Even if Meta’s one-year anniversary in late October 2022 isn’t exactly indicative of the success of Facebook’s rebranding and Mark Zuckerberg’s particular vision, the company’s continued decline in quarterly earnings and 2022 was a landmark year for technology itself, given reports of a large amount of investment being washed away.
From Nike to SAP, Coca-Cola, Wendy’s, Balenciaga, Adidas, Ferrari and more, brands have introduced their own versions and visions of immersive, interactive platforms. We acknowledge that this is still in the early stages of the metaverse. But the possibilities for the future are endless.
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Just ask Jio Haptik’s Chief Product Officer, Praful Krishna, if the Metaverse will become a reality. “Yes. The 2000s saw the emergence of personal digital assistants (PDAs) and PDAs with mobile technology, the 2000s witnessed an explosion of data about these connected PDAs, and the 2010s saw the rise of AI, interactive software, So did informational accessories (cameras, smart wearables, etc.).”
Mitesh Kothari, co-founder and CCO of White Rivers Media, also believes technology will adjust to changing consumer expectations and customers will find new ways to use developed technology. “It will be a chain reaction of development. The advent of 5G will increase the consumption of the metaverse and its many new use cases as networks guarantee faster speeds, consistent coverage, lower latency and more reliable communications. As technology advances and demand increases, new VR and AR headsets will become more affordable and readily available,” he says.
Krutin Shah, co-founder and COO of Phyvital Inc., points out that 5G and better handsets will certainly help with adoption, making it easier for brands to reach consumers. “We believe brands should look for multiple formats to maximize audience engagement (e.g. metaverse live events, gaming, streaming content, educational content, etc.). The format will be successful and will reach a younger audience, the next generation of consumers.”
Whole New World
When it comes to diversifying the metaverse, Kothari said brands can use virtual communities to establish, develop, and maintain relationships with potential customers. he said: The Metaverse has proven to be a virtual representation of real-world products, operations, and more as a “digital twin”. This helps develop new ideas safely and economically. Overall, the future looks bright for the metaverse and the brands ready to capitalize on it. “
Experts believe that today the average person enjoys a very powerful 2D virtual world and has already gained a lot from it in terms of productivity, range of choices, lifestyle benefits, quality of entertainment and many other aspects. I’m pointing out that I’m getting something.
“There is a set of paradigms that take major steps before the center of mass shifts to the metaverse: text conversations, video commerce, augmented reality, virtual reality, and more that could surprise us. , every business should start building the skills needed for this three-dimensional, interactive and automated world.There are already many innovations in graphics rendering, avatars, and technologies that enable integration with the real world. is happening,” says Krishna.
Manish Solanki COO and co-founder TheSmallBigIdea said: Virtual worlds are coming together to create valuable assets.From healthcare to virtual offices, real estate to retail, the Metaverse is set to change the way we interact and communicate.
Speed, computing power, and more accessible devices (glasses with AR or MR) are key factors for working in the metaverse. Because virtual games can now be considered the closest real-world example that is literally being played in real life. When these three factors come together, creators and advertisers will discover a huge consumer market driven by Gen Z and Alpha cohorts and captivate audiences.
Danish Malik, co-founder and CEO of Boomlet Media Private Limited, points out that with a well-built consumer base, market forces will drive brands to campaign through the metaverse.
“I think the easiest way to enter the metaverse is to expand into multiple entertainment categories. There is no segment of entertainment like that under the Metaverse.” He concludes: An increase in user-generated content (UGC) will undoubtedly increase the consumer base and expand the market for the metaverse. ”