Did you know that the internet as we know it will soon be transformed into a three-dimensional world? That the whole experience of surfing, using social media, buying, and doing different things we’re used to will be completely transformed? It may sound like something from George Orwell’s novel, but just as most of the things he predicted, this too will soon become a reality. One piece of information that proves this is that all top luxury brands are already preparing how they will function in this metaverse, and investing in it.
The term metaverse will probably confuse a lot of people, given the fact that it’s a completely new term. Let’s explain a bit more about it before we continue…
What is metaverse?
The simplest explanation would be that it is a virtual or a digital world. This means that one is able to create a new life inside it, but without the usual restrictions imposed on us in real life.
Imagine not only being able to open a website but having to enter it. Metaverse is a 3D successor to the Internet that will allow you to navigate and explore real and virtual worlds in a 1: 1 ratio. Access to these worlds will be possible through virtual reality, a mobile device, your computer, or a game console.
When you are in it, you can present yourself or communicate with the world as you wish. You can be as tall as a giant or as small as an ant. You can run, swim or even fly. Being completely alone or with the company. You can create and share virtual content yourself, or watch a concert or a sporting event. The possibilities of this “new world” are endless, there are almost no limits – because everything happens virtually.
As it drew a lot of interest from companies like Facebook, and the biggest fashion brands, paid content is about to be expected. And here is where digital assets (cryptocurrencies) will find their true purpose. According to OKX.com they will be the primary mean of payment for anything you decide to purchase in this virtual world. As they share the same characteristics of not being bound by the shackles of the real world, it is only logical people will use them to invest and create their virtual lives.
Things one could only imagine will become reality…
At one point, you’re hanging out with friends in the world of social media, and then switching to the world of Netflix where you continue to hang out together with a good movie. But instead of closing a tab in a web browser and opening a new one, you are virtually teleporting from one space to another. When you arrive at the location you can take a walk down the street or jump to a nearby store to see which new sneakers have arrived.
It does not only open (virtual) doors to the worlds of imagination. This same technology can instantly bring you to a virtual view of real-world places, including those places that are mostly inaccessible due to geographic location. While sitting in your home, you can shop “in the middle of Paris” (without spending money on an expensive plane ticket and without spending time traveling).
If we accept the assumption that the metaverse is basically the Internet – just transformed and alive within a permanent digital environment – then we can think of it as a combination of experiences and places that allow people to build, buy, sell, collaborate or play together in real-time. Just like a real city, it will be made up of different parts such as stations, theaters, concert halls, shopping malls, offices, and more. These worlds can be digital replicas of the real world, and they can also be completely different from what we know in reality.
The focus and goal of virtualizing various worlds into one experience are to put emotions into code. This process has led to the creation of diverse, impressive environments that give us insight into what this new version of the internet will look like: a persistent ecosystem that combines embodied experiences ranging from the real-world digital twin to fantastic experiences and environments that are only possible in digital form.
Instead of passively moving through information on a flat surface, you can communicate with objects and information just as you do in the real world. For example, real estate agents can replace a set of blueprints by offering virtual tours that allow people to explore the hallways of a building before it is built, actively customizing surface textures, colors, or even the look itself – with VR devices. So, no wonder so many is focusing on investing in this new world.
Although we are talking about the future, because such a unique and interoperable internet does not yet exist, the worlds we can immerse ourselves in and virtual worlds are already available for construction and exploration on various platforms, and the audience that uses and consumes it is growing rapidly and easily adopting new digital rules of conduct. Each of these spaces offers brands the opportunity to build their presence in this brave new world.
This opens up tons of new marketing opportunities…
How will marketing be performed is also something yet to be seen. Opportunities are quite promising, and we can definitely say that the rules which apply now will be old, and not so effective by the time we are in this metaverse. A whole new set of rules will apply, and luxurious brands are aware of this. This is why many decided to react on time.
The worlds of brands will have to be built on virtual platforms, each with its own protocol (such as digital currencies), tools, assets (avatars, accessories, building blocks, etc.), and most importantly, the right audience.
All of the above will definitely require a lot more energy resources (electricity), and a brand-new infrastructure based on fast internet (5G and optic).