if they succeed in maintaining this ecosystem as centralized, such industry players may be able to conquer the virtual metaverse just like they did with the real world.

What Metaverse has in future for the world

Metaverse is expected to bring a good amount of opportunities to creators and artists, especially the people who want to work remotely. It will allow the users to participate in entertainment and social activities without having the need to leave their couch. A social media agency will be able to expand the horizons of its capacities with this inclusion. 

The users in Metaverse would be able to create their own content or modify the existing one. It is expected to have fully functioning economies based on Non-Fungible tokens (NFT), cryptocurrency, and much more. The existing reality is running on a somewhat centralized system wherein the central authority like Google, Facebook, etc have control over the data. The advent of Bitcoin had firmly made the case for a decentralized world where there is no central authority. 

The Metaverse is set to be in between these two systems (i.e., centralized and decentralized). But it has been anticipated that it would be moving more towards making the system decentralized which would make users happy instead of being controlled by some authority.

How it will change the online marketing world and User experience

metaverse explained

According to the veterans of the marketing industry, digital marketing may soon be replaced with Metaverse Marketing. It would provide a new marketing ecosystem that will work like the blockchain. Being more of a decentralized ecosystem, there would be no administrator or a server. This means that the company would be able to connect and approach the prospective customers in wholly different ways which were not possible before. 

The user experience would definitely change with such new strategies at the company’s disposal. In order to hit the right cord, the company and the people need to together believe in the concept of Metaverse and garner enough consumer attention. If both are on the same page, the company would be able to devise and execute long term strategies and positions instead of having a short-term mindset

Users would be able to engage with a company using tokens (fungible or non-fungible). Non-fungible tokens (NFT) means that the item would be one of a kind while Fungible tokens mean it can be exchanged for another item of the same kind. So, probably the issuance of NFT would increase as it enables virtual ownership of the asset and works as an assurance for the user.

Conclusion: Does it help social media marketing?

Metaverse is built upon the concepts of presence, immersion, and interactivity in the virtual environment. We could see companies focusing more on augmented and virtual reality to enhance customer experience. AR and VR are probably the game-changing elements of the metaverse as they would immensely impact the customer journey throughout. The digital marketing field is continuously innovating and improving with fast-paced developments. The industry players need to learn and grow with these technological developments. At present, there is less interactive content on the internet as the majority of the chunk is photos or videos. With a metaverse ecosystem, the graphics of the system would change according to the user’s action. This could create endless opportunities for social media marketing for any company as there is infinite room for innovation. 

As a part of social media marketing, companies can launch virtual shows, showcases, events, etc to engage the users. One of the best examples of what social media marketing would look like is – Fortnite and Roblox. Here the 3D characters are in augmented reality and could visit websites like they visit the game room. There could also be virtual billboards for placing advertisements just like real-world outdoor advertising. Metaverse isn’t just a trendy bubble ready to burst anytime soon It is here to stay for the distant future and probably be the next big thing.