When Facebook changed its name to “Meta” and announced multibillion-dollar investments in metaverse technologies in October 2021, the Metaverse surged into the public consciousness.
Despite the hype, Meta claims that metaverse technology is still at least a decade away from maturity. With this new digital venture on the horizon, businesses cannot afford to wait until the metaverse has fully evolved before experimenting with and investing in it.
As a small business ourselves, we understand that there are many questions surrounding the Metaverse and how it affects your targeted users and your business altogether. Because of this, our team of digital marketing experts gathered everything you need to know about the Metaverse as of 2022. Keep reading to have your virtual reality strategy questions answered.
What Is The Metaverse?
The metaverse is a simulated digital environment that combines augmented reality (AR), virtual reality (VR), blockchain, and social media concepts to create areas for rich user interaction that mirror the actual world. Consider Ready Player One, but more approachable and practical. The Metaverse is ideally a virtual place for people to shop, work, play, and socialize.
The word ‘Metaverse’ itself means ‘beyond the universe’ but did you know that the science fiction novel, ‘Snow Crash’ coined the “Metaverse” phrase in 1992? (CNBC) Although, not a new phrase, businesses like Meta (Facebook) are deeming it the future. The below statistics will give you a better understanding of the magnitude of the Metaverse effect on the digital world in the next decade:
- The Metaverse market size is predicted to reach $800 billion by 2024
- $10 billion has been invested in the Metaverse by Meta’s Reality Labs segment
- Goldman Sachs predicts the Metaverse market size will be worth $1-12 trillion
- 10,000 jobs will be created over a five-year period
*All above statistics are from EarthWeb.com
Who Can Join This New Virtual World?
Anyone can enter the metaverse if they have access to the internet and a virtual reality (VR) headset, which can set you back around $300 for a lower-end model. To access the Metaverse, you’ll need to download the appropriate programs such as HyperVerse and Sandbox.
How Does It Affect Your Business?
Consumer behavior has changed as a result of the digital age. More individuals are shopping, working, playing, and learning online, thanks in part to the pandemic. A “phygital” (physical and digital) solution is promised by the metaverse. It aims to blur the border between actual and virtual reality in order to alter our perceptions of the world.
As the Metaverse becomes more real and people shift to using this virtual experience, businesses should have a plan of action. Think back to the years before social media and the drastic marketing changes businesses had to overcome to reach their clientele. The Metaverse is that new marketing challenge. Again, the Metaverse is not here just yet but having a plan of action can prevent the urgent marketing moves that would need to be made.
How To Incorporate It Into Your Marketing Strategy
Like we said above, creating a marketing strategy plan can better position your business for the digital shift to the Metaverse. Below are some items you can incorporate or plan for in your business’ marketing strategy for the future.
- Launch NFT’s
In the Metaverse, there are non-fungible tokens that enable virtual ownership of the asset. An example of how businesses have launched their own NFT’s is Coca Cola. They launched virtual wearable NFTs- including a wearable jacket in the Decentraland metaverse.
- Create Virtual Stores, Shows & Events
Just like you are currently doing in the real world, you can create virtual shows, showcases, events, and more in the Metaverse. Having a game plan on how to pivot these events virtually will allow you to stay ahead of trends and the competition.
- Create 3D Models
In order to create immersive content, 3D models are required. With the rise of virtual reality, 3D models have become an indispensable tool for developing engaging interactive experiences. As more sectors adopt virtual reality as a standard, the demand for 3D models that can be utilized to construct these immersive settings will grow.
If you are searching for more guidance and more of a partner for your digital marketing journey, contact our team of marketing, branding, and design experts and let us help! The Envision team is well-versed in all areas of marketing, from traditional to digital, to whatever is on the horizon. The strategy we create for you is based on data and expertise, not on generic tactics and guesses.
While we have helped clients achieve success in all forms of B2B and B2C industries, we work with companies that are looking to grow, increase market share, and collaborate with a team of creatives and marketers just as excited about your company as you are.