The world is evolving but the world of advertising is evolving at rocket speed. Every day we wake up to a new term, a new technology that is viral and making people go crazy. One such technology that has been in the news is the Metaverse.
In basic terms, Metaverse is a virtual environment with avatars, digital products and functional economies, in which technology is more than simply a tool, but a way of life. It encompasses a wide range of products and technologies, including NFTs and crypto, 3D avatars, decentralised apps, virtual landscapes and realities, the opportunity to earn prizes, engage in airdrops, conduct commerce using smart contracts and more.
How is the Ad world booming with Metaverse?
Advertisers and their agencies are striving to capitalise on the metaverse's growing popularity, whether it's through consumers exploring virtual worlds, gaming, or buying NFTs with cryptocurrency.
Brands have taken a number of efforts to stake their claim in the metaverse, including the creation of non-fungible tokens (NFTs), the exploration of smart contracts, and the creation of metaverse and Web3 experiences.
Here are a few brands that are already prominent in the Metaverse.
Hyundai Motor Company established Mobility Adventure, a Roblox (gaming platform) metaverse realm highlighting its goods and future mobility solutions. Users may meet and experience Hyundai's mobility products, as well as create their avatars, in the jointly shared virtual area.
RTFKT, a non-fungible token studio that creates digital artifacts (including digital shoes) to mix culture and gaming, has been acquired by Nike. Gucci joined up with Roblox to develop Gucci Garden, a unique and interactive virtual exhibit, at the same time as Garden Archetypes, an immersive multimedia experience.
However, new prospects bring with them new concerns, such as high unpredictability, a lack of consistency, and the risk of seeming inauthentic. The metaverse is defined as a hybrid of virtual and augmented reality. It's a place where individuals may live in a virtual, constructed environment that is unrelated to reality. It draws influence from real-world surroundings.
While the Metaverse isn't quite what science fiction has represented it to be, it nevertheless offers limitless utility as a new computer platform. Metaverse provides a lot of opportunity for marketers and advertisers to experiment with new ideas. Despite all odds, the potential to be original, experimental and providing an immersive experience wins.