We let the facts do the talking.

The Metaverse Saga

Part 1: Everything Marketers Need To Know And Prepare For

In a lot of ways, the arrival of Metaverse feels like the arrival of social media during 2008-2009. This was a time when businesses were starting to understand the power and influence of this new tool. The situation is similar now. Many marketers, as well as brands, are now seeing Metaverse in the same light and contemplating upon the potential it holds for the marketing industry.

It has been dubbed as Web 3.0. Web 1.0 defines the initial days of the internet when its only function was to connect people with information. This is how businesses went online and the trend of online business cards began. Web 2.0 is where when it all became popular and a part of everyone’s life – the time of today.

With Web 2.0, it is about brands creating communities, connecting with their audiences, and fostering groups and relationships. However, such platforms collect data and use that to make money. This is where communities end up being rented land.

But Web 3.0 is all about rising from social media and establishing a community with your own space. In other words, it will be digital ownership of digital assets. Web 3.0 is one part of  Metaverse that will allow people to connect with places as well as things. Therefore, with Metaverse you can own a retail store as well as get leads via the mobile web using virtual reality/augmented reality. This is great for small businesses as well as established brands.

Also, Metaverse is way more than just Web 3.0. We think of it as a personal connection inside cyberspace, digital currency, blockchains, virtual reality, NFTs, and augmented reality than just building a community on anyone’s social media site. It is the convergence of the physical world. This will also allow marketers to enter and experience it.

One cannot predict everything that will come  with the Metaverse after it becomes mainstream. But, it is going to have a major impact on every business. Thus, it is essential for every business to have better marketing practices and marketers need to build new strategies for the success of their business in the future. So, here are some of the few business roles that will be in the long term.

Here are some of the things that one needs to keep in mind while contemplating their role in Metaverse:

  • Is it necessary for you and your brand to build the virtual world?
  • Is it important to go for sponsoring a virtual world?
  • What sort of intellectual property your company has held over that you can use as an NFT?
  • Is it important to build a Metaverse team that benefits to develop a strong Metaverse strategy? If yes, what should it look like?

No wonder, some of these questions might seem far-fetched but one should keep in mind that when social media came into the picture around 2009 and even till 2012, a lot of businesses were surviving with a manager. However, building a team and discussing marketing strategies was something that only big companies or brands were into. One can get ahead of everything by thinking about Metaverse’s goals and what they will be working towards. Is Facebook going to own the Metaverse?  I will be answering this question in the next part.

Hussam Abdulkhaleq is Account Manager at Cicero & Bernay Communication Consultancy, an independent PR agency headquartered in Dubai offering new-age public relations consultancy to the UAE and across the MENA region. | www.cbpr.me