If you have been following tech news in the last couple of weeks, the term metaverse should be pretty familiar to you. There is no standard definition for this term. However, if I were to define metaverse with a single phrase, it would be “the future of the internet.” Several big tech companies, including Meta, Microsoft, Fortnite, and Nvidia, are building different versions of the Metaverse.
Facebook’s rebranding to Meta was a move to show the world how committed they were to building this new version of the internet. Based on what companies are building now, you consider the metaverse to be a blend of virtual and Augmented reality (VR & AR) to enable 3D interactions. This makes meetings, social gatherings, and remote working more engaging than with the current technologies.
Computing and faster internet will be crucial
One of the significant limitations for integrating VR and AR experience in communication has always been the computing power required to render high-resolution holograms and avatars in real-time. These renders also need high bandwidth and low latency to be transmitted over the internet in real-time.
However, new possibilities have been opened with 5G and more powerful computing hardware available now. The capabilities of devices such as the Meta Quest 2 and Snap’s newly announced AR glasses clearly indicate how far we have gone with advancements in hardware to power the Metaverse. Apple is also rumored to be creating AR glasses that many expect to be game-changing when released.
Every version of the internet brings new possibilities in the world of marketing. In the last decade, social media websites such as Facebook, Instagram, and Twitter have been the major digital platforms brands have taken advantage of to market their products. Ads are the primary source of revenue for all social sites, so I would expect things to be the same with the metaverse.
If the likes of Meta are to offer their “metaverse” platforms like Horizon Worlds for free, they will also have to generate revenue through advertising. So, marketers or startups that want to take advantage of the metaverse to grow their brands should closely watch how these tech brands will integrate marketing into their metaverse platforms.