A connected world through social networks has become old. Gen-Z are looking for interactions in a virtually connected world at the comfort of their fingertips. And that is where the Metaverse comes into the picture. A Metaverse is a digital place where you can virtually do everything, just like in real life.Â
With the help of AR-VR devices that will better connect us, we enter a world of mixed reality. This gives us endless opportunities for businesses in the market. Companies such as Roblox introduced this concept way earlier. And the pandemic has only helped improve their daily active user count to 49.4 million.
Gen-Z embraces internet technologies and is an expert communicator on digital platforms. But the closed and controlled nature (by big corporations) of Web 2.0 has opened up space for Web 3.0. This is more user-led and democratic. Web 3.0 is the next significant change on the Internet that incorporates blockchain and the idea of decentralization. Blockchain adds a layer of security and transparency by tracking all the transactions and maintaining a source of truth.Â
Web 3.0 Metaverse economies are about a mix of digital goods, services, and assets. The transactions happen both via fiat and cryptocurrency, with blockchain being the underlying technology for it.Â
How Should the Marketers Prepare for the New Attention Economy?
One aspect that is scarce in the attention economy is â€˜time.â€™ The marketers have found innovative ways to add value through relevance and context. Yet, they cannot reach their full potential and become part of the experience.
Metaverse will provide the platform for the marketers to have better contextual ads, immersive experience, and a seamless fit into the environment. For example, people in the metaverse world (through the AR-VR devices) will head to a virtual exhibition to meet new people and have a fresh experience. Brands can use this space to advertise their clothing, gadgets, shoes, and various other products. This helps them align with the natural mood of the situation and helps marketers take their in-game advertisements to the next level. Because the brand is a part of their experience.Â
How is the Gaming Industry leading the way in this New World?
The gaming industry is the leader in bringing this metaverse experience with games like Fortnite, Axie Infinity etc. Gamers build their profile by adding various assets (like car skins, avatars, armory, etc.) through in-game currency which helps them level up in the metaverse world. The recent NFT craze has proven the interest of people in trading digital assets. It gives them autonomy and control of interactions, which is not possible in Web 2.0.
The success of Axie Infinity in the Philippines is the best example. It helped unemployed people earn income through NFT. It has legitimized gaming as a career path and caught the attention of various players into it.Â
Metaverse and the Play-to-Earn games can enable low-income economies to earn enough income through playing games. It can build an ecosystem that gives control to the people and decentralize the Internet.Â
What are big companies doing in this Metaverse?
Big brands have started experimenting with Metaverse in their own style. For example, Balenciaga and Fortnite have partnered to allow gamers to buy digital outfits for their characters.Â
Coca-Cola and Tafi created a strong community presence through their NFTs that could be used in Decantraland, a gaming platform hosted on the Ethereum blockchain. The auction received over $1 million for a virtual coke vending machine (NFT).Â
Advanced contextual ads, mixed reality, in-game currencies, and NFTs are some of the aspects that could take Metaverse to the next level. Big brands have the resources to afford experimentation and withstand the outcome. Marketers who want to compete in this world have to approach the space with an open mindset.Â
For now, it is advisable to keep a close watch on the leaders and see how they are improving their interactions. The future will need marketers to spend considerable time on these platforms.