Have you heard of or used the metaverse? If you shrugged your shoulders then don’t worry; you’re in good company – because the technology is still in its infant stages and even the smartest industry minds are struggling to understand how to use it.
Change is definitely coming though – so your brand needs to understand its metaverse community and how to interact with it.
In this short guide we’ll…
- Explain what the metaverse is
- Where it is and how to use it
- Who uses it, why and how
- Whether it’ll make you money
What is the metaverse?
In aspirational terms, tech visionaries want to provide consumers of the future with a singular three-dimensional experience that acts as a one-stop-shop for all their needs.
The citizens of tomorrow will be able to hang out in virtual cities where they can meet friends, find a prospective partner, consult with a doctor and buy products and services.
In short the metaverse community will be a replica of our world. But don’t get too excited. This vision is far from becoming reality and there’s no guarantee it ever will. So, should your brand invest in the metaverse or not?
Understood – but where can I find it?
Accessing a metaverse community is easier than you might think. Provided your browser supports Web3 you can access it via Edge, Chrome, Safari or whichever ISP you prefer. Do you own a Virtual Reality (VR) headset? Great – you can use that as a passport to enter the Metaverse too.
Do big brands use the metaverse?
Businesses started dipping their metaphorical toes in the digital shores of the Metaverse some time ago. At the moment a small selection of marketers are using the technology to experiment and calibrate their strategies. Most are patiently waiting by the side lines though, watching and waiting for the right moment to strike.
At this time of writing 31% of marketers surveyed included the metaverse in their strategic plans – and that millennials are positively chomping at the bit to engage with brands in this ever-evolving technological landscape.
How can brands leverage this technology?
There’s a lot to be said for building a presence in the metaverse early. Imagine being one of the first hundred-or-so brands to join TikTok when competition was almost nil. Businesses that jumped on the bandwagon early have the lion’s share of followers while their competitors fight for scraps.
In terms of how to cater to the needs of a metaverse community the first question to ask is: what problem is my brand trying to solve here? The retail industry is a good example.
The introduction of Augmented Reality (AI) – which involves using a smartphone or specially adapted glasses – allows consumers to preview what clothing might look like on them.
You can also use AI in your home to see how a sofa, table, or similar item might look in the designated room and in a variety of colours.
Metaverse communities could use AI to try before buying – reducing the chances of goods being returned and saving the retailer in question money.
Can my company make money from the metaverse?
The metaverse is still the internet’s best kept secret. Despite this, and as far back as 2021, metaverse communities invested $400 million in non-fungible tokens (NFTs): the currency used to buy and sell in this alternate reality.
Will it make your brand rich? Not quite and not yet. But year-on-year its popularity is growing and profits are expected to exceed $490 billion by 2030. Wait too long and the ship could have sailed.
Metaverse communities: should I build one or abstain?
The most important consideration is money. Metaverse development costs can vary from a few thousand pounds through to hundreds depending on the features and technology you need.
At the moment, metaverse communities can (in most cases) access the virtual world for free. Certain features or products can then be unlocked by making in-app purchases.
In short, there is no definitive answer. You could invest thousands only to find demand for the technology drops off – or that providers start to charge extortionate access fees.
Investment would suggest buy-in from tech companies and millennials in particular are interested in using the metaverse to compare and buy products. So initial signs are promising.
In the meantime, you have other digital channels to manage…
Whether or not you invest in the metaverse will depend on your sector, marketing budget, and the needs of your audience. Either way, your customers are waiting to hear from you – so book a free call with one of our digital marketing experts and let’s work on improving your engagement and ROI.