Digital Metaverse Advertising
Several industries are being transformed by the evolution of the metaverse. This has been accelerated by the global pandemic, but also enabled by major technological improvements. The metaverse was worth only $47 billion in 2020, but it may be worth an estimated $800 billion by 2024.
The development of immersive, 3D, online worlds has made us rethink how digital metaverse advertising works. Here, the user experience is crucial and must be complemented by a higher level of creativity. Virtual reality advertising offers extreme engagement by allowing users to get a better feel for products. It is designed so that those who view the advertising are entirely focused on the brand´s craft, leaving no room for disturbances.
McKinsey & Company reported that 59% of consumers are excited about transitioning everyday activities to the metaverse, and 57% of metaverse-aware companies are in the process of adopting the idea.
As we move away from digital towards metaverse advertising, it needs to be economically viable, inclusive and accessible to everyone. Ads in the metaverse need to be immersive and complement the user experience. What we see today in digital advertising will not be the same when we transition to the 3D world. These spaces must also be connected harmoniously and openly to avoid having many “mini-metaverses” competing for users. To fulfill its true potential, the WEF is advocating for the right foundations being put in place now, before further development occurs.
The interoperability of campaigns is not only cross-platform but cross-fandom and cross-entertainment. WEF suggests that the industry regulates the use of data and works towards business models that put the privacy of user data first. There is a huge opportunity to create a standardized method of tracking data that is also ethical. This becomes even more important in the context of making gaming environments safer for children.
Accessibility, user experience and privacy first are the three pillars that advertisers need to keep in mind when defining their metaverse strategies. The future is both exciting and frightening, but in order for the metaverse to fulfill its true potential, WEF is bringing together decision-makers to work on projects and initiatives to ensure that what we are creating is beneficial, and provides the foundations for generations to come.
Source: weforum.org
analyst opinion
Marcus Jr.
The development of immersive, 3D, online worlds has made us rethink how digital metaverse advertising works. Here, the user experience is crucial and must be complemented by a higher level of creativity. Virtual reality advertising offers extreme engagement by allowing users to get a better feel for products. It is designed so that those who view the advertising are entirely focused on the brand´s craft, leaving no room for disturbances.
McKinsey & Company reported that 59% of consumers are excited about transitioning everyday activities to the metaverse, and 57% of metaverse-aware companies are in the process of adopting the idea.
As we move away from digital towards metaverse advertising, it needs to be economically viable, inclusive and accessible to everyone. Ads in the metaverse need to be immersive and complement the user experience. What we see today in digital advertising will not be the same when we transition to the 3D world. These spaces must also be connected harmoniously and openly to avoid having many “mini-metaverses” competing for users. To fulfill its true potential, the WEF is advocating for the right foundations being put in place now, before further development occurs.
The interoperability of campaigns is not only cross-platform but cross-fandom and cross-entertainment. WEF suggests that the industry regulates the use of data and works towards business models that put the privacy of user data first. There is a huge opportunity to create a standardized method of tracking data that is also ethical. This becomes even more important in the context of making gaming environments safer for children.
Accessibility, user experience and privacy first are the three pillars that advertisers need to keep in mind when defining their metaverse strategies. The future is both exciting and frightening, but in order for the metaverse to fulfill its true potential, WEF is bringing together decision-makers to work on projects and initiatives to ensure that what we are creating is beneficial, and provides the foundations for generations to come.
Source: weforum.org
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