The impact of the rise of the metaverse on brands
Facebook founder Mark Zuckerberg recently said that Facebook's future lies in the virtual metaverse.
“In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company. In many ways the metaverse is the ultimate expression of social technology,” Zuckerberg said.
The concept of the virtual metaverse is not new – witness the numerous dystopian sci-fi movies and series that reference it.
According to Facebook Reality Labs’ Andrew Bozworth, the metaverse is already here as a collection of digital worlds each with its own physics to determine what’s possible within them.
“The defining quality of the metaverse will be presence – the feeling of really being there with people – and FRL has been focused on building products that deliver presence across digital spaces for years. But to achieve our full vision of the metaverse, we also need to build the connective tissue between these spaces, so you can remove the limitations of physics and move between them with the same ease as moving from one room in your home to the next,” he wrote on Facebook.
Kirsty Bisset, MD of HaveYouHeard Durban says while the rise of the metaverse is exciting for both digital natives and sci-fi pundits, what still needs to be asked is what their impact on brands will be.
“For me, the current hype around metaverses currently feels like social media did in the early 2000s. Brands initially brushed off social media until it was impossible, and irresponsible, to ignore the importance of being involved,” she says.
“The pandemic has definitely accelerated interest in metaverses as virtual economies are becoming as important as physical economies. A great example here is the popularity, and massive revenues, of Fortnite's virtual concerts. Businesses and brands active in virtual economies will naturally win within the metaverse.”
Metaverses give the creator economy a strong springboard, she points out, adding that from fan fiction to creating new characters and stories, it will further democratise creativity.
“But the real winners in the metaverse will be the influencers and brands who craft a virtual world that isn’t just a ‘flat’ surface. Today’s metaverses are simplified virtual items or virtual services accessible with or without VR headsets. Successful worlds will need to offer layers through avatars, visuals, and music.”
Those industries – or brands – seeking to pioneer metaverses include gaming, crypto, fashion, apparel brands and celebrities. A breakthrough example here, she says, is that of Gucci and gaming platform Roblox.
Last year Roblox announced that Gucci had brought some rare items to the platform with the support of Roblox’s creator community. The next phase of the collaboration saw Gucci entering the metaverse in the form of the House’s Gucci Garden Archetypes, an immersive multimedia experience in Florence, Italy, that explored and celebrated Gucci’s unique creative vision. Gucci made limited editions of virtual bags available in the game.
“Many brands today are digital first,” said Bisset. “Should they decide to enter the metaverse realm, they’ll need to be brave and detailed. Any metaverse built around a brand will have to deliver a user-driven engagement design and fully immersed digital experiences. Winners in the metaverse will understand all that plus have extensive online culture, digital art and gaming experiences,” she said.