The Meta Verse is the future of the internet, and according to PWC, the Metaverse is expected to be worth up to $1.5 trillion by 2030. The term “Meta Verse” doesn’t refer to any specific type of technology, but effectively describes the internet as we currently know it but fully immersive and experiential, integrating virtual and augmented reality. This means that internet users will be able to consume content 3 dimensionally via VR Headsets.
Brands are essentially marketing in the metaverse to keep the attention of Millennials and Gen X, by advertising their products and technology in the space they feel most comfortable in. There are currently no barriers to enter the Metaverse and regulations are limited. Major brands like Adidas and Gucci have already adapted to the metaverse through their virtual stores. Users can now attend virtual events, go virtual shopping or decide to build a home in the metaverse to rent it out. The possibilities are endless.
All transactions performed within these virtual worlds are done via fungible and non-fungible tokens (NFTs) with transactions recorded on the blockchain. Decentraland, Sandbox, CryptoVoxels and Somnium are the four major metaverse worlds, but new metaverses emerge daily. As a result of peaks of user activity combined with increasing amounts of capital being injected into the metaverse – entirely new industries and professions are being created such as digital real estate agents to digital brokers.
The Metaverse is here to stay, and we are excited to see where it takes the digital marketing space.
Brands are seizing the opportunity to advertise on virtual billboards in busy cities, and to reach and engage with their audience in the metaverse. It’s time to start thinking what the metaverse can do for your business – contact us for more information.