Whether or not you are a tech aficionado, chances are you’ve heard of the metaverse, with it being touted as the ‘future of the internet’. Although in its early stages, businesses across the globe are pumping in resources to truly explore and prepare themselves to leverage its transformative possibilities. Gartner predicts that by 2026, 25% of people will spend at least one hour a day in the metaverse. For marketers, this could be the golden ticket to usher in innovative ways to engage with customers.
Some notions of the metaverse envision not only immersive digital platforms where visitors can interact, shop, and play, but also interoperability between those virtual worlds, where consumers can move their avatars from one metaverse platform to another. It offers opportunities to create marketing strategies that increase conversion and experiment with campaigns that are not feasible in the real world. Simply put, the metaverse does not pause or end. It will always be active, continue indefinitely and exist in real time, along with being a self-contained and fully functioning digital universe that allows users to generate content, invest and sell.
Some brands have already made their presence felt on the metaverse. Nike launched virtual sneakers on the metaverse that can be bought as NFTs. Chipotle has its presence in the metaverse with its new Burrito Builder. Despite the advantages of metaverse for digital marketing, there are challenges that can’ be overlooked—intellectual property ownership, security, privacy and safety—all of which need to be built into it from day one.