New technologies and possibilities from the digital world are emerging in such volume that many of us are left confused. One of the biggest recent topics in this category is called the Metaverse. What many people find hard to grasp, others, especially companies, see as an incredible opportunity to sell products and services.
Today, there is no digital environment where a company can’t position itself strategically, even if only to build brand awareness and create relationships with its audience. With the metaverse, it’s possible to do that and also sell products. It all depends on how well the business can explore the possibilities on offer.
Learning more about the metaverse, what it actually is and which technologies support it, is essential. You’ll find out about these and other points throughout this post. Read on!
What is the metaverse?
The metaverse is a technological concept that refers to a parallel reality that takes place entirely in a digital environment. In this universe, which isn’t physical but is accessible through means such as the internet and games, you can connect and be present as a person, a company, a brand, and even as a character.
The idea of the metaverse isn’t exactly new. Parallel universes have always existed in games, where players have always been able to immerse themselves and interact, through a character, for example. This concept has also appeared many times in science fiction films throughout the history of cinema.
The big difference is that, today, we have more and more ways to be inside these parallel universes, thanks to digital transformation. This ease of connection, combined with the advanced development of these environments, has made it possible to spot market opportunities.
While for some people the metaverse is still just a space for leisure and entertainment, for many companies it’s an opportunity for positioning and profit. This may have been the main factor driving the trend and making it even more relevant.
The technologies
As a vast parallel digital universe, the metaverse is only possible thanks to the technologies that make it exist and also those that allow us, as users, to interact with and immerse ourselves in these environments.
Among the core technologies behind digital universes are:
- augmented reality;
- mixed reality;
- blockchain;
- facial recognition;
- artificial intelligence;
- NFTs;
- smart contracts;
- crypto assets.
How does the metaverse show up in everyday life?
One of the points that most deserves attention when we talk about the metaverse is the convergence between real life and the digital universe. Today, much of who we are in our lives can be replicated, within certain limits, in parallel and remote environments. And that’s how the metaverse has become increasingly present in society’s everyday life.
In the Into the Metaverse report by Wunderman Thompson, some data stand out and show how we are increasingly dependent on technology to carry out tasks and activities. For example, the study found that 93% of respondents say technology is essential to our future.
With that in mind, can you picture your daily life going smoothly without the help of technology? According to the survey, 76% of people see these resources and tools as essential to their day-to-day lives.
Aware of society’s relationship with technology, companies have already been bringing the metaverse into people’s lives in a natural way. Good examples include:
- marketing campaigns created for games (for example, major sportswear brands have a strong presence in soccer games, with Fifa being the most famous of them);
- NFTs (many brands are already selling collectible items in NFT format);
- cryptocurrencies are already accepted by a number of e-commerce sites;
- companies have created virtual meeting rooms and spaces where employees can create their avatars and interact in these environments, bringing people closer even in remote work models;
- the use of virtual reality headsets to deliver multisensory experiences when presenting real estate projects, car test drives, and other possibilities.
Brands aren’t investing in a bigger digital presence, including the metaverse, for no reason. The Wunderman Thompson survey also found that 81% of respondents believe that having a presence in these environments is just as important as having one in physical spaces, such as stores.
What are the possible products in this universe?
The metaverse as a strategic opportunity for brands is still expanding. Brands will continue to test possibilities, launch products that succeed, and also miss the mark at times. So there’s still a lot to be explored over the coming years.
Today, some products and business opportunities have already drawn more attention and delivered quick results for companies. We’ll talk more about the main ones below.
Digital ownership
Owning something unique, collectible, and transferable only through commercial transactions has proven very successful when it comes to the metaverse. This idea of value gave rise to products such as cryptocurrencies, NFTs, and accessories and skins (often from famous designer brands) to be used in games and metaverse environments.
Leisure and well-being (connected wellbeing)
Medicine is also already using the metaverse as a tool for therapeutic treatments. With the help of games designed for this purpose, the connected wellbeing category offers activities for people dealing with stress, sleep problems, and general mental health issues.
Digital relationships and interactions (digital relationship)
Digital relationships have been around for quite some time through social media and, above all, through games. These are tools that foster interaction and bring people closer together.
Meta Business
This is a broader category covering the activities of brands working to capitalize on initiatives within the metaverse. The idea is to create items and experiences that generate brand awareness and real-world consumption. This happens through possibilities such as:
- in-game ads;
- augmented reality experiences in retail;
- sales of digital products.
The metaverse is far more present in our reality than we might imagine. The trend is for its possibilities and features to gradually become even more accessible and relevant to the everyday lives of most digital users. For now, learning more about the possible initiatives, especially for brands, is essential to getting ahead of the competition.
Enjoyed learning more about this topic? Take the opportunity to find out how you can innovate when it comes to digital brand activation campaigns!
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