What is the Metaverse? Although there are many technology companies that are adopting and betting on the Metaverse, some have been doing it for a long time, the word Metaverse became known to the “Meta” to represent, here and there shape, its significant change and drenching into this new web-based world.
For what reason is Facebook now Metaverse? Regardless of the way that this is what many call it, in all actuality the organization isn’t “Metaverse development company”, yet Meta. Meta is the brand that unites the Zuckerberg aggregate. What’s more, despite the fact that they have made sense of that it is the new climate where they need to work, and for which the informal community is committed, nobody gets away from that it has likewise washed the brand notoriety that it hauled with all the Cambridge Analytica cases among others.
Metaverse: what it is, what it offers and what challenges it poses
Simply put, metaverse stands for virtual reality and augmented reality (sometimes combined under the term “extended reality”).
In a way, if you use Microsoft Teams or Zoom to give a couple of examples, you are already in the metaverse in a way. In other words, you are “there” in the room of your house, talking with another person who is hundreds or thousands of kilometers from your house about issues that, just 20 years ago, were unthinkable. And in this conversation, you can “be” a still image, an avatar, or a live video. So, we can say, the Metaverse is a larger context for “bringing people together” through avatars.
But the Metaverse is also ecommerce, and some have already linked it to crypto currencies like bitcoin. That fabricated avatar, which isn’t actually a person, but can act like one, may one day have a wallet full of crypto that isn’t actually real money, but works like one.
That avatar, that is to say any person or company, will not only be able to invest or spend that money, but could earn it by providing goods and services within the metaverse. And, just as a person can drive or wear the same clothes in different places, avatars in the metaverse are going to take their digital goods with them as they travel from one platform to another.
What we do know is that it is not Second Life. The former virtual environment — although there are still users — where people connected with their avatars. Metaverse is something else very different, or more evolved.
How do we know we are in the Metaverse? As of today, there is still nothing that we can identify as a metaverse development company, but we can say that the real metaverse will be a network of virtual environments that are always active and connected to each other, in which many people will be able to interact with each other or with digital objects.
It’s not just a simple virtual theme park where the layout is centrally planned; Nor is it a simple game exclusively for the youngest (or not so young) to play. It’s also not a simple app that you can download from the app store and “play” right away. Metaverses are virtual universes that consolidate reality and the virtual world.
The metaverse is a pipe dream similar to when the “Internet” emerged where we could not imagine the real dimension of the “Internet” because we had never seen it before. And, we must admit, it was very difficult for us to imagine what the Internet of the future would be like, but if we look back, we will see that the Internet is very different from how we imagined it, but, in essence, it is quite similar to what they explained to us. A place where everything will be and you can do everything.
Metaverse and advertising: There are many reasons why marketers, and digital marketers in particular, will flock to the Metaverse. Firstly, because it is new and finally, faster connections exist, or will exist in some countries, in order to create growing environments. But perhaps the biggest reason is that brands want to retain and keep Millennials and Gen Xers with their products and technologies. And metaverses are going to allow brands to target these audiences in a new and different way.
It is estimated that in the next ten years the metaverse will be used by one billion users, so it could generate more than one trillion dollars in revenue for companies.
So we are facing a great opportunity for brands, companies, agencies and advertisers. The metaverse will generate new revenue streams through advertising, digital events, e-commerce, and hardware. And, as for advertising, it is estimated that it has lower barriers to entry.
It’s easy to imagine and adapt digital advertising technology, as it exists today, for a world of virtual reality. The same programmatic principles can be applied, metaverse real estate could be treated like digital advertisements, and targeting mechanisms based on consumer data already exist.
To comprehend the reason why brands will approach the metaverse integration service, we can contrast it with virtual entertainment as we probably are aware and use it today. Users log in, interact with their friends, family, and third-party environments, and in the course of these interactions, they encounter brands, view ads, consume sponsored content, and encounter various calls-to-action that drive engagement with brands.
How will advertising work in the metaverse? There are two methods for taking a gander at the metaverse opportunity in publicizing. First, it is an additional channel that will add to the different marketing strategies .
Just as many companies have their own branded mobile app, but at the same time they create their ads on Google or other platforms, have their own website and generate a presence on social networks (both organic and sponsored), the metaverse will also have its own Ad spaces and formats with marketing parameter attribution so you can track traffic and invest wisely.