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Marketing in the Metaverse
The metaverse is an imagined iteration of the Internet characterized by virtual worlds that are accessible through VR and augmented reality headsets. The term was coined in 1992 by Neal Stephenson in his science fiction novel Snow Crash, but aspects of the metaverse have long been found in video games like Minecraft and Fortnite. More recently, the real-world applications of the metaverse have taken off, thanks to advances in back-end engines that will enable people with little technical knowledge to create their own virtual worlds. In addition, advances in edge computing will enable the processing of large amounts of data close to where users are experiencing it, reducing latency and avoiding bandwidth issues.
As a result, the metaverse has captured the interest of investors and companies of all sizes. In 2021 alone, investment in metaverse-related companies reached $10 billion, more than double the amount raised in 2020. The growing number of headsets in use will bring the metaverse to a wider audience, while hardware improvements – including 5G connectivity and the arrival of haptic gloves and bodysuits – will enable immersive experiences with unprecedented depth and accuracy.
For marketers, it’s important to understand that the metaverse is still very much a work in progress and will continue to evolve rapidly. While some brands have jumped in feet-first, others have been cautious or even stepped back from their efforts. This could be a result of the coronavirus pandemic, but it may also be because many consumers are still looking to connect in the real world.