DECEMBER - 2022MARTECHOUTLOOK.COM19The term metaverse has been getting a lot of buzz lately. While the concept remains fluid, its potential to unleash the next wave of digital marketing revolution is undisputed. Marketers need to grasp its full potential and not dismiss it as a fad. Let's dive straight into what Metaverse is all about and the opportunities that lie ahead with real-life use cases. WHAT IS METAVERSE? The metaverse, simply put, is a virtual environment that perfectly merges our real and digital worlds. It is a new dimension that mirrors the actual world in an immersive and collaborative 3D experience via the use of technologies including Augmented reality, Virtual reality, Artificial Intelligence, Blockchain, Digital Currency and Social-Media. Describing Metaverse and giving a rationale for Facebook becoming a metaverse company, Mark Zuckerberg said, "It's a virtual environment where you can be present with people in digital spaces. You can kind of think of this as an embodied internet that you're inside of rather than just looking at." So, in many ways it is like a dual-life platform ­ meaning one that allows you to create your own life-like avatars in an alternative virtual world and that could be a virtual retail store, a gaming platform, a concert, a classroom, an advertising channel and more ­ The possibilities are limitless. CHARACTERISTICS OF METAVERSEIn the metaverse, you can be who you want to be, create what you want, where you want, for whom you want and how you want. The following 5 underlying characteristics of Metaverse, empowering users to take their digital lives into their own hands are hyper-accelerating it popularity and adoption rates: 1.Always-on immersive experience: The Metaverse is a fully immersive and social experience. Users can communicate and collaborate with each other. It'll be a parallel reality that persists in real-time and never stops. 2.Cross-platform interoperability: In the Metaverse, different platforms can collaborate. For example, you can transfer and use assets from one virtual world in another. 3.User-generated content: It is a decentralized environment where users can produce and share their original content with the rest of the community as they see fit. 4.Fully functional economic world: Digital worlds will have fully functioning economies based on cryptocurrencies and blockchain offering opportunities for buying, selling, investing and true ownership.5.Autonomous universe: The Metaverse is an autonomous universe which is controlled by no one and owned by everyone meaning the user remains in control of their online identity and data, instead of the Big Tech or Government. METAVERSE HAS SIGNIFICANT MARKET POTENTIAL The Metaverse will provide immersive places where engaged audiences will gather, create, discover, collaborate and ultimately spend money. McKinsey's latest report, `Value Creation in the Metaverse', estimates annual global spending related to the metaverse could reach US$5 trillion by 2030. Of which, its market impact on e-commerce is expected to be between $2 trillion and $2.6 trillion, $144­$206 billion on the advertising market, $180 - $270 billion on the academic virtual learning market and $108­$125 billion on the gaming market.Metaverse is emerging as the go-to distribution channel for accessing a totally new demographic that holds the key to future i.e., the Millennials and Generation Z ­ Majority of whom are passionate users of Metaverse and its related applications like Roblox, Decentraland, The Sandbox and not exposed to traditional channels such as TV or billboard. Years not decades - That's what the metaverse, unlike the internet - web 1.0 (read only web) and web 2.0 (participative social web), will take to reach masses by offering a more By Mohit Gupta, Global Head " Social Media and Head of Marketing " Asia, Corporate Bank, Deutsche BankCXO INSIGHTSMARKETING IN THE METAVERSEMohit Gupta
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