They never get old, have an infinite lifespan, and are not caught in scams and scandals. These have an advantage over Instagram influencers. The initiative seeks to identify with the new generation by creating virtual shopping space for their customizable avatars on the app, ensuring that people can transition their shopping experience between the real and digital worlds.īrands are also using digital avatars as influencers. Metaverse can act as a marketplace, and the possibilities of making and spending money are constantly growing. Many companies are entering this space for consumer engagement and brand recognition. Some of the brands who have invested in Metaverse have taken the extra step and created their own video games/ experiences within metaverses where consumers can gather digital collectibles, and their accumulation of these collectibles could be worth, sold, or redeemed as real money. The land on the Metaverse can also be used by brands to build experience centers and retail space to showcase products. Leading brands have already started investing in real estate on Metaverse. Consumers are also buying real estate space on Metaverse to build their homes. Many brands have partnered with established video game developers and platforms to create interactive experiences.īrands are gauging Metaverse as an investment opportunity and are booking real-estate space for their virtual stores and offices. These engagements are also built through integration with gaming. Brands are exploring and creatively taking advantage of new technology opportunities in the Metaverse. Greater consumer involvement and attention lead to greater brand loyalty. Organizations sponsor events or organize events on Metaverse to increase their visibility and create buzz.īrand Loyalty involves multiple levels where consumers graduate from mere users to ambassadors, and at each level, brands try to increase consumer involvement and engagement. Brands can undoubtedly take advantage of the ability to host virtual events in an existing environment that showcase their products and partnerships. People are getting married on Metaverse just because they want to share their memory with many others worldwide and create a memory online.
The scope of Metaverse is expansive in India. A new campaign platform with multiple technology capabilities that can enable more moments of truth between consumers and their brands Some of the applications of Metaverse for brand building can be:ġ. Brands in the future will plan and integrate their physical, digital, and Metaverse communications to build greater consumer engagement.
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For brands, it’s a perfect way to be a part of consumers’ online and offline life. Still, it is a fertile ground for brands to build relationships with their customers and enable brand experiences involving multiple senses. Metaverse may emerge to be an extension of real-world personas in the future. We can expect multiple metaverse environments or continents, and people can choose to be occupants of one or co-exist in many spaces. It is a virtual marketplace where people can live their ideal persona, engage in purchases/sales, and indulge in multiple experiences. Metaverse is catching the attention of brands and marketers due to the integrated technologies embedded therein. It is a virtual ‘avatar’ of people which can allow them to live an alternate life. Metaverse is intrinsically a visual interface that expands the capability of the eyes, ears, and brain – to see, feel, and believe more than the human mind could do before. However, Metaverse seems to have taken over Second Life. It was positioned as a multiple role-playing video game that restricted its users and use. They also had their virtual currency, the Linden Dollar (L$), exchangeable with real-world currency. Though it has become a buzz word in brand business, the concept is still confusing for many as people think it’s like a heavy technology video game or a virtual space like ‘second-life.’ Second Life was an online multimedia platform launched in 2003 and gained interest in 2013 with one million users. The metaverse platform elevates the internet experience by establishing a virtual world in which users can engage in immersive gaming, conduct business, socialize, buy and sell virtual real estate, and enjoy immersive entertainment, among other things. The metaverse is a term used to describe a highly immersive 3D virtual world experience obtained through the use of technologies including Mixed Reality, AR (augmented reality) and VR (virtual reality) and IOT (Internet of Things). The global metaverse market size was estimated at USD 38.85 billion in 2021 and expected to grow at 39.4% CAGR from 2022 to 2030.
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