UMSL Business Blog

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Metaverse – What it is and how is it used for businesses?

What Is The Metaverse?

By: Lily Clark

In concept, Facebook’s “Metaverse” is a virtual world where people can connect, play, and explore. You create a digital representation of yourself, called an avatar, that maneuvers the world on your behalf and interacts with other avatars on your server. 

Steven Spielberg’s Ready Player One, based on Ernest Cline’s novel, is an artistic depiction of what many believe The Metaverse will eventually evolve into. 

How Do I Access The Metaverse?

First, you’ll need access to the internet and a smartphone or PC. From there, you can research different platforms that host digital worlds. Some of these platforms require a digital crypto wallet for identity and verification purposes, but rest assured, most of these platforms are made by some of the best developers who make security systems for major brands.

Make sure to do your due diligence before diving in because if it looks like a scam and smells like a scam…

Metaverse Marketing VS Traditional Marketing

VR marketing is much more interactive than traditional marketing tactics due to its novelty and technological capabilities. It’s much easier to close out of an email or scroll past an ad than it is to maneuver yourself around a pop-up bot.

Most users login during their leisure time. This means that you have their full attention as long as your pitch or ad is creative, informative, and provides value. It may seem relatively easy as these are general marketing best practices, but remember, you are competing with highly-sophisticated design to capture user attention, so your marketing efforts need to be elevated to compel consideration.

Along with the pros that marketing in The Metaverse offers, there are also some cons to consider. These include lack of users, technological coding barriers, and legal limitations. Nevertheless, it is a worthy platform to look into as many investors see it as the next big thing.

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How Can Businesses Utilize The Metaverse?

There are endless possibilities and opportunities within The Metaverse. At its core, business is just people making a mutually beneficial trade. In The Metaverse, you can network, sell digital renderings, host events, create virtual worlds, and much more.

For clothing brands, you can create and sell avatar clothing that basically serves as a walking billboard. Own a restaurant? You could live stream in-restaurant footage in real time.

What about B2B architects? There will be many businesses looking for architects to produce digital replicas of their offices.

For businesses offering marketing services, now would be a great time to learn how Meta works so that you can offer your insights and expertise to those who haven’t jumped in yet.

Will The Metaverse Replace the Need For My Services?

Most material goods will be needed in The Metaverse. Your favorite designer accessories and that car you’ve been dreaming of will have digital replicas, and people are willing to pay a lot for these items.

Services such as house cleaners will still be needed in the real world. If anything, The Metaverse will create more demand for real-life services as people find themselves being too immersed in VR to take care of tasks in actual reality.

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Does My Business Need To Jump On The Meta Trend?

It depends. Joining Meta in 2022 can be incredibly beneficial to B2C brands. Building a solid foundation right now can give your business a leg up on brands that are slow to join the platform.

JP Morgan announced that it would be the first bank to join The Metaverse, and this is huge! Banks control the markets, and if a giant player like JP Morgan is betting on the success of Meta, then you know that it is a viable marketing channel.

Let’s Recap

Overall, the Metaverse is going to be the next big thing. It might take decades before technology is good enough and widely available enough to start disrupting everyday life, but many have already hopped on the bandwagon.