Connect with us

MARKETING

Marketers: The metaverse is coming

Published

on

Marketers: The metaverse is coming


Don’t believe them when they tell you the metaverse is already here. What we do have is a swarm of virtual realities but they’re not yet connected. When they are, it will be possible to enter the metaverse.

What does the term “metaverse” mean exactly? It’s actually a 30 year-old term, first coined by science fiction author Neal Stephenson is his novel “Snow Crash.” It’s clumsily derived from the Greek, meta being a prefix meaning “beyond.” So beyond the universe? The trouble is, versus means “turn into” which makes perfect sense in the word “universe” — turn into one — but less sense as turn into beyond.

We turned to Tim Parkin, a marketing consultant advising his clients on how to prepare for the metaverse, for more clarity. “In reality, the metaverse is really undefined, it’s very ambiguous. Most importantly, it’s going to change. So what it is today will not be what it is tomorrow. That makes it a moving target.” Nevertheless, Parkin was willing to venture that it’s a whole new layer built on the infrastructure of the internet, opening “a new dimension of potential and possibilities.”

Essentially, the metaverse will take the digital environment many of us have been existing in for at least the last two years and upgrade it to a virtual-reality based imaginary world, creating many opportunities, including for marketers, as well as “some scary realities,” he said.

Anyone who has put on a VR headset understands what virtual reality looks like, but the metaverse, in concept at least, goes way beyond that. “If you think about the internet right now, it’s made up of a collection of servers and websites and different platforms and apps, but it’s all in the same sphere. With the metaverse, we can have this virtual reality experience together. It’s all happening in this giant sphere, this world where we can all co-exist an collaborate and participate in different experiences, adventures and communications.”

This doesn’t rule out hybrid use cases, Parkin explained. “You might be interacting through a physical environment as well. You might be in a grocery store and be able to interact virtually with people or order things virtually. It’s not just sitting at home with a headset on. You could be in the real world, but connecting it to the metaverse.”

See also  What Video Marketers Should Know in 2022, According to Wyzowl Research

Of course, the metaverse will be very firmly rooted in the reality of hardware. “We often forget that. It does depend on computers to run simulations, process transactions and render these worlds — and it is all connected to the internet. We’re not going to be escaping the internet; this is built on top of the internet.” And just like the internet, it won’t be owned by anybody. “That’s the beauty of it,” said Parkin, “but also the bad part. If nobody owns it, how do you police it?”

Web3 is often mentioned in the same breath as the metaverse. What’s the connection? “Web3 is this next level of the internet that incorporates blockchain and the idea of decentralization. By layering in blockchain we can track transactions and have a source of truth for everything that’s happening. The metaverse is separate, but there are opportunities to overlap Web3 and the metaverse.”

Some enterprises are already experimenting with aspects of the metaverse, but Parkin insists that the metaverse itself does not yet exist. “There are people working on experiences, but until we have consumers who can actually participate, I don’t see it right now existing, or even in then near future,” he explained. “We are still a little ways off of it being highly adopted and people doing anything of useful value inside the metaverse.”

How should marketers prepare for this strange future?

The metaverse may not be with us yet, but it’s never too early to start thinking about what it will mean. “I think there are three big things,” Parkin said. “First, keep an open mind. This is going to change. If you think back to the original internet with web pages and email and what those looked like, and compare that to today, it’s dramatically different. So don’t make any judgments about what it could be, because people will find value for it. It’s an exploratory process.”

Secondly, he said, look at what big brands are doing to prepare. “The Nikes and the Taco Bells, they have the resources and the necessity to be playing in the metaverse. Most companies don’t have the time or can’t afford to mess around with this, but the big companies that need to be constantly innovating or pushing the envelope, they’re going to be the ones exploring this.”

See also  Financial Advice for Digital Marketers with Ron Allen

Finally, he said, go slow. “There’s a lot of hype and excitement and a lot of people think there’s going to be a first-mover’s advantage. This is not going to be as transformative as many people think in the next two to three, or maybe even five years . I would be very methodical and thoughtful about this and unless you’re a really big brand then you should not be pushing this very much. It’s nice to sit on the sidelines and watch, but tread very slowly and see where you can fit in, because this is very volatile and very risky.”

A big win for the gaming industry

In addition to watching what the big brands are doing, Parkin suggests paying attention to the companies that are likely to be supporting the metaverse, above all in the gaming industry. “There’s a company called Epic Games that has been around for a long time,” he said. “They are creators of many video games and the Unreal Engine,” an advanced 3D creation tool. “Epic Games will be a substantial player in the metaverse because the metaverse is essentially one giant video game world.”

The gaming industry will be ahead of the curve, Parkin predicts, because of their long experience with virtual worlds — just not connected. “The whole gaming culture is something marketers should really pay attention to,” he said, “because there are many things that will see new, but are just passé to the gaming industry.” Parkin confesses cheerfully to having a degree in game design.

Advertisers, of course, have already moved into the gaming space, displaying messages within virtual worlds and developing metrics to measure performance. “This is just bringing that gaming experience to a global world where we can socialize and spend time together, not necessarily in a gaming context, but there are a lot of underlying elements from gaming we can learn from.”

Read next: Marketers look to upgrade their 3D digital experiences as the metaverse approaches

Look out for dystopia

Guess what, there are huge potential downsides to all of this. The metaverse could turn out to be a bad place (yes, that’s literally what “dystopia” means). It’s not hard to see why. The potential harmful effects of social media, especially on the mental health of young people, have been widely discussed, not least because Facebook appeared to have concealed internal research on the harmful effects of Instagram. That’s just from looking at an app or a website, not being completely immersed in a reality, large parts of which Facebook, or Meta, will surely seek to control.

See also  Good morning: Popping on the metaverse

“Social media is a dangerous place,” Parkin agreed. “In the metaverse, wer’e removed another level from reality. You’re a character on screen, not a real person. There social dynamics we need to think about and prepare for.” Binge gaming was on the increase in 2021 with a third of gamers accustomed to playing five hours straight. It’s disturbing to imagine vulnerable people spending lengthy stretches as characters in an unreal world

“The dark side of this is interesting to think about,” said Parkin. “There’s a lot of bad activity that happens on the internet. A lot of people are focusing on the opportunities and positives of the metaverse, but there’s going to be a lot of deceptive and duplicitous behavior in this metaverse. It’s not all ponies and rainbows.”

One thing we can be sure of, the regulatory authorities will be left in the dust

About The Author

Kim Davis is the Editorial Director of MarTech. Born in London, but a New Yorker for over two decades, Kim started covering enterprise software ten years ago. His experience encompasses SaaS for the enterprise, digital- ad data-driven urban planning, and applications of SaaS, digital technology, and data in the marketing space. He first wrote about marketing technology as editor of Haymarket’s The Hub, a dedicated marketing tech website, which subsequently became a channel on the established direct marketing brand DMN. Kim joined DMN proper in 2016, as a senior editor, becoming Executive Editor, then Editor-in-Chief a position he held until January 2020. Prior to working in tech journalism, Kim was Associate Editor at a New York Times hyper-local news site, The Local: East Village, and has previously worked as an editor of an academic publication, and as a music journalist. He has written hundreds of New York restaurant reviews for a personal blog, and has been an occasional guest contributor to Eater.



Source link

MARKETING

Taboola automates personalized homepages

Published

on

Taboola automates personalized homepages


The new Homepage For You offering announced by native advertising and discovery platform Taboola will use AI to automate the curation of relevant and personalized content on websites’ homepages. The automated surfacing of content likely to engage readers will complement editors’ existing ability to curate homepage experiences.

Among publishers already using the solution are McClatchy and The Independent. Beta testing showed a 30-50% increase in CTR with use of the tool. The dataset on which recommendations are based includes some 500 million daily active users.

Why we care. Adam Singolda, CEO and founder, said in a release: “If you open up a social media app, you are greeted with content you really want to see. For publishers, the most loyal readers are those who visit a homepage directly and look for editors to tell them what’s important for them to know.”

This is a telling argument. Social media channels like Instagram, TikTok and YouTube present personalized, curated experience the moment they are opened based on the user’s previous behavior. A solution like Taboola’s should take publishers in the direction of being able to compete — although many publishers will still want to strike a balance between editorial content and native advertising.


About The Author

Kim Davis is the Editorial Director of MarTech. Born in London, but a New Yorker for over two decades, Kim started covering enterprise software ten years ago. His experience encompasses SaaS for the enterprise, digital- ad data-driven urban planning, and applications of SaaS, digital technology, and data in the marketing space. He first wrote about marketing technology as editor of Haymarket’s The Hub, a dedicated marketing tech website, which subsequently became a channel on the established direct marketing brand DMN. Kim joined DMN proper in 2016, as a senior editor, becoming Executive Editor, then Editor-in-Chief a position he held until January 2020. Prior to working in tech journalism, Kim was Associate Editor at a New York Times hyper-local news site, The Local: East Village, and has previously worked as an editor of an academic publication, and as a music journalist. He has written hundreds of New York restaurant reviews for a personal blog, and has been an occasional guest contributor to Eater.

See also  What Video Marketers Should Know in 2022, According to Wyzowl Research



Source link

Continue Reading

MARKETING

How to Develop Brand Architecture

Published

on

How to Develop Brand Architecture


Just like every building needs a foundation, every business needs brand architecture. It’s the structure that allows you to organize your offerings, develop a brand identity, and gain brand equity.

(more…)

See also  Good morning: Popping on the metaverse
Continue Reading

MARKETING

Webinar: The next big thing in ABM

Published

on

When it comes to prioritizing digital experiences, it's either now or never


Account-Based Marketing is essential to any B2B strategy. And advanced practitioners are now looking for the tools to give them an edge to better connect with their audiences.

This requires sales and marketing to work together to identify and engage buying groups within their target accounts. Enter Buying Group Marketing.

To learn more, register today for “Market, Engage and Sell to Buying Groups Who Want to Hear From You,” presented by Influ2.

The post Webinar: The next big thing in ABM appeared first on MarTech.



Source link

See also  3 ways marketers can build trust with data ethics
Continue Reading

DON'T MISS ANY IMPORTANT NEWS!
Subscribe To our Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

Trending