The Rise of the Metaverse

The author Neal Stephenson is credited with coining the term "metaverse" in his 1992 science fiction novel "Snow Crash," in which he envisioned life-like avatars who met in realistic 3D buildings and other virtual reality environments.

Today, technology is rapidly growing and shifting. We’re seeing innovations that were previously unimaginable, and one of these innovations is the metaverse, but it’s not fictitious any longer— the metaverse is an immersive virtual environment that is quickly taking over the internet, and it’s here to stay.

When Mark Zuckerburg announced the rebranding of his company to Meta, and said he wanted to create a metaverse, interest in the concept of the metaverse snowballed.

On one level, the metaverse, as Zuckerberg and others have defined it, is a way for us to make our virtual lives more seamlessly integrated with our real ones.

It will be “like we’re right there with people no matter how far apart we actually are, we’ll be able to express ourselves in new joyful, completely immersive ways,” Zuckerburg said in a speech last October during which he presented his vision of the metaverse.

But what makes a metaverse a metaverse? Influencer Marketing Hub did a great job breaking down the metaverse into its core components:

·         A metaverse is always active.

·         Exists in real time.

·         Players have individual agency.

·         It’s a self-contained and fully functioning universe.

·         It contains user-generated content. 

Meta, the company, has also said it doesn’t want to be the only one developing the metaverse. “This won’t be the job of any one company alone. It will require collaboration across industry and with experts, governments and regulators to get it right,” it stated in a blog post. Luckily for Meta, Snapchat and games like Roblox and Fortnite have already been dipping their toes into the metaverse.

There are many reasons why marketers are flocking to the metaverse. It’s new, and faster connections finally exist to support growing environments. But maybe the most important reason is marketers want to target and keep Millennials and Gen X up-to-date and engaged with their products and technologies, and metaverses allow them to target these audiences in a new way. And from the engagement brands are already getting, it’s clear this marketing strategy is working, and here to stay. 

Many see the metaverse as the next generation of the internet, interconnecting digital worlds. Now Brands are fast adopting the concept of the metaverse, so we’re going to take a look at some of what’s happened so far within it.

Snapchat

Snapchat is one of the metaverse’s modern pioneers. Snap, the maker of social media app Snapchat, has invested for a virtual future with its alternate reality (AR) Spectacles – smart sunglasses that capture video and display AR images. The first pair were released in 2016.

Snap’s AR service enables content creators to embed AR images into Snapchat content using software such as Lens Studio and Lens Web Builder. The latest version of Spectacles—which looks a lot like the futurist $1,000 Balenciaga shades recently popularised by Kanye West—was first revealed in 2021. The wearable moves beyond the realm of mere camera glasses and into true AR smartglasses territory. Snap has built the developer platform and content marketplace demonstrating the viability and use case of AR as an entertainment and commerce platform now.

Snapchat x Levi’s

In collaboration with Snapchat, clothing brand Levi’s released a virtual line of clothing where users could dress up their bitmoji avatars in the collection, and buy the same items directly form the Levi’s website.

The Metaverse x Nike

 Nike has acquired RTFKT, (which specialises in making virtual trainers and other accessories) , as it looks to strengthen its digital footprint.

The virtual fashion brand was founded in 2020 and uses game engines, NFTs, blockchain and augmented reality to create virtual products and experiences.

Nike’s CEO and president John Donahoe says the acquisition is will accelerate the sportswear giant’s digital transformation and allow it to “serve athletes and creators at the intersection of sport, creativity, gaming and culture”.

Microsoft

Microsoft (MSFT) is also part of the metaverse as its Teams communication software – formerly known as Skype for Business –added a mixed-reality component known as Mesh. Instead of a video image, participants now join as a virtual “avatar” or representation of themselves in a virtual space. This  service is set to begin in the first half of 2022.

The Redwood, Washington-headquartered company also offers the Hololens, a headset that is intended as an AR tool aimed at manufacturing and construction, medicine and the education sectors.

NASCAR x Roblox

Nascar’s next gen race car hit the virtual streets in Jailbreak of the game Roblox. Players are able to select the race car and design their own NASCAR skins as part of a fan contest, with the game’s developers acting as influencers to promote it across social media.

Louis Vuitton – Louis The Game

In their recent celebrations for Louis Vuitton's birth (August 4, 1821), the fashion house developed: Louis The Game; a video game that combines its heritage, innovation, and NFT art. It stars Vivienne, a playful character who resembles Louis Vuitton. Players within the game can travel into a world where they explore fashion house legacy over the years and collect monogram candles, which serve as keys to access more level.

Burberry: Honor of Kings

Just like Louis Vuitton, Burberry is also  venturing into the metaverse, intending to give its customers a pleasurable experience. The fashion brand recently collaborated with the video game Honor of Kings, bringing Burberry designs to the game. The collaboration is inspired by Burberry's fascination for fashion, and the unique relationship shared between humans and nature. This is well seen in Yao, the female protagonist. Her clothing and ability to transform into a deer embody nature's spirit and Burberry’s house code expression of fashion within the animal world.

 

On the back of these examples, we can see how the metaverse  has the potential to completely change how we interact with brands. Due to its nature, the immersive internet will enable prolonged engagement with brands as long as these experiences are unique, creative and social. The metaverse is opening up a new space for brands and marketers alike to share and explore.