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The Metaverse: What Is Tech’s Newest Trend

The Metaverse: What Is Tech’s Newest Trend

The pandemic has been a catalyst for accelerated growth for many companies worldwide. Few companies have been willing to switch to digital working methods. However, with the pandemic, things changed within weeks and companies were forced to switch to digital to continue their business. Businesses have transitioned to the work-from-home model during the pandemic, with many now adopting a hybrid approach. The next level of this work-from-home approach is to help people work and collaborate in a virtual reality experience.

For this Facebook, Horizon Workrooms, an avatar-based collaborative workspace, is the latest technology that makes it easy. It’s Facebook’s first step in creating a virtual reality experience purpose-built for people working together. Horizon Workrooms fits perfectly with Facebook’s goals of building the so-called metaverse.

Beyond the workspace, in the corporate Metaverse, companies have absolute control over their meta worlds and what exactly happens there. Companies can create their little worlds, from dress codes to selling products within the platform. For example, if you are a retailer with a virtual reality store, you can display all your products on the shelves. Your consumers can select products, view them, and click to buy. The physical item can then be delivered to your home.

Metaverse: Impact on Events

In the events industry, the pandemic has already moved many meetings online. Cultural celebrations, family reunions, weddings and graduations flocked to Zoom or more immersive virtual platforms. It’s safe to say that online social events have gone mainstream. Geographical boundaries are shrinking, and the Metaverse is another step in bridging those geographic gaps. Let’s go back to April 2020 and take a quick look at the entertainment industry.

Travis Scott, a rapper, organized a virtual concert in Fortnite that attracted more than 12 million players. People didn’t have to do it; they wanted to do it. It was considered historic and unprecedented. This set an early pattern for how things would change for the events industry. However, a more recent example is that of the Swedish group ABBA.

They announced the launch of a digital experience featuring their “ABBA-Tars,” presented at a physical location in London.

The future of events will be the Metaverse. Isn’t that a big claim? But not without reason. Several event technology companies are already changing how they work in anticipation of the Metaverse. Fair’s Spatial Connect already offers something like the beginning of the Metaverse.

Fairs Spatial Connect is a virtual environment where participants can collaborate, work and even play virtual games or music. It allows you to move in space and meet people.

It provides an immersive network space that can be customized for any environment. Why are we mentioning this here? Precisely because the idea is to allow connections between people within the Metaverse. That’s what Zuckerberg and every other “Metaverse enthusiast” wants to create: a place that goes beyond the current level of connectivity and communication to something that lies on a deeper, more personal level. 

Metaverse: Impact on Marketing

We have already noticed that the way companies think is changing. With the revolutionary technology of virtual reality, we can enter virtual worlds from our natural world. How can marketers prepare for this new world? With web development and mobile technology advances, we’ve seen marketing shift from billboards and magazines to social media and SEO.

Again, the Metaverse will impact how brands conduct their marketing efforts. They must change and adapt to new technologies; just like with the internet, marketers have had to change their focus. You will be where the consumers are and need to know how to “find” themselves in the Metaverse.

The Metaverse will also impact how brands conduct their SEO efforts. “One of the major characteristics of the Metaverse is the large role that image processing plays,” claims Eric Enge, author of The Art of SEO and co-founder of Pilot Holding. Virtual reality, augmented reality and visual search depend on it. “. Deep content is at the heart of any SEO strategy. If the content meets users’ needs, it will perform better in SEO rankings and organic search traffic.

In addition, images are a very effective form of content. As Google gains a better understanding of the content and quality of images, this becomes an increasingly important factor.”

Opportunities for Brands

Now, brands will insert themselves into the virtual world through games. Here they can natively complement the experience rather than interrupt it. They recreated their services to create branded arena characters in games. They contribute to the user experience; they have a higher memory in mind. Once again, Fortnite is an obvious example of this. Over the years, they have gradually introduced advertising into their games, making space for their brands.

The Metaverse has also created a space for luxury tokens, ideal for collectible non-fungible tokens (NFTs). NFTs are digital assets secured by the blockchain. When someone buys an NFT, they buy a unique pass (entry) on the blockchain ledger that proves they are the sole owner of the digital asset. Brands are selling digital versions of their products for more than their physical price. Emma Chiu, Global Head of Wunderman Thompson Intelligence, says: “Gucci is selling a digital 

 bag for more than its physical value and shows what the economics of the metaverse could potentially be.” This also reflects what brands could do in this Metaverse, as they can fully connect and interact with an audience.

She explains this: “Many luxury brands such as Louis Vuitton, Balenciaga and Gucci create digital possessions that can be purchased in-game, release limited edition NFT collections and even create their own branded game worlds. These are very exciting and interesting examples of brands not only getting into gaming but also creating third digital spaces where people can meet, hang out and make new experiences together.

 If we see what virtual event platforms offer, brands are inspiring today; like fairs, they allow brands to showcase their products, services and other guarantees. In addition to exploring more, virtual or hybrid event sponsors can also place brand logos throughout the event, organize activities, host special webinar sessions, sponsor games, and much more. This helps the consumer resonate with the brand as there is no direct selling but a fun and interactive interaction with the attendees.

When Can You Enter the Metaverse? 

According to industry experts and their predictions, the Metaverse is about ten years away. Right now, it’s more about immersive entertainment experiences, but the Metaverse is much bigger and more complex than that. Early adoption is critical for brands that want to be a part of it. Familiarize yourself with the space, subcultures, and communities before advertising everywhere. It also means stepping outside of what your brands currently offer.

Brands can thrive by moving away from current offerings and thinking creatively about their products and services, said Nick Pringle, R/GA London senior vice president and executive creative director. Breaking down barriers, jumping in early, learning and supporting the growth of the Metaverse has an advantage: brands are credible. They can buy the loyalty of the community that grows within the Metaverse.

Nick thinks Gen Alpha is “ready for the Metaverse” thanks to Fortnite and Roblox. Brands that enhance existing and new virtual spaces have a good chance of becoming famous. Brings with it some challenges. Technological prowess, closed-wall systems, intellectual property issues, and legal frameworks are some of the current obstacles to the mass adoption of the Metaverse. Once everyone has the hardware, adoption will be easier. The tech giants still have a lot of research and development work to do.

While organizations like fairs are already creating immersive environments for their audiences, it is safe to say that the next ten years will be interesting, exciting and full of opportunities for the world of technology, for the events industry, for business, operations, marketing and in the Basically anyone who wants to stay relevant. Only time will tell how you will take advantage of this new opportunity and what’s next in the Metaverse.

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