The metaverse, yes everyone’s talking about it, but do we really understand it, and what exactly the next iteration of the world wide web will bring?
In a word, the metaverse can be described as a gamechanger. Since with the continued rise of the digital economy, the metaverse, although predicted to be at least a decade in the making, is set to disrupt life as we know it, and subsequently whole industries and brands as well.
According to Deloitte Insights, the metaverse seeks to build upon the internet and embody individuals within it. Now what that means, also according to Deloitte Insights, is enabling humans to dive headfirst into the multiple layers of the virtual world, with these layers mapped onto the physical world, creating a much more 3D experience.
Some might say it’s the natural evolution of life online, exacerbated by a global pandemic that saw more people turn to virtual spaces, ironically, to come together.
And in a post-pandemic world the metaverse, it is said, will be a new and immersive way to bring people together even further.
Spending more time in the metaverse
Apparently as soon as 2026, around 25 percent of humans will spend at least one hour a day in the metaverse, according to technology analyst firm, Gartner. Which isn’t hard to believe, when here in the UAE 80 percent of consumers said they now spend substantially more time online, according to the recent Accenture Technology Vision Report 2022.
In the same report, 71 percent of executives believe the metaverse will have a positive impact on their organisations.
For instance, real estate experts predict that their industry will see a surge, as owning virtual land assets becomes more widely sought after.
Equally, the pandemic’s impact on commerce and mobility evidently saw the exponential rise in the number of people tuning into the virtual world – be it gaming, social media, streaming services, or shopping. And this trend is only likely to intensify.
Within the past year we’ve seen global luxury fashion brands increasingly invest in the metaverse, teaming up with gaming platforms to create virtual collections and designer avatar outfits for users to buy, the first of which was Balenciaga X Roblox.
Because the metaverse, apparently, is opening the door to the sale of “digital twins” of physical goods. Which is why we see luxury brands leveraging existing online platforms to build an immersive experience, and in a way, product test.
The goal being to facilitate self-expression in the virtual world, as they do offline, this time through digital skins and digital fashion – inclusive of limited-edition drops.
A whole new marcomms environment
For some industries and their customers, what you’d call a real move to the metaverse has already begun, with immersive experiences taking shape on various platforms.
Case in point, the Travis Scott concert held inside an online game in August 2020, or more recently world-renowned techno DJ, Boris Brejcha’s concert on Roblox.
In the UAE, the public sector has already taken note of this evolution, launching the world’s first regulatory authority – Dubai’s Virtual Assets Regulatory Authority.
As for marketers and creative agencies in MENA, it is incumbent upon us to seize the opportunities of this new realm, and we must do this with a native perspective i.e., by hiring a new talent stack of not just tech developers but also creatives hailing from game development to digital art.
Today, we have the luxury to test and learn in a burgeoning environment, however tomorrow this might not be the case, and we may be too late to the party, or worse, not be invited at all.
Because what the metaverse offers is a whole new environment to meet and engage a new breed of consumer through an immersive experience that’s as meaningful as an in-person interaction – all the while redefining brand narratives, commerce and immersive experiences through the building of virtual bridges.
And although the regulatory and ethical implications of the web 3.0 is a whole other discussion unto itself, an interesting notion here is, that with metaverse technology still in nascent stages, brands have that rare opportunity to lead in the creation and development of this space, learning and adapting along the way.
Today, we have a window of opportunity to define and create a new bridge, one that leads brands on a journey towards web 3.0.
Fouad Abou Mansour, Chief Operating Officer at Impact BBDO.
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