Hardly any marketer has not warmed up the metaverse hype. Has been equally hard to find someone who fully understands the implications of the expanding use cases of the metaverse. While business leaders are doing their own bit to demystify the concept—which many have seen as the internet’s evolution—definitions, rules, and approaches for metaverse initiatives continue to evolve.
Why Should You Be Part of Metaverse?
The metaverse is likely to come to life sooner than later. Regardless of the accepted fact, that the metaverse is akin to an ‘always-on virtual world’, the business opportunities in this virtual economy are every bit real.
The use cases of a metaverse in sheerly vast—businesses across industries are building up technologies and marketing expertise to understand the scope. Or better still, few have already jumped on the bandwagon to merge virtual and physical worlds through the metaverse in seemingly strange ways. Their initiatives combine multiple platforms to leverage technologies such as cloud computing, Blockchain, AI, digital twins, network/connectivity technologies, and Web 3.0 architecture in a new light. All these present a case for several tailwinds for the metaverse market.
The metaverse market report offers deep business intelligence into some of the strategies businesses find worthy of using to extract value–especially for charting new, innovative customer engagements.
Where Does Compelling Business Proposition for Value Creation Lie?
Metaverse-related companies have already begun putting ambitious bets in the metaverse market. Millions of dollars have been forked out mainly by private funding to create value.
Frontrunners have been Facebook (amusingly, it rebranded itself to Meta a few months ago) and Epic Games through Fortnite. The Meta brand invested $10 billion in the metaverse. The latter company has raised a total $3 billion in funding to fuel its long-term metaverse initiatives. Partnering with Lego, Epic Games plans to build a kid-friendly metaverse.
However, metaverse initiatives to increase metaverse market share do not end with heavyweights. Small entities are also willing to test the water. These indicate that possibilities are vast, and metaverse market size will spawn billions of dollars in spending in the not-so-distant future. Not just from private funding will the growth stem; governments are not holding themselves back from putting stakes in the metaverse market to leverage the profound potential of the virtual economy. For one, Seoul, South Korea, has laid the foundation for the metaverse ecosystem. The “Metaverse Seoul Basic Plan” will span municipal administration areas. These initiatives will likely enrich metaverse market value in the next few years.
Avatars Redefine the Way We Work
Perhaps, one of the low-hanging fruits enterprises are tempted to test is using avatars for virtual employee training and anything related to understanding team dynamics in an organization. Indeed, the metaverse holds great promise for multi-location training programs.
Metaverse Pushing Customer Engagement Initiatives to New Directions
The metaverse market is redefining the rule of customer engagement. A detailed and in-depth metaverse market report offers insights into how companies assess risks and opportunities in the metaverse market.
Marketers Thrilled and Challenged at the Same Time – First Mover Advantage
Even though many companies are adopting the wait-and-watch policy, metaverse market reports find that customers associate an element of innovation with brands willing to trade in the metaverse. Tellingly, companies who choose to ignore immersing in the metaverse should be doing that at their peril.
Indeed, businesses look to harness the potential of metaverse-enabled platforms and the metaverse world for charting compelling customer propositions. They are launching games on the metaverse. A case in point is Gucci which plans to leverage the metaverse for connecting with Gen Z. The luxury brand also intends to unveil a blockchain-based platform (The Sandbox) for setting in motion the wheels of the virtual world and capturing real value in the metaverse market.
A recent metaverse market forecast indicates despite the first mover advantage, there is well-founded skepticism in moving forward with metaverse business plans. Thus, marketers are both thrilled and want to exercise caution with the metaverse.
Brands Set Marketing Goals for Metaverse—Pioneers, Followers, and Visionaries
Defining marketing goals should be the first step, concur companies who want to be pioneers, followers, and visionaries in the metaverse market. Businesses keen on leveraging metaverse capabilities are moving cautiously but steadily. The marketing budgets for metaverse initiatives will come for sure but slowly. Unarguably, they need to weigh in strategic implications as well as come out with a viable operational strategy.
Thus, it makes pragmatic sense to suggest that leaders should climb on the bandwagon in the metaverse market. Invariably, it should not be without preparations.