The metaverse…what is it and why should brands care?

The term “metaverse” is everywhere right now, it’s even been coined as the ‘future of the internet’. But defining exactly what the metaverse is can be difficult and there’s one simple reason for this: it doesn’t necessarily exist. Facebook describe it as ‘a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you’. Put simply, it’s the internet brought to life. A virtual world where users can create an avatar, interact with one another as well as interacting with brands and experiences. Advancements in AR & VR technologies have accelerated the growth of the metaverse, allowing users to connect easily from their physical world, wherever they are. The metaverse can constitute anything from a virtual shop front where users can experience online shopping as if they were truly in a store, to going to a Travis Scott concert in the game Fortnite with 10 million other users.

Facebook have taken a considerable interest in the metaverse and have already revealed their early ambitions about rebranding as a metaverse company, including developments in the physical tech required such as VR headsets or Oculus glasses. Mark Zuckerberg recently said “We believe that this is going to be the successor to the mobile internet.”

However, not everyone is fully on board with the metaverse yet, according to the7stars latest October Lightbox Pulse, with 86% of people either having not heard of the metaverse before or saying that they didn’t understand it. On the other hand, 28% of Gen Z think that the metaverse will be the future of the internet. Many brands have already started launching in this space, for example Balenciaga have released a dystopian game called Afterworld where they hosted a virtual fashion show to launch their Autumn 2021 collection. Brands, especially those that have a Gen Z or young Millennial audience, can embrace this movement to make the metaverse more real and accessible to everyone. Only time will tell how these audiences will interact in this metaverse and how brands will exist in a meaningful and valuable way within it.  Watch this ‘metaverse’ space….

 

Sources:

Lightbox Pulse, October 2021, the7stars

https://www.campaignlive.co.uk/article/goodbye-facebook-hello-metaface-social-media-giant-plans-name-change/1730930

https://adage.com/article/digital-marketing-ad-tech-news/why-metaverse-will-redefine-advertising-we-know-it/2373971

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