Are we ready for the Metaverse?

Nowadays, everybody is talking about the Metaverse, whether they understand it and its implications. But what do we really know about the Metaverse, and how will this new virtual reality layer shape our future?

In a husk, in the Metaverse, virtual worlds are mapped onto the real world, allowing humans to dive headfirst into virtual reality through a browser or headset, to have real-time interactions and experiences across distance.

Many experts consider the Metaverse to be a game changer.Increasingly dependent on digital technology, the Metaverse is predicted to disrupt whole industries and brands over the next decade.

Influenced by the global pandemic impact and the numerous lockdowns, more people started turning to virtual spaces for socializing and connecting. This is where the Metaverse brings its offering – an enhanced 3D reality for humans to further connect in a post-pandemic world.

Gartner, an information technology (IT) research and consultancy company, estimates that 25 percent of humans will spend at least one hour daily in the Metaverse by 2026. As the pandemic had immensely impacted commerce and mobility, it was evident that an exponential increase was witnessed in virtual world usage - whether it was for gaming, social media, streaming services, o'shopping. It is likely that this trend will only intensify in the future. This is why industries are rushing into understanding, benefiting,

and setting the trends in this new verse. According to Accenture, 71 percent of executives think their organizations will benefit from the Metaverse. For instance, a rise in interest in virtual land assets is expected to lead to a boom in the real estate industry.

It's apparent to experts that the Metaverse is opening up new avenues for selling "digital twins" of physical goods. For this reason, many big brands are already leveraging this platform to create immersive experiences and, in a sense, to test products.

As a continuation of the UAE’s vision to embrace new technologies with agility, the public sector has already recognized the evolution of the Metaverse, establishing the world's first virtual assets regulatory authority in Dubai.

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How can marketers benefit from all that?

As for marketers and creative agencies in the UAE, GCC, and the region, we should take advantage of these opportunities. To stay on top of the wave, marketers must, while they can, have an innate perspective of how to make the best of the Metaverse in their digital marketing endeavours.
The growing technology environment today allows us to test and learn. However, this might not be the case tomorrow, and we may be too late to the party or even miss out on the whole thing.

By building virtual bridges between brands and consumers, the Metaverse offers a whole new environment for engaging consumers in immersive experiences that are as meaningful as in-person interactions.

Despite the regulatory and ethical concerns surrounding the third generation of the internet web known as "web 3.0", it's interesting that brands have a rare opportunity to take the lead in creating and developing this new space, learning and adapting as they go, and marketers have a chance to define and create a new path for brands to transition.

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