Why The Metaverse Is Marketing's Next Big Thing?

What is Metaverse?

The metaverse is a persistent, online, three-dimensional universe that combines various virtual spaces. It is going to be a future iteration of the internet. Users will be able to collaborate, meet, game, and socialize in these 3D spaces, thanks to the metaverse.

The metaverse does not exist completely, but some platforms have elements that are like a metaverse. Video games currently offer the closest metaverse experience available. Developers have pushed the definition of a game by hosting in-game events and creating virtual economies.

The financial, virtual, and physical worlds have become increasingly intertwined. The devices we use to manage our lives give us instant access to almost anything we want. This has also affected the crypto ecosystem. NFTs, blockchain games, and crypto payments are no longer limited to crypto enthusiasts. These are now easily accessible as a part of the growing metaverse.

Benefits of Using Metaverse in Business?

• New Ways to Engage with the audience: The metaverse offers a whole new level of entertainment and immersive experiences, and as a business, you can take full advantage of it. If your company is among the first to offer a metaverse experience to customers, you will undoubtedly gain an advantage and attract attention.
• Showcase & Sell your products: With the ability to rent or purchase commercial space, you can open stores and showrooms where users can test your products in the metaverse. Even today, users are actively purchasing virtual clothing and accessories, not to mention the separate world of gaming. Consider what will happen as the metaverse evolves.
• Establish better Team Collaboration: We've all come to terms with the new reality of online meetings and remote teamwork. The work process can be improved adversely if metaverse is used. Meetings will feel more like a group of people sitting in one room than like Zoom calls. As Meta is growing, we can now see Virtual reality workrooms.?
• Innovative forms of Advertising: People prefer stories to slogans because they reveal far more about the company and its values. Consider how immersive and fascinating your brand storytelling can be with VR and other metaverse technologies.

How Metaverse Has Changed the Business Scenario in India?

Businesses, whether in India or globally, are said to profit greatly from the concept of metaverse because it allows users to try and use products (virtually) before purchasing them. A similar concept is already in place, as many brands, including Lenskart, offer buyers the ability to try on 3D glasses. Understanding that Meta has the most users in India than in any other country automatically transforms it into a marketing tool for businesses. Meta is a powerful yet cost-effective tool for band promotion for micro, small, and medium-sized businesses.

Businesses are turning to Instagram in particular because of its ability to directly reach out to customers and provide reach not only across the country but also internationally. More than 500 million Instagram small businesses include a WhatsApp, phone number, or email address in their bio, or encourage potential customers to contact them directly via direct messenger (DM). To reach international customers on Instagram, over 45,000 small businesses in India advertise worldwide shipping in their bios. Instagram is also a place where people can connect with the brands and products that they are most passionate about.

In the last few months, Instagram users in India have created over 1.2 million posts and comments to show their support for small businesses. Approximately 90% of Instagram users follow a business.

How People Used Metaverse to Grow Their Business?

Cope Studio: This Bengaluru-based deep-tech startup, founded by Vaibhav Sharma, is focused on assisting early-stage ventures through its product studio. It combines design, product support, and capital to create a platform that accelerates the replication and growth of successful products and services such as Urban Vault, Vedantu, Reality Tools, Dehidden, and others.

Bolly Heroes: This one-of-a-kind venture has created a parallel Bollywood world called Bollyverse, which allows customers to write, act, and produce their own stories in collaboration with major production houses, brands, celebrities, and music labels. This step will not only alter the entertainment industry's trajectory, but will also encourage community-driven films, shows, animation, and games.

Zippy: This Metaverse platform for runners, created by Sunny Makroo, allows users to connect with other runners from around the world safely.?

With Zippy one only needs a treadmill and smartphone and the app. Once logged in they would be required to connect their app with the treadmill, which will teleport them to the virtual world where the user can not only have a normal run but run major marathons in cities such as Tokyo, London, and Boston, as well as jungle trails, beach runs, and so on, all through their avatars, which are linked to fitness wearables such as treadmill sensors in the real world.

Conclusion

Metaverse is the future of every business, and we can already see developments that are leading to its creation. It appears to be another sci-fi application for blockchain technology and cryptocurrencies. It's unclear whether we'll ever get to the point of a metaverse. However, we can already experience metaverse-like projects and continue to integrate blockchain into our daily lives in the meantime.?