According to the consulting firm McKinsey, companies related to the metaverse raised more than 10 billion dollars in 2021, more than double what they raised the previous year, and it is speculated that the global value of the creation of this virtual ecosystem could be billions, but what exactly is the metaverse?
Until now there is no universal definition, but we can mention some of its characteristics that can help us understand what it means.
The metaverse is made up of immersive environments using virtual or augmented reality technology. It spans the virtual and physical worlds, as well as multiple platforms. In addition, it allows people to have virtual identities and works with a virtual economy, often built on cryptocurrencies, goods and digital assets, including NFT’s (non-fungible tokens).
“We can say that talking about the metaverse is talking about experiences. Advances in technology, of all kinds, require less and less time, placing us in an exhaustive race in which brands compete all the time to be the one who provides the best user experience”explains Ilse Lugo, a consultant specializing in digital communication at Zimat Consultants.
Not long ago, the novelty was that brands offered the possibility of testing their products through the cell phone camera, so they gave the consumer the opportunity to see which shade of lipstick or hair dye is the one that suits them best, or how a piece of furniture would be seen in your living room, before making any purchase.
Now, with the metaverse, endless possibilities are opening up for all brands, which must first adapt technology and, in turn, find the best way to interact with their consumers under this new format.
In a PRWeek note on the Cannes Lions International Festival of Creativity, Martin Sorrell, founder and CEO of S4 Capital, is quoted as saying that the metaverse is “over hyped, but very interesting”, noting that: “entrance opportunities for brands using the metaverse are currently limited. Conversations that open up about the metaverse often lead elsewhere. We have a long way to go to understand this and it will be extremely important in the long run.”
And it is that brands cannot be left with the option of appearing as sponsors in virtual events, they have to go further to achieve a real impact and take advantage of everything that the metaverse can offer us.
According to specialists from McKinsey, there is still a lot of skepticism regarding the metaverse and companies should exercise caution, as the promise may take some time to deliver, but they firmly believe that we are on the cusp of a fundamental change in the way how people use the internet and it would be remiss to ignore what the metaverse has to offer. It’s a good time to adopt a test-and-learn mindsetbe open to experiment and capitalize on the success that new technologies can offer us.