By Rahi Chadda
Metaversen is said to be the next development in the Internet that our current generation will witness. A virtual reality that mimics our physical world. For some, it may just be an immersive experience, while for others it will dictate the next phase of their expansion into social media and work environments. For digital influencers, the meta-verse should provide a space where they can interact with their audience and other creators, as well as share experiences together.
For some people, a day in the future for Metaverse may be hard to imagine, but from my extensive reading on this topic, it looks like a futuristic vision. Users can teleport from place to place in the metaverse. If you’re tired of cold London mornings, why not take a short trip to St. Tropez, or better yet, beat the heat by charging your digital twin under the Caribbean sun. Enjoy virtual festivals around the world, and party with other creators. A precursor to Metaverse is a 3D virtual reality called Decentraland, which is built on a decentralized Ethereum cryptocurrency, where users can buy land, hold exhibitions and shows, and engage in commercial activities, such as real estate. Fashion houses like Etro and Dolce and Gabbana recently held their first Metaverse fashion show for Decentraland Fashion Week. The space is already flourishing in its fashion district and we are sure to see an influx of designers who will also be joining us soon. A space that allows users to navigate between physical and virtual domains.
The meta-verse has also started to look up vacancies. I read an article earlier where an offer was available for a Metaverse user to work in a digital casino on a monthly payroll with payments in cryptocurrency format. Creators will soon receive content opportunities that will help announce brand metaverse launches and also build trust and recognition of metaverse in the creator’s existing audience.
Gucci recently sold its digital bags on Metaverse, whose owner had been certified by NFT. The bags were sold for over $ 4,000 apiece. It is undeniable that there is a market and an audience for this virtual space. RTFKT, a platform that secures ownership through NFTs, sold over $ 3 million digital shoes in 10 minutes earlier this year. Therefore, with billions of dollars invested in the meta-verse, there seems to be ample room for marketing and sufficient funding for companies to make this transition to virtual space. Metaverse acts as an effective tool for companies to carry out their advertising and promotional activities in a virtual space, and users therefore receive constantly targeted advertising.
Metaverse seems to have the potential to change the landscape of social media. Mark Zuckerberg (CEO and founder of Facebook) also revealed his intention to become a “metavers company”. Brands will have access to advertising on a whole new scale, with digital avatars showing trends, and with Decentraland becoming an influencer headquarters, the virtual city will serve as a channel for influencers for a more comfortable transition to the metaverse, because they are already familiar with the neighborhood brands. Basically, it’s just a virtual leap of faith that has not yet been done.
For established influencers, the meta-verse seems like an opportunity to evolve in their digital journey together with their new digital twin, where they can collaborate and further develop their pre-existing relationships with brands while interacting and communicating with their peers. For others, it gives them a new opportunity to build a new audience in a new digital space that can be said to be less saturated. Many Gen Z and Millennials do not know the difference between the real world and the digital world. Social media and the internet are an integral part of their real world, and that makes them the perfect candidate to target the meta-verse.
Brands are also starting to create their own virtual influencers, also known as meta-influencers. A strategic idea that allows brands to have their own representatives / ambassadors who can connect with users. Virtual influencers also seem to cost less than regular influencers when it comes to advertising, giving them complete autonomy over how they want the virtual influencer to communicate a brand’s point of view on current events, such as diversity, inclusiveness and sustainability. The brand also has access to implement the influencer in different places at once. This marks a change in the current advertising methods, but also an opportunity to access a brand new consumer with different preferences. Does that mean the possibilities would be endless with the birth of the metaverse?
The author is Founder, Panache and Marina
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