TECHNOLOGY be for the better - specifics start to get a little thinner on the ground .
As with any transformative , once-in-ageneration technological development - just look at 5G - the metaverse means different things to different people
Innumerable worlds “ We now have the ability to make the real world virtual and the virtual world real ,” explains Darren Savage , Chief Strategy Officer at Tribal Worldwide - a multi-faceted branding and marketing consultancy based in London . Savage and his team work with some of the world ’ s biggest brands to explore every conceivable option when it comes to helping those brands form better , more meaningful ( more profitable , essentially ) relationships with their customers . The metaverse , he continues , is the new Wild West for consumer engagement . “ The current state of play with the metaverse is nascent with lots of experimentation by brands , especially in the luxury and gaming sectors , exploring how to use the concept as the basis for brand engagement , enhancing product ownership experiences , devising new commercial models and augmenting retail spaces ,” he says . “ These nuanced experiences will continue for some time , with the end stage being the emergence of a new economy of commerce , ownership and experience .”
Matterport , Morris- Manuel continues , has built digital “ mirrors ” of more than five million phsyical spaces , including shops , houses , office blocks , and even yachts . “ We estimate there are over four billion buildings comprising 20 billion spaces in the world , yet only 1 % of this is digitised , which represents an enormous opportunity to generate tangible business results in the Metaverse ,” he enthuses . “ The Metaverse is a new frontier that will open infinite opportunities for consumers and businesses alike , building a virtual digital twin of the world one step at a time .”
The potential for the metaverse to serve as a new economic frontier is causing ripples throughout the advertising sector . Lindsey McInerney , Global Head of Technology and Innovation at AB InBev - the global beverage giant which spends more than $ 1.5 billion every year on advertising - stresses that , “ The metaverse isn ’ t simply about virtual and augmented reality . It ’ s an exploding digital economy that looks set to change the way we think about physical and virtual experiences forever .” McInerney tells me that this is a “ pivotal time ” for brands that are “ are only just beginning to figure out how they ’ ll interact with one another in this new shared space .”
For brands , the 2020s are already a scary place . Modern consumers are more savvy , less loyal , and have a much lower tolerance for behaviours like greenwashing and faux progressive messaging . Ad blocker usage is on the rise . For advertising execs , the
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