You should probably get to know the metaverse. It was the focus of media attention after Mark Zuckerberg’s recent announcement that Facebook has been rebranded. The head of Meta, the social media platform, explained the idea of creating a new version.

Every aspect of our lives has been impacted by the internet. The metaverse promises to be an entirely new universe.

The metaverse explained

Brands are forced to make a choice: either they get on board, or risk missing out on a new digital world and lucrative marketplace.

What are we looking at? The metaverse is a combination of online and physical worlds that creates a virtual reality universe. Imagine that you could upgrade to the most recent version of the internet and have an immersive 3D experience. The metaverse will provide users with this experience, the keyword being interoperability. Space will allow people to move freely between virtual worlds.

This concept is still more of an idea than a real thing. We are still many years away from Zuckerberg’s brainwave (virtual)shape. The buzz surrounding the metaverse speaks for itself. The metaverse will not only offer more space for marketing but it is also set to change everything, from office interactions and leisure to communications and shopping. Brands are forced to either join the metaverse or risk missing out on a new digital world and lucrative new market.

Test the Waters (Roblox & Gucci Take the Plunge).

Virtual products can translate into real-life profits

Social gaming is a popular way for brands to explore the possibilities of the metaverse. Roblox is an example of this – it boasts 43.2 million active users per day from 180 countries. This figure is a great one for brands. Imagine being able to reach more than 40 million people from a place they love and are happy spending their time in. It’s not surprising that companies are interested in this – Gucci is one such company.

Fashion powerhouse Gucci Dionysus has jumped in to offer a limited-edition digital edition of its “Gucci Dionysus Bag with Bee”. Gucci Garden hosted the event and customers snapped up the bag quickly for just 475 Robux (about $6).

The bag sold quickly on the resale marketplace, and one seller took home 350,000 Robux (around $4.115). A metaverse is a place where virtual products can be turned into real-life profits. A digital bag costs $4,000 more than the equivalent physical product, which retails for $3,400. Even though this Gucci bag is only worth its virtual value, it proves that the fashion house was right in trying out the waters. The metaverse can make you money.

NFTs and The Metaverse

Non-fungible tokens (NFTs) are another way companies can make the most of the metaverse. They exist in the same space that crosses over between the digital and physical. The NFTs are made and traded on the metaverse. They can be anything, from clothing for your avatar to virtual yachts or digital art. Tokens are authenticated by blockchain, so they can be tracked and sold reliably. They can also increase in value with each trade.

Although the viability of NFTs remains a matter of debate, big-name brands such as Coca-Cola and Warner Bros. have offered their own. Gucci is once again leading the charge in showing that digital items can make a lot of money. Christie’s recently sold the fashion house’s digital artwork “Proof of Sovereignty”, which was valued at almost one million dollars. The buzz is spreading from luxury brands and restaurant chains with Taco Bell’s taco-themed tokens selling for as high as $200,000. As an additional reading.

Dating apps and NFTs are a matchmaking tool

Tinder and Bumble also have flirted with the metaverse as they seek ways to integrate dating into the new virtual world. These dating apps, which are based on Roblox and Fortnite’s model of socially distant birthday parties and meetups for teens and children who have been deprived of social interaction due to Covid-19, are now looking into ways to bring potential matches onto the metaverse.

Renate Nyborg, Tinder’s CEO, stated to Reuters Next that they are exploring “how we blur the lines between online and offline worlds”. The latest features offered by the app include an “Explore” feature and “Swipe Nights”, a choose-your-own-adventure interactive event. In-app currency is being tested by the dating platform to allow users to pay for premium services. Bumble is also jumping on board and exploring how blockchain and cryptocurrency can be used to provide unique identities and an app experience for users.

It is still the ultimate goal to make people feel connected in person. Virtual dating is a viable option in today’s world, especially considering the Covid-19 pandemic.

Water-Cooler Chats are Back – Now Online

It’s easier to see the place of the metaverse in the entertainment and leisure world. Since the advent of smartphones, shopping, gaming, dating, and other activities have become more popular online. How can the metaverse affect the way we work?

The metaverse might be able to replace water-cooler chats.

One brand is a key player in the post-Covid world: Zoom. However, they can make remote working possible but virtual meetings can be costly. Virtual meetings have replaced non-verbal cues, which facilitate in-person interaction. There’s even a term for anxiety caused by too many calls to work – Zoom fatigue. The metaverse may have a solution. It could replace many of the home office’s lack of social interaction and even help to replace water-cooler conversations.

An immersive virtual world might allow us to communicate more naturally with one another. Imagine meeting colleagues who appear digitally identical to you in a virtual office. It would be much easier to understand social cues in virtual-reality events. Zoom calls no longer have to be formal. Coworkers can attend conferences or onboarding sessions in an organic, online workspace.

Interoperability and collaboration are key.

Interoperability is key, as demonstrated by the recent partnerships between Meta, formerly known as Facebook, and Microsoft’s Office 365 and Sharepoint, OneDrive, and Teams. As a result, users can seamlessly switch between platforms. This makes a fully connected metaverse a reality for businesses. 

The Virtual Horizon

While social media websites and profiles are the best, the metaverse will change the way brands interact with consumers in the future.

Although we don’t know how the metaverse might impact our daily lives, it is clear that companies will require a long-term strategy to manage this metaverse. While social media profiles and websites work today, the metaverse will change the way that brands interact with consumers tomorrow.

While the metaverse is still young, it is a good time to start experimenting with brands. Start small by selling NFTs, offering AR or VR experiences, opening an internet store, or hosting a virtual exhibition. All options require low initial investments.

Companies at the forefront of technology will soon be able to see the potential for a fully immersive, 3-D space. Early adopters can expect to reap all the benefits.