The FOMO of Metaverse
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'Don’t Let FOMO Dictate Your Metaverse Strategy', says a recent Forrester report that showcased how businesses should start to build a strategy to approach this shiny new object.
Has the adoption of metaverse given many more reasons to brands to take advantage of the positive changes it is bringing to the table, or is this just another phase in the evolution of digital, which is yet to find a place in the firmament??
Forrester's report highlighted that in the face of both competition and economic uncertainty, companies are grappling with what they must do — or if they should even do anything at this point. The bottom line: there is no metaverse — nor is there a strong consumer demand for metaverse precursor experiences, it added.
“There is not a metaverse, nor will there be a near-term positive ROI beyond media attention. Businesses must take a methodical approach towards making investment and technology portfolio strategy decisions,” said Martha Bennett, Forrester's VP and principal analyst.?
It added that consumer familiarity with the metaverse is nascent. Only 23 percent of US online adults are familiar with the metaverse. Familiarity in Australia is even lower with only 18 percent of online adults are familiar with it.
Web3 virtual worlds and games are the realm of crypto asset enthusiasts, it added. Web3 promoters like to equate Web3 with the metaverse, but Forrester disagrees. While there is an overlap, in particular when it comes to NFTs, neither current precursors nor future metaverses depend on Web3. Forrester says Metaverse precursors are novel but don’t hold consumers’ attention. Current Metaverse precursor experiences offer novelty, but they lack the key ingredients for mass-market success.
Brands must take steps to drive consumers from awareness to comfort with experiences. Organisations must drive awareness, adoption, usage, comfort, and ultimately preference for the interface or medium. They must start by driving adoption of today’s virtual platforms, it added.
However, it is also interesting to observe that the rise of the digital vis-a-vis metaverse across the globe has seen different trends and early adoption is also witnessed in some industries.?
For example, Deloitte in its latest analysis estimated that the impact of the metaverse to GDP in Asia could be between USD 0.8 and 1.4 trillion per year by 2035, which is roughly 1.3 to 2.4 percent of overall GDP.?
It suggested that the potential 2035 economic impact of the metaverse in India is USD 79-148 billion per year, or 1.3 to 2.4 percent of overall GDP.
Digital payments will be a crucial component of the metaverse to trade digital assets. India could feature strongly in this development, as it has the highest rates of real-time digital payments in the world.
It added that India is the world’s largest mobile gaming market in terms of app downloads; a promising development as games are a vital entry point into the metaverse.
Recently Booking.com mentioned 'Virtual Voyagers' in its predictions for 2023. The travel portal says that 70 percent of Indian travellers reported that they will be turning to virtual reality next year to inspire their vacation choices. Travel is expected to enter the ever-evolving 3D virtual space of the Metaverse in 2023.?
With 61 percent of Indians keen to embark on a multi-day VR travel experience, the Metaverse will be more than ‘try before you buy’; it will educate people, opening the door for infinite adventures.?
While the Metaverse will offer a new way to experience travel in the year ahead, it still won’t stop people from booking a ticket to their next destination.
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Overall, the emergence of metaverse seems to have different implications and utilities. For brands, it is promising as another avenue to reach out to customers and create possibilities of engagement and thereby improving the customer experience. Certainly, FOMO can't be a reason to adopt this without realising the actual need.?
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