{"id":7049,"date":"2022-02-15T17:57:33","date_gmt":"2022-02-15T17:57:33","guid":{"rendered":"https:\/\/www.happyfinish.com\/?p=7049"},"modified":"2023-04-25T13:10:26","modified_gmt":"2023-04-25T13:10:26","slug":"why-brands-must-play-the-long-game-in-the-metaverse","status":"publish","type":"post","link":"https:\/\/happyfinish.com\/why-brands-must-play-the-long-game-in-the-metaverse\/","title":{"rendered":"We Have All the Time in the Virtual World | Why Brands Must Play the Long Game in the Metaverse"},"content":{"rendered":"\n

Originally published in Advertising Week<\/a><\/p>\n\n\n\n

Happy Finish’s Head of Strategic Development, Jerome Botbol<\/strong>, share his insights on the future of the metaverse for brands.<\/p>\n\n\n\n

<\/h5>\n\n\n\n

If you were in any doubt that interest in the metaverse is expanding at an astronomical pace, look no further than Microsoft\u2019s behemoth bid of \u00a350bn<\/a> for video game maker Activision Blizzard.<\/p>\n\n\n\n

Microsoft has correctly identified gaming as a key foundation for metaverse platforms and it\u2019s just the latest move among technology experts that are keen to join the party. Facebook has famously rebranded its parent company as Meta, seemingly staking future growth on grabbing a big share of this space.<\/p>\n\n\n\n

Meanwhile, ad industry lifer Sir Martin Sorrell has unveiled S4S Ventures<\/a> \u2013 a VC fund targeting early-stage companies with interests that include exploring commercial models within the metaverse.<\/p>\n\n\n\n

This early scramble for share of the \u2018new reality\u2019 is as much about trying to understand the opportunities it offers as an affirmation that tech companies and the brands that seek greater scale through them, really get what the metaverse is all about.<\/p>\n\n\n\n

The fact is consumers, particularly the digitally native younger generations, are shaping of the metaverse. This could be the most exciting and refreshing revolution in consumerism to date, as the desires of groups and individuals set the agenda \u2013 rather than brands telling people what they want and need.<\/p>\n\n\n\n

Consumers and Brands Broaden Their Horizons<\/strong><\/h2>\n\n\n\n

\u201cMetaverse\u201d is a generic term for experiences that go beyond the physical through connected virtual worlds, offering new ways for us to communicate and interact. There\u2019s a recognition that it is in the earliest stages of its development and could be years or even decades away from being used to its full potential.<\/p>\n\n\n\n

You don\u2019t have to look far, though, to see that the key technologies that represent the building blocks of the metaverse have actually been around for some time.<\/p>\n\n\n\n

Take Minecraft. Given a blank canvas when they first enter this world, gamers can set their own creative agenda, build whatever they want and set parameters for themselves. The crucial added element is that they don\u2019t have to do it alone: they can talk to and play alongside friends and strangers alike to their heart\u2019s content.<\/p>\n\n\n\n

This facilitation of communication and peer-to-peer engagement is at the heart of the metaverse. At present, there are no rules \u2013 the metaverse can truly be whatever you think it is, and you can do as you feel. It\u2019s essentially an undefined space; one that is building its own communities and taking the communication concept of Messenger to a far higher level.<\/p>\n\n\n\n

While the physical world is built with boundaries, with the pandemic placing more restrictions on our daily lives than the world has experienced for generations, metaverse offers freedom in the shape of a new level of reality.<\/p>\n\n\n\n

Already, large sections of society are aware of Virtual Reality (VR) \u2013 even if they\u2019ve only seen news clips of people wearing headsets to play virtual games alone or with others. VR has a role to play in the metaverse, of course and is already being harnessed by the likes of travel brands keen to instantly transport people to desirable destinations.<\/p>\n\n\n\n

