The Metaverse: Explained
We've heard a lot about the Metaverse lately. From social media to the fashion industry, the Metaverse is having a moment...but what is it? Shrouded in mystery and distorted by virtual smoke and mirrors, we're here to demystify this seemingly futuristic platform.
What is the Metaverse?
Wikipedia defines it as a "hypothetical iteration of the Internet as a single, universal and immersive virtual world facilitated by the use of virtual reality and augmented reality headsets". Forbes says that "the term Metaverse is used to describe a combination of the virtual reality and mixed reality worlds accessed through a browser or headset, which allows people to have real-time interactions and experiences across distance."
The short answer is that the Metaverse is a 3D version of the internet. The idea is that in the Metaverse, users choose an avatar and build a virtual-reality parallel to their own physical reality. The Metaverse can take place in the form of games or even online immersive experiences, and it can be accessed from the internet, video games, VR/AR experiences, and more.
Fortnite is considered the first “credible metaverse”. It capitalizes on the metaverse experience by providing experiences that keep people coming back for more. Unlike other games, skill level is unimportant as most Fortnite players primarily log in to socialize and interact virtually. As we get closer and closer to the web3 era, the term “Metaverse” seems to be growing in popularity.
So, why should marketers pay attention?
Not only is the Metaverse expected to be the next big thing, but it’s also not going anywhere anytime soon. Many major platforms are beginning to roll out options that advertisers could use to market their products in the Metaverse.
For example, Google is starting to roll out an option for AR where you can try on beauty and apparel products. Other companies offering virtual try-on opportunities include Warby Parker and Ulta. Amazon also offers virtual try-on and the ability to place furniture in your room through VR. This eliminates the need for the consumer to go to the store and try on the product as they could try it on from the comfort of their own home.
As marketers, we know the world is becoming more and more digitally focused. The Metaverse is just another opportunity to capitalize on to show your product to consumers without them ever having to leave their homes.
Want to add the Metaverse to your marketing plan? We're ready to help!