Lets talk Metaverse!
Described as ‘the future of the internet’ by tech CEOs, the metaverse is undoubtedly the shiny new kid on the block. Whilst the Metaverse is referred to as an entity of the future, it’s likely to be part of our daily life much like Facebook, Instagram and TikTok before we know it.
But before we jump into the possibilities of what this new frontier could offer the everyday user, small business or brand, let’s immerse a little in what exactly it is.
What is the Metaverse?
Polygon broadly describe the Metaverse as ‘a graphically rich virtual space, with some degree of verisimilitude, where people can work, play, shop, socialize and do the things humans like to do in real life.’ Essentially, the Metaverse is a virtual 3D world where people can connect and interact socially. Closed Metaverse platforms are already available through Roblox, Fortnite and Minecraft.
With the rise and development of VR, AR and the Blockchain, the Metaverse has been catapulted to the forefront of the tech industry. It hosts a digital economy in which users can create, buy and sell virtual goods. This potentially huge commercial draw has already tempted some of the brave, big players across finance, FMCG and gaming to take the first steps into this somewhat unknown foray. We have watched the likes of Coca Cola, Wendy’s and Pokémon flex their creative muscles as they merge their brands into this world and begin to clearly mark their territory.
‘It’s called fashion…look it up.’ Balenciaga X Roblox
Arguably, the most interesting industry to watch evolve in this space is fashion, the love language of many an MXB-er. The majority of us seemed skeptical and at first. Digital clothing? Come on! However, Virtue Worldwide in their recent ‘Screenwear Paper’ global study have shown that 94% of those surveyed ‘foresee digital fashion becoming mainstream’, in time.
Fashion brands such as Gucci, Balenciaga and Nike are already investing heavily in the virtual online world, developing digital versions of their shopping experiences and real-life products – which in some cases have sold for more in digital form than the real-life tangible product. That should give us all a lot more room in the wardrobe then, right?! Metaverse Fashion Week will soon take place, hosting runway shows, pop-up shops and after parties. We’ll be keeping a keen eye on the rise of fashion NFTs and how fashion houses further commercialise this space. It’s just so interesting and when it comes to fashion, we can’t help ourselves!
How can your brand fit into the Metaverse?
Almond Breeze have stated that they want to become the ‘official drink of the Metaverse’ and are not the only consumer brand considering how to best place themselves within the Metaverse. There is a rapidly growing desire to be seen as active in this space.
For global brands who want to innovate and diversify their offering, the time to get involved is now. These brands have the luxury of observing and learning from what the pioneering brands have done so far. There’s no doubt that for those brands that wish to operate on a global virtual scale, they’ll need to have deep pockets.
For smaller brands, your digital marketing department ought to get to grips with understanding the Metaverse now rather than later. Observe trends and developments early so that you can start to recognise potential future opportunities for your brand.
There’s still a lot of skepticism around the Metaverse and a lot is yet to be revealed around feasibility and costs. It’s an unknown quantity right now and with no previous form, it’s all pretty unpredictable. But this change is here and signals the future, so marketers will benefit from getting comfortable with how brands might move and operate in the virtual world. All should become clearer when the Metaverse becomes more accessible and real for the everyday smartphone user.