The future of marketing in the world of Metaverse
The metaverse is the latest version of social media’s evolution, which is moving at a rapid pace. The metaverse, a virtual environment, is considered a network of virtual worlds where individuals can engage with one another in a more accurate, visceral way than they do on social media today. While internet corporations see it as the next frontier for all of our interactions, it may take some time to take shape and become the next great thing it claims to be. The central IT giants are all preparing for this virtual world. Microsoft, Facebook, Roblox, and Epic Games are among the companies vying to be the first in the race and have already made significant progress.
We foresee a future where #Web3 teams and projects might wish to deploy native NFT marketplaces and collectibles, community token drops through NFT sales, or even their own #Metaverse to complement their product and marketing strategy. pic.twitter.com/fnfVJ7dgDm
— Unique One Network (@UniqueOne_UO) April 24, 2022
While India has the world’s highest internet penetration and the cheapest data rates, a full-fledged metaverse with its own cryptocurrency, the capacity to have NFT, multi-player gaming, shopping, and more is still a long way off. More than a high-speed internet connection is required to fully immerse oneself in the virtual world. A virtual reality headset, for example, is needed to seamlessly engage within a virtual 3-dimensional world. There are a number of technical hurdles to overcome in order to reach the level of technology improvement required to enjoy a virtual experience in the metaverse without interruption.
A full-fledged, widespread metaverse adaption is still a few years away. For Western countries that are technologically sophisticated in terms of hardware, a safe estimate of at least two years can easily be calculated. Users may interact with the metaverse using VR headsets like Facebook’s Oculus Quest 2, which costs upwards of $300, but there are still a lot of territories to explore. However, it is still at least five years away from being widespread in India.
So, where are we now?
Currently, metaverse-based marketing is just on a rudimentary level. Take ALTBalaji’s metaverse for the reality show Lock Upp, for example. They do have a marketplace where users can purchase and sell tokens for real money, but it is only partially built on the blockchain. It helps to promote the show, but it isn’t a true metaverse in the traditional sense.
Disney+ Hotstar is yet another effort at entertainment promotion in the metaverse. To promote its upcoming drama Rudra – The Edge of Darkness, the OTT platform collaborated with Hungama Digital’s Web3 venture – Hefty Entertainment, to build a digital avatar of Ajay Devgn.
A wedding was recently staged on the Indian metaverse site Yug. Virtual boutiques were built up inside the wedding site, a beautiful beach, where 400 guests mingled and had the opportunity to look around and even shop. Matrimony.com, Coca-Cola, and ITC are examples of well-known brands.
Also, read – Is Metaverse a fertile ground for future architects?
Data and the metaverse
The quality of data generated in the metaverse is far superior to what is now generated on social media networks. Given that the quality of data available determines the effectiveness of a marketing campaign, there is a lot of potential. A considerable amount of data can be streamlined, processed, and used for a concentrated, strongly tailored marketing campaign using Artificial Intelligence and Natural Language Processing (NLP). Voice, text, browsing activity, expressions, health information, and our interests are all examples of data that can be gathered. Deep learning can then be used to present a specific person’s personalized adverts. This, however, raises the question of whether customers would be willing to provide their data, what they would reveal, and whether there is something in it for them.
Establishing an #interactive #dialogue with consumers through the #metaverse is a breakthrough in #marketing because personal #wants and needs can easily be tapped into and trial and error will practically become insignificant.https://t.co/yGvn8BINVo
— Kathryn Sloane (@KathrynSloane_) April 21, 2022
In the metaverse, there is privacy.
Individuals who value privacy may be concerned about such vast amounts of data and their personal nature. In reality, there have already been concerns about huge digital companies collecting data. Data is collected by almost every social media platform. The data collection will be on steroids in the metaverse.
There are currently no such rules in place in the metaverse regarding data protection. Because of the personal nature of the data, identity fraud and theft are also a concern. If any regulations about safety in the metaverse must be enacted, it will require a collaborative effort from giant tech corporations, civil society organizations, and the government.
NFTs and the Metaverse
Cryptocurrencies can be used by brands who want to do business in the metaverse. In the metaverse, users can purchase crypto assets advertised by brands. Brands can also take advantage of the metaverse’s potential by converting their products into Non-Fungible Tokens (NFTs). These tokens have a real value and can be traded on the metaverse.
While Metaverse and NFTs have recently been hot topics of debate, and we can see a picture emerging of virtual economy commerce being conducted through cryptocurrencies, there is still time for companies to fully exploit the power of metaverse for marketing.