What Is the Metaverse and Why Is It So Important to Marketers?

What Is the

METAVERSE and Why Is It So Important to Marketers?

Volker Hartzsch

What Is the Metaverse and Why Is It So Important to Marketers?

According to metaverse expert Matthew Ball, the metaverse is never-ending, continuing indefinitely and existing consistently in real time.

The metaverse is essentially a conduit through which people can have a virtual presence, identity and individual agency, enabling users to create, invest, own and sell in a fully functioning universe that spans both physical and virtual worlds.

The metaverse offers interