Everything You Need to Know About The Metaverse & Web3

Everything You Need to Know About The Metaverse & Web3

May 18, 2022

What Is The Metaverse?

The word “Metaverse” first appeared in the 1992 sci-fi novel “Snow Crash”, but most people would associate it with Zuckerberg and his Facebook friends rebranding to “Meta”. The Metaverse is not really a physical entity – it’s like an immersive world! 

It’s easy to get lost here in the ~Metaverse~, so if you’re confused, you’re definitely not alone.

The simple definition: the Metaverse is a digital space, giving us the ability to integrate virtual worlds into our everyday lives.

And just as it feels like you’re starting to get it, we bring Web2 and Web3 into the conversation…

What’s Web3?

To define Web3, we first need to understand Web2. So – we’re currently in Web2, which is kind of like The Bad Place [cue scream emojis].

Web2 is the version of the internet most of us know today. It’s dominated by companies that provide services in exchange for our personal data. I mean we CAN create an email account, but only if we offer up our date of birth, name, mobile number, a back-up email, our first born child - you get the gist.

In contrast to Web2, where we really don’t own much of what we actually post, Web3 puts content and digital asset ownership and control back into the hands of its users. Are we a bit scared of a world where large corporations have control over our data? Yes. Do we love having control of our personal content? Big yes.

Will they work together?

You betcha! Our new friend Web3 (we love her!) is built using blockchain technology and cryptocurrencies and will be the base point for the Metaverse. So, this new democratised reality will flow through and into the virtual reality. 

Think of it like a pizza. That beautiful crust is the blockchain technology, acting as the base for a thick saucy layer of Web3. Then add the toppings – the augmented realities (like the Metaverse).

Still confused?

We’ve taken the liberty of whipping up this snazzy little graph for our visual learners.

What does this mean for users?

More control! More ownership! More freedom! And a whole lot more relief.

What does this mean for marketers?

As more users take an interest in interacting with the virtual, blockchain-based world, it’s crucial for us as marketers to pivot our approach. Here are several key areas to consider... 

>>>> Community Driven Efforts

Now more than ever, the communities within the Metaverse are so important for marketers (and for future AR/VR communities other than Meta). At ​​Forbes’ recent Digital Assets & Web3 Summit, cofounder and executive chairman of Animoca Brands, Yat Sui, said “the Metaverse is really about connecting societies, we think of it almost like nation-building.” 

It’s really about network marketing. Is that particular community focused on travel? Is it fashion focused? Health and wellness? So, the real question we need to ask, as marketers, is how we can add value to any metaverse and impact its society.

We will need to create hyper personalised content that will resonate with each community on a deeper level, encouraging them to engage with whatever we put out there in a way that is so much more interactive. This brings us to our next point…

>>>> Experiences

Effective marketing is all about effective user experience, right? Whether virtual reality, augmented reality or artificial intelligence, getting a hang of the immersive, interactive environment is absolutely essential for marketing to Metaverse users.

Gucci recently partnered with Roblox to host Gucci Garden. This AR experience allowed users to view, try on and buy digital Gucci products for their avatars. FASHUN! We love it.

>>>> NFT’s

These non-fungible tokens allow users, businesses and marketers to claim ownership of an asset on the internet. Companies are already beginning to mint their own NFT’s, allowing users to own a piece of the brand and establishing a closer relationship between them and the customer.

As marketers, this means our ecommerce activity expands to digital assets. Brands are no longer restricted to offering physical products, eliminating shipping costs and storage fees. We can give our existing clients an additional stream of revenue and new clients a way to pivot their business offering.

We bet Khloe Kardashian wished NFT’s were a thing when that bikini pic was circling the internet.

There you have it! So save this blog, email it to your friends, print it, frame it and give it to your mother - all that jazz - and if you’re a brand looking to strategise your Metaverse launch, it’s time to get in touch!