In 2021, Facebook underwent a full rebrand and is now under the alias of Meta. While this may seem insignificant to some, this rebrand may be the beginning of the metaverse’s acceptance into the mainstream by both customers and businesses. Since this concept is relatively new, many small businesses may have a shot of getting ahead of the curve. Here are a few ways that the metaverse and the digital marketing industry go hand in hand.
What is the Metaverse
The metaverse can be described as an embodied internet, in which you’re in the experience rather than looking at it. Due to the increases in remote employment, as well as the general technological advancements in the past few years, digital marketers should keep a close eye on this new medium. Just like how many marketers were unaware of how to use facebook to grow their businesses in the past, the same can be said for the metaverse in the present. VR chat, while not perfect, is a glimpse of what the metaverse may become in the future. It’s a virtual reality that contrasts our own. Even though it currently has no significant effect on our way of life, the potential is unlimited.
How to use the Metaverse to Grow Your Business
Research shows that 65% of Gen Z consumers have spent money on a virtual item that exists exclusively in the game they’re playing. We’ve already seen glimpses of the metaverse being used for businesses. Video Games such as Fortnite have made partnerships with different brands, such as Marvel, Pixar, the NFL, etc. We’ve also seen them experiment with a virtual concert in April of 2020. The metaverse is still a relatively new medium, so it’s clear that smaller businesses may find it harder to utilise its potential. However, your business may experience substantial growth in the future, depending on the trajectory of the metaverse as a whole.
What to Expect in the Future
As previously mentioned, Facebook will begin seeing itself as a metaverse company in the near future. It’s likely that other social media will follow suit. Its transition into the mainstream isn’t without its obvious difficulties. Not everyone has access to a high end computer, or reliable internet connection. There’s also the issue of how it’s perceived by most people. The mainstream media perceives the metaverse simply as a genre of video games, when it has potential to become much more than that. As with all mediums, time is the greatest factor for growth.
The metaverse might be the next big thing, so even if you do not plan on utilising it for your business right now, it’s likely to become a necessity in the near future. If you have any questions, be sure to contact the Virtual Image team today.