But Augmented Reality (AR) is likely to be the technology that really makes interest in the metaverse take off. Permit me to use myself as an example of how this might work.<\/p>\n\n\n\n

I\u2019m an avid collector of trainers. There are boxes and boxes of unworn shoes stacked in my spare room, taking up space and leaving a hole in my wallet. I\u2019ve got an aversion to sullying them by daring to wear them outside the house.<\/p>\n\n\n\n

With AR, once tech companies like Apple get their act together and finally launch glasses that allow the wearer to experience a blend of physical and virtual reality, I could take to the streets in my everyday trainers but proudly show off a snazzier pair to passers-by in the metaverse. This boundless freedom of expression is perhaps its greatest promise.<\/p>\n\n\n\n

How Far and Fast Can the Metaverse Grow?<\/strong><\/h2>\n\n\n\n

So, if this is the future reality that awaits in the metaverse and it\u2019s going to be driven by consumers, where does that leave brands?<\/p>\n\n\n\n

I think patience and experimentation are the key. Mass audiences are already a given: witness the millions of people who virtually rubbed shoulders from far-flung parts of the globe at Travis Scott\u2019s Fortnite Astroworld<\/a> digital concert. Execution is therefore the greater challenge. Think back to previous developments in tech. Not so long ago, 360-degree video was the \u2018next big thing\u2019 but it resulted in aimless fads made for their own sake which failed to profitably engage brands\u2019 target markets.<\/p>\n\n\n\n

I fully expect brands to jump on the metaverse bandwagon, too, firing off largely irrelevant content into this new reality \u2018because it\u2019s there\u2019. Experimentation will have more merit if launches are made with learning as their purpose.<\/p>\n\n\n\n

Think of building your storefront or dropping your billboard into the space \u2013 as brands already do in games \u2013 as a way to test what consumers will respond to: metaverse 1.0, if you like. As we start to understand how people rather than brands are shaping this space, metaverse 2.0 will be ushered in; that\u2019s when we can begin to provide engaging experiences that go beyond what the restrictive real world can offer.<\/p>\n\n\n\n

It seems the way to succeed will be to provide a crossover of experiences that work in both the physical world and the metaverse: we\u2019ll come to think of this as \u201cReality Plus\u201d.<\/p>\n\n\n\n

The philosopher David Chalmers believes advances in technology may one day deliver virtual worlds that surpass the physical realm<\/a> and we\u2019ll reach a tipping point where we spend more time in the metaverse than the material world.<\/p>\n\n\n\n

Until then, brands need to keep their cool: recognise the metaverse is a sandbox that consumers are likely to control for some time; keep tabs on what tech companies are doing to deliver new platforms; and feel free to dip a toe into the virtual water with content and campaigns that help gain a foothold in this fascinating new space.<\/p>\n\n\n\n

Find the original publication of this piece on Advertising Week <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Happy Finish’s Head of Strategic Development, Jerome Botbol, share his insights on the future of the metaverse for brands.\u00a0\u00a0Read More<\/a><\/p>\n","protected":false},"author":21,"featured_media":7050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[1],"tags":[],"blocksy_meta":[],"acf":[],"_links":{"self":[{"href":"https:\/\/happyfinish.com\/wp-json\/wp\/v2\/posts\/7049"}],"collection":[{"href":"https:\/\/happyfinish.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/happyfinish.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/happyfinish.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/happyfinish.com\/wp-json\/wp\/v2\/comments?post=7049"}],"version-history":[{"count":0,"href":"https:\/\/happyfinish.com\/wp-json\/wp\/v2\/posts\/7049\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/happyfinish.com\/wp-json\/wp\/v2\/media\/7050"}],"wp:attachment":[{"href":"https:\/\/happyfinish.com\/wp-json\/wp\/v2\/media?parent=7049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/happyfinish.com\/wp-json\/wp\/v2\/categories?post=7049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/happyfinish.com\/wp-json\/wp\/v2\/tags?post=7049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}