Lately, a lot has been written about the Metaverse and how it is expected to impact how brands will engage with their consumers in the future. Several elements will be essential to consider when trying to understand this new development, which is here to stay.
Even though there is not a unique definition for the Metaverse, it can be described as an immersive 3D digital world where people can interact with each other and with companies and brands, using extended reality, that is, virtual reality (VR) and augmented reality (AR). This world allows people to create avatars that can be used to communicate with other users while taking advantage of a functioning virtual economy where people can purchase digital assets such as nonfungible tokens (NFTs) and real estate.
This new world creates endless opportunities for brands, especially when trying to reach younger generations who have grown up using digital technology. According to Amanda Hetler from TechTarget, even though there are enormous challenges for marketers due to the novelty of the Metaverse, several tools can contribute to the marketing strategy of different companies that want to be part of this new trend.
For instance, brands can create immersive experiences for their customers, allowing them to see 3D versions of new products in virtual popups or participate in interactive virtual events or training that would increase brand awareness. Moreover, there is an opportunity for brands to create digital collectibles, such as NFTs, that can positively impact how people perceive the brand and increase the company’s income.
Although it is still too early to predict how successful the Metaverse will be, there is no doubt businesses need to understand how it works and how it can allow them to reach their target audience in a completely different way.
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Vivian Osorio: Student ID: 10568853
(Disclaimer: This content is for the sole purpose of teaching and learning at Edith Cowan University).