Get In Touch

What is Metaverse and Why it is the Next Frontier for Brands?

November 6, 2021 |
Brand & Identity, Design, Technology, Trends

As far as buzzwords go, ‘The Metaverse’ is very remarkable. It has a futuristic, imaginative, and just massive ring to it. All of this is true. The Metaverse is already enormous and rapidly expanding, and it has an exciting future ahead of it. We have recently seen Facebook coming up with a whole new practicing entity around the idea of Metaverse. There’s a lot you will see coming around the phenomenon in the approaching times.

So, What Is the Metaverse?

The Metaverse is a collective name for all shared virtual environments, the majority of which are based on online video games. Moreover, it is linked to Internet 2.0, which is an apt description of its transformational character. It’s essentially a new domain of human connection in its infancy, similar to how social networking was in its infant stages.

The Metaverse, as a term, refers to a collection of interactions, locations, and experiences that gained traction during the pandemic’s digital revolution. Together, these emerging technologies provide a glimpse into the future of the web.

Why is Metaverse Taking Place?

It’s essentially a matter of human behavior. Wherever individuals gather for a specific reason, they will usually use that place for general social contact. While the purpose of a shopping mall is to facilitate shopping, it is also a gathering area for friends. The community basketball court serves as a gathering place as well as a place to score baskets. And because we all enjoy socializing, we’re willing to spend more time in these surroundings doing activities other than shopping or playing ball.

In multiplayer online games, the exact same stuff occurs. Individuals join a game but stick to socializing, making new friends, and engaging in various fun activities. And they do so at a billion-dollar scale. To be precise, 2.4 billion of them. That is the current global population of online gamers. And they remain for an extended period of time. On average, one hour and ten minutes every day.

Pick your preferred social networking platform. And we are all aware of how few incidents altered the course of those networking platforms. This is now occurring in the emerging Metaverse. By design, certain online games, such as Roblox, are channels for user-generated entertainment, while others, such as Fortnite, are rapidly evolving in that direction. 

As a result? They become open spaces for creation for both individuals and businesses or organizations seeking to interact with them.

Metaverse Is Beyond Gaming and Socializing

To be honest, the primary takeaway from gaming is that we all need interesting experiences. And businesses, corporations, sports organizations, and artists are realizing that offering epic and enduring experiences to their fans is an excellent way to communicate with them through the Metaverse.

The Metaverse has begun to host a variety of sponsored activities, including games, concerts, conferences, and product launches. Some Metaverse places are being used as work settings as a result of the Covid-19 pandemic. Why would anyone use Zoom if they can hold a conference at a pub in Red Dead Redemption’s environment? Why debate architectural drawings on Teams when you can explore a Minecraft-based virtual building?

Furthermore, let’s face it; people enjoy shopping regardless of their location, even the Metaverse. Virtual apparel is in high demand. From behemoths such as LV creating League of Legends outfits to pioneers such as RTFKT Studios simply selling virtual shoes for millions of dollars, the Metaverse’s importance as an e-commerce platform is expected to soar.

Why is the Metaverse the Brand’s Next Frontier?

Now that firms are attempting to attract Generation Z or Gen Z (those born between 1999 and 2013), also known as the next generation of customers, to be effective in attracting their focus, one must first have a thorough understanding of their primary characteristics. Researchers have shown that the average age of Gen Z’s first mobile phone purchase is 10. Many of them spent their childhoods tinkering with their parents’ smartphones or tablet PCs.

Thus, kids have essentially grown up in a hyperconnected environment, with cellphones playing a significant role in their lives. They are what we may refer to as real digital natives, having never experienced a world without the web.

It comes as no surprise that businesses and marketers seeking growth must be concerned about this next generation of consumers since they offer a big opportunity. Millennials are the workforce of the future and continue to be one of the fastest-growing segments of the consumer industry.

How Can You Leverage it for your Brand or Organization?

On a fundamental level, this means that you must take efforts to guarantee that your business has a minimal Metaverse presence. Indeed, if you were there when social media first became popular, you’ll know precisely what to do, as this is essentially the same thing, just in 3D.

However, in order to maximize it, you must go further. Develop a strategy that is consistent with your product, your audience, and your commercial objectives, and then collaborate with talented collaborators to select the appropriate platform and create unique interactions that would keep your audience engaged in this digital paradigm as well.

The Future

To begin, the Metaverse will expand. In relation to various platforms, the size of their user bases, and the proportion of time spent on them, people will surely want to try new things throughout this process. Their specific hobbies, like their social lives, will transcend into the Metaverse. This will result in a torrent of innovation that will culminate in content, events, and experiences which we cannot speculate at the moment.

As previously said, not all of the Metaverse’s applications will be centered around games, leisure, or entertainment. Work-related activities and trade will continue to grow in importance. As a consequence, the Metaverse would become as effortlessly consolidated into our daily routine as social media, if not more so.

The duration of this Metaverse adoption process is dependent on a number of things. A set of regulatory requirements that would enable users to maintain a consistent identity and certain graphical attributes across platforms would undoubtedly be beneficial.

And as the Metaverse gets more interwoven into our daily lives, perhaps the time has come for certain other technologies that were present but have been pushed to the sidelines for a while to bounce back. For example – wearable technologies equipped with augmented reality projections would enable us to integrate the Metaverse into the physical realm.

Contact Us today for your brand evaluation.

Read more about UX design here

Get in Touch