Metaverse, an evolution of the online. Three big questions answered.

KINSHIP DIGITAL
By Caitlin Green, CEO
Tuesday, 01 March, 2022


Everything is changing in how we connect. In a not too distant (or dystopic) future our physical and digital worlds of work, leisure and life will carefully amalgamate. No this isn’t sci-fi, it is the metaverse. The metaverse, a simulated digital environment that is all encompassing, combines the best of blockchain, augmented reality, social media, and virtual worlds. Visualise taking a meeting in a boardroom of a corporate suite, with colleagues dialling in holographically. Think of visiting others in virtual worlds of their design, celebrating a birthday with family many time-zones apart.

The age of web 3.0, virtual and immersive experience and the amazing progression of technology has blurred the boundaries of the digital and physical. It is exciting, real, and already here.

What changes in the metaverse?

This new world is designed to change social interaction, the eventual shape it takes is difficult to envision. We do know that the experience of the web will be inherently different to now. This could involve engaging in reality through avatars or a way that is far more engaging and personal than a Zoom call.

The metaverse means a new generation of digital ownership. We have already seen this with the onset of the Non-fungible Token (NFT) craze. NFTs are just digital assets that represent real-world objects and are more than just the economy of the metaverse. How do you ensure your virtual world, your avatar and even digital artwork is unique, one of a kind and owned exclusively by you? Tokenisation and the digital property rights underpinned by blockchain.

What does it mean for industry?

Brands and companies that are early adopters of the metaverse will reap great reward, conceptualisation of the monetisation of this new world is the first step — how does this present opportunity? There is no better example than Facebook’s recent rename and pivot to Meta as Mark Zuckerberg and his team bet on the next generation of its enterprise.

The metaverse will no doubt be big. The adoption of the internet in hindsight was explosive, and PwC predicts that AR and VR will add US$1.5tn to global GDP in the next decade.1 Bear in mind, this is just one facet of the metaverse. How much will this change meetings, customer interaction, gaming, healthcare and even retail?

Marketing and customer connection hinges on an immersive experience in the metaverse. Engagement is the new KPI, as we start to embed into immersive realities. The gaming industry is at the forefront of this innovation, and it is easy to see a spillover into work and social.

What does this mean for me?

As you begin to prepare for the metaverse, adopt an exponential view. If it is hiring a specialist, evolving a marketing strategy, or developing a virtual presence, think big and be bold. In the metaverse, the sky is no limit and growth is inevitable.

From digital marketing to integrations KINSHIP digital are here to provide you with effective solutions to your modern problems. To learn more about this digital environment, and how to integrate this into everyday business operations, register your details here.

Caitlin Green, CEO

1 Seeing is believing: How AR and VR will transform business and the economy. https://www.pwc.com.au/digitalpulse/report-seeing-believing-ar-vr.html

Top image credit: ©stock.adobe.com/au/DIgilife

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