What to Know About the Metaverse Right Now

The term Metaverse may sound futuristic,

but it has been part of the English vocabulary for over 30 years. Science fiction writer Neal Stephenson coined the term in his 1995 dystopian novel “Snow Crash” in which users live, work, and play in the virtual realm. Sound familiar? That’s because today millions of people find themselves existing in a virtual space much like Stephenson describes. 

The Metaverse is no longer a concept of the future, but a reality of the present. Not since the introduction of the world wide web has such a promising digital frontier taken center stage, and while its staying power is yet to be determined, the possibilities are seemingly infinite. So what does that mean for businesses looking to carve out their own piece of the pie in the ever-evolving virtual realm? We did a little exploring and here are our top five insights about the Metaverse.

Move over gaming, retail has entered the Metaverse.

While gaming has always led the way in the virtual realm, retail is making its mark. In fact, the first Metaverse fashion week has already taken place via the virtual world of Decentraland. In March 2020, over the course of four days, brands like Dolce & Gabbana, Tommy Hilfiger, and Fendy hosted fashion events where attendees were able to shop looks straight from the catwalk. In April 2022, Coca-Cola launched Zero Sugar Byte, a new beverage flavor “born in the Metaverse.” The new product, targeted toward gamers, is a prime example of an advertised virtual rollout for a tangible product.

Not every brand has a plan for the Metaverse.

The Metaverse as we know it today is still new, mysterious, and a bit of a question mark –but that’s not stopping brands from tossing their virtual hat in the ring. Businesses are purchasing digital parcels of land with the hopes of discovering new and innovative ways to advertise and create unique, immersive experiences for their customers. Right now we’re seeing virtual malls going up, new products rolling out, and even food delivery exploring the possibilities of virtual in-store ordering experiences.

The Metaverse is crossing into the mainstream.

Right now, the Metaverse is niche. But if Facebook’s 2021 rebrand to Meta is any indication, we may find ourselves spending a lot more time living out our daily lives in the virtual realm. With the rise of at-home work, the Metaverse–and virtual workplaces–are the natural next step, and with arts & entertainment attributed as one of the leading motivations for users to join (Statista; Tidio), concerts, trade shows, and other immersive experiences are expected to be a big part of the game. COVID-19 carved the path for live streaming and now the Metaverse is taking that to a whole new level.

The time to enter the Metaverse is now.

Much like social media in its earliest days, the instinct to resist the Metaverse as an inevitability is still there, but brands should not let that stop them from diving in. Whether it’s a passing trend or the way of the future, the Metaverse is simply too relevant and exciting to ignore. If there’s anything we’ve learned about the digital (and virtual) world, it’s that the possibilities are always much, much larger than we may initially perceive. According to influencermarketinghub.com, over 110 million people will use AR marketing services by 2023. That’s a whole lot of potential waiting to be tapped.

The Metaverse may be a marketing game changer.

Marketing has never just been about selling a product or service. Sure, that’s the end goal, but with the rise of influencers and digital platforms, brands have caught on to the value of building a following. Apple is the blueprint for this. They sell a great product, but the appeal is the experience that goes along with it. From their employees to their branding to their in-store experience, Apple users have latched onto the lifestyle of being an Apple user, proving with each new product launch that they’re loyal to the end. Your brand needs to tell a similar story and what better way to do that than via an immersive, virtual experience? The Metaverse is opening up new ways for people to interact with a product. If the future sees us living our lives on Web 3.0 then it’s possible we’ve discovered a method for extending our reach that’s more personal than ever.