What is the metaverse?
Posted: Mon Jan 06, 2025 8:42 am
The term metaverse is not new, but it seems to be on everyone's lips for some time now. However, and despite the constant news about this new type of virtual space, it is still not very clear what role brands will play or how useful they are for users.
For this reason, the consultancy firm LLYC has compiled a series of recommendations to guide companies on this journey towards the future (which is already here) and has analysed the changes that may occur during the process. But first, we need to know what exactly this digital universe is and what advantages it offers.
Assuming that it is a liquid concept that will evolve, today we define the concept as the “three-dimensional, immersive and connected representation of the Internet.” In other words, the metaverse is a persistent, social and decentralized virtual universe , since it is not in the hands of a single company.
In this way, the metaverse allows consumers to jump between different virtual experiences, or between the virtual and real representation of the physical world, according to the consultancy's analysis. It will offer improved immersive experiences from any device (tablets, mobile phones or glasses) and we will be able to do almost anything that can be done in the physical world: entertain ourselves, shop, work, socialize.
Users will even be able to own unique virtual items thanks to NFTs (Non Fungible Tokens) and pay for them using their own currency (cryptocurrency).
What can companies do in the metaverse?
The metaverse is currently attracting a lot of investment and its future potential is immense, according to estimates and projections on the size of the market in the coming years. According to research by the international consulting firm Analysis Group, within a decade the metaverse could contribute 3 trillion dollars, 2.8% of the world's GDP.
According to Gartner, by 2026, 25% of people will spend at least one hour a day in this environment and, according to Statista, the current market size is close to 47 billion dollars in 2022 and is projected to reach 679 billion in 2030.
In this context, we are seeing how many companies are already integrating this tool into their strategies. They do so not only as experiments, but also as new lines of work in which we see a clear commitment to the metaverse as a new space in which to generate engagement with very diverse objectives.
Here's what brands can do within the metaverse:
1. Increase awareness with new audiences
Connecting with Generation Z is the big challenge for many brands. How to be relevant and use the communication codes that reach them is a common challenge that all companies will face sooner or later.
2. Generate cross traffic from online to offline environments
The integration of the physical and virtual worlds is one of the fund israel number data amental pillars of the metaverse. For this reason, companies are exploring journeys that naturally combine these two worlds and generate omnichannel experiences, in which each environment has its role.
3. Promote brand-creator collaborative environments
Companies and brands are increasingly willing to collaborate with other brands , consumers or creators, and the metaverse is a driving force behind these models.
4. Offer omnichannel sales experiences
The consumer experience is omnichannel, we move through different channels and live a unique and homogenized experience that adapts to each moment.
5. Create value relationships adapted to your audiences or build loyalty
Offering value or a unique experience to your customers is key to a loyalty strategy.
6. Talent acquisition
The rules regarding human resources, employability and relationships with candidates are being redefined. The metaverse is an environment in which an entire generation is used to interacting. And job searching is one more way of doing this.
How can we as users act?
For this reason, the consultancy firm LLYC has compiled a series of recommendations to guide companies on this journey towards the future (which is already here) and has analysed the changes that may occur during the process. But first, we need to know what exactly this digital universe is and what advantages it offers.
Assuming that it is a liquid concept that will evolve, today we define the concept as the “three-dimensional, immersive and connected representation of the Internet.” In other words, the metaverse is a persistent, social and decentralized virtual universe , since it is not in the hands of a single company.
In this way, the metaverse allows consumers to jump between different virtual experiences, or between the virtual and real representation of the physical world, according to the consultancy's analysis. It will offer improved immersive experiences from any device (tablets, mobile phones or glasses) and we will be able to do almost anything that can be done in the physical world: entertain ourselves, shop, work, socialize.
Users will even be able to own unique virtual items thanks to NFTs (Non Fungible Tokens) and pay for them using their own currency (cryptocurrency).
What can companies do in the metaverse?
The metaverse is currently attracting a lot of investment and its future potential is immense, according to estimates and projections on the size of the market in the coming years. According to research by the international consulting firm Analysis Group, within a decade the metaverse could contribute 3 trillion dollars, 2.8% of the world's GDP.
According to Gartner, by 2026, 25% of people will spend at least one hour a day in this environment and, according to Statista, the current market size is close to 47 billion dollars in 2022 and is projected to reach 679 billion in 2030.
In this context, we are seeing how many companies are already integrating this tool into their strategies. They do so not only as experiments, but also as new lines of work in which we see a clear commitment to the metaverse as a new space in which to generate engagement with very diverse objectives.
Here's what brands can do within the metaverse:
1. Increase awareness with new audiences
Connecting with Generation Z is the big challenge for many brands. How to be relevant and use the communication codes that reach them is a common challenge that all companies will face sooner or later.
2. Generate cross traffic from online to offline environments
The integration of the physical and virtual worlds is one of the fund israel number data amental pillars of the metaverse. For this reason, companies are exploring journeys that naturally combine these two worlds and generate omnichannel experiences, in which each environment has its role.
3. Promote brand-creator collaborative environments
Companies and brands are increasingly willing to collaborate with other brands , consumers or creators, and the metaverse is a driving force behind these models.
4. Offer omnichannel sales experiences
The consumer experience is omnichannel, we move through different channels and live a unique and homogenized experience that adapts to each moment.
5. Create value relationships adapted to your audiences or build loyalty
Offering value or a unique experience to your customers is key to a loyalty strategy.
6. Talent acquisition
The rules regarding human resources, employability and relationships with candidates are being redefined. The metaverse is an environment in which an entire generation is used to interacting. And job searching is one more way of doing this.
How can we as users act?