Discover how consumer brands can take advantage of the metaverse. Learn about the challenges and opportunities.
Writer and entrepreneur Matthew Ball describe the metaverse as a network of “persistent, massively scaled real-time rendered 3D worlds and simulations across interoperable networks.”
Simply put, the metaverse is a digital realm that combines social media, gaming, augmented reality, virtual reality and cryptocurrencies. It allows users to interact in a shared immersive virtual environment.
The metaverse is:
While many metaverses and use cases are still being built, their functionality benefits differ for both, Web2 and Web3 metaverses.
We’ve pointed out that the metaverse is expansive and creator-focused. These characteristics are more likely to be fuelled by an ownership economy to build and monetize unique experiences.
There could be avatars, games, conferences and other community events powered and governed by digital tokens holders. For example, rapper Snoop Dogg recently released a music video featuring a virtual avatar of himself in the metaverse. This was set in a space called “the Snoopverse”.
In this user-first economy, such events allow brands to find new data pipelines and build engagement.
Sandbox: A virtual gaming platform where users build and own digital assets
Decentraland: A 3D platform where users buy virtual plots of land as NFTs
Somnium Space: An open-source platform in which users purchase digital land, build homes, play games, and host live events
Manticore Games: A digital community arcade with user-created games and activities
This growth will significantly impact advertising, e-commerce, and gaming budgets. There will be a steep rise in the number of eyeballs to advertise to. Marketers will have to find new ways to engage current and prospective users.
If you're a marketer or a growth leader, making sense of this data is becoming an increasing priority. To discover more, sign-up with Blaze today. Our Web3 tools can help you unlock the true potential of the metaverse for your brand.