Metaverse holds potential to change the way we do business, experts
By Abimbola Mohammed
The Metaverse opens up new virtual environments in which people can play, socialize, trade virtual assets and even work and earn revenue. This creates new opportunities for brands and businesses and companies.
With technologies like Metaverse and NTFS, brands can create unparalleled and innovative experiences, organize business events without the need to travel, and engage with customers everywhere in real-time, regardless of geographical location.
According to Kartik Sharma, Group CEO, Omnicom Group India, “Though the Metaverse may sound like a virtual reality game on paper, it holds the potential to change the way we conduct business and create disruption. Similarly, for brands and marketers, the potential for innovation and experimentation within the Metaverse can offer a chance to provide immersive experiences to consumers.
“Thanks to the power of AR/VR/AI, all of that is now possible. It is the next step in the evolution of technology and comes with the promise of extensive creative opportunities. Brands are already foraying into this realm by experimenting with AR filters and innovative campaigns. As recent developments show, many leading global and Indian beauty brands have incorporated AR into their social media campaigns with a fair amount of success.”
The CEO advised that even though leveraging the power of the Metaverse may seem like an exciting new prospect for many, it is still in its nascent stage and investing top dollars in it without considering brand equity and value could prove to be an extremely risky move.
His words: “Many brands have been quick to jump on the bandwagon just to be one of the ‘first’ to mark their presence in the Metaverse, but that, in my opinion, is a folly, is for businesses to bank on the first-mover advantage to give themselves an edge over the competition. However, a change of this scale depends on several other factors like brand appeal, the rate at which the technology is evolving and the present-day market sentiment.”
Being an early entrant grants some advantages, but it can just as well work against the brand if they do not have the financial resources, top-notch R&D capabilities or the means to survive in today’s Volatile, Uncertain, Complex, and Ambiguous, [VUCA] markets. Consumer acceptance also plays a huge role and people are sometimes not as quick to adapt to change.
Speaking at the webinar held by Eskimi, Adtech platform, with the theme: “Metaverse: Revolutionising advertising in a fast changing digital world” Wale Adekoge, CEO, Nimbus Media noted that in the near future, more and more brands are bound to jump on the metaverse train as it continues to gain more traction and more individuals invest more time in the immersiveness and social interactions of it.
His words: “One of the most exciting aspects of virtual reality is the ability for brands to give their customers a unique and custom experience that wouldn’t be possible in the real world. Brands can use 3D models or CAB files to build an immersive version of your product and then let customers tour through it and Virtual Showrooms.”
You can now buy digital Yacht or a one-of-a-kind pair of Nike shoes in the Metaverse. NFTs (Non Fungible Tokens) are a new form of digital asset that can be used to represent real-world goods. Brands can use NFTs to create virtual representations of their products, allowing users to own, buy and sell them.
He said further that Mateverse can be a great asset for brands.“Metaverse, NFTs can be used to show off new products, or to display older products in a new way. Virtual showrooms can also be more interactive than traditional websites because they allow people to interact with the lens on display.”
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