What is Metaverse

The metaverse adds an additional dimension to the online experience when know today. Instead of reading 2D newsfeeds or watching flat videos, metaverse should allow its users to perceive the digital world in a similar way to the real world. This means that they will be able to look around in all directions and see avatars (digital representations) of other people instead of just seeing their written names. Interactions also should resemble the ones from the real world: two avatars that want to converse with each other will have to move closer to each other.

This life-like level of interaction with the digital world opens up new possibilities for digital creators, game studios, entrepreneurs and digital marketers. Metaverse will require rethinking the communication and interactions with users. Games, videos, social medias will hae to made with metaverse in mind. This is both a challenge and opportunity. Users have grown accustomed to internet advertising – but not to metaverse advertising. This is an uncharted territory for all – with a big reward for those who figure this new medium out.

History

The term “metaverse” was first coined in 1992 by Neal Stephenson in his science fiction novel Snow Crash. In the novel, the metaverse is a virtual world where people can interact with each other and with digital objects. The metaverse has since been referenced in other science fiction works, such as Ready Player One by Ernest Cline.

What was once a domain of sci-fi has now become a mainstream topic, ever since one of the biggest tech companies – Facebook – rebranded itself to Meta, giving the signal to the whole world where its focus is.

Today’s implementations

Although the vision of the metaverse pictured in books and corporate meetings hasn’t come to life yet, there already are some platforms that are very close to reachiung the common understanding of the metaverse. Most of them are games or social platforms.:

• Second Life: Second Life is a virtual world that was launched in 2003. It allows users to create avatars and interact with each other in a variety of ways.

• Roblox: Roblox is a gaming platform that allows users to create their own games and experiences. It has over 40 million active users.

• Minecraft: Minecraft is a sandbox game that allows users to build anything they can imagine. It has over 140 million active users.

• Fortnite: Fortnite is a battle royale game that has also been used to host virtual concerts and events.

• Decentraland: Decentraland is a virtual world that is owned and operated by its users. It is built on the blockchain, which means that it is decentralized and secure.

• Horizon Worlds. Horizon Worlds is a metaverse platform build by Meta, where users can play, interact and create their own worlds.

Advertising in the Metaverse:

Effects of the metaverse on digital advertising

The metaverse has the potential to revolutionize digital advertising. In the metaverse, brands can create immersive and interactive experiences that will allow them to connect with consumers in a more meaningful way.

For example, a brand could create a virtual store where consumers can try on clothes or test drive cars. They could also host virtual events or concerts.

The metaverse also offers new opportunities for targeted advertising. Brands can track the movements of users in the metaverse and deliver ads that are relevant to their interests.

However, there are also some challenges that need to be addressed before the metaverse can be fully realized as a platform for digital advertising. One challenge is the lack of standardization. There are currently a variety of different metaverse platforms, each with its own set of rules and regulations. This makes it difficult for brands to create cross-platform campaigns.

Another challenge is the cost of entry. The metaverse requires expensive hardware, such as VR headsets and AR glasses. This makes it inaccessible to many people.

Despite these challenges, the metaverse has the potential to be a major force in digital advertising. As technology continues to develop, we can expect to see more and more brands adopt the metaverse to reach their target audiences.