Long ago, in a galaxy far, far away, there was once a place called Second Life. Launched in 2003, users in this three-dimensional virtual world had the ability to create whatever they wanted and be whoever they wanted to be.
Fast-forward about 20 years, and there’s a new virtual space making waves called the metaverse. According to Citi, it may be worth $13 trillion. Loosely defined as a 3D version of the internet, the metaverse is meant to be a virtual space that combines elements of the digital experience with the real world and vice versa. In it, users can explore virtual locations, attend virtual events and even trade digital items.
What does this mean for marketers and PR strategists? It’s a whole new world (literally) to connect with audiences in new and innovative ways. Brands can host virtual pop-ups, stream events, play games, run contests and provide exclusive content to customers. By incorporating technology like virtual and augmented reality, businesses can even create unique, immersive digital experiences for customers to enjoy.
At this point, you may be asking, what’s the ROI if I choose this route? For an e-commerce brand, ROI can look like customers spending time in their metaverse showroom and purchasing either real-world items sampled with augmented reality or non-fungible tokens (NFTs)—digital items that are owned entirely online. Brands and artists have collaborated for virtual fashion shows, concerts and live steams, reaching customers all over the world in their own living rooms.
An entire virtual universe means endless potential opportunities for users and marketers alike. The metaverse has redefined what the digital world can look like and, ultimately, what we can do with it. We say, let’s give this virtual world a second chance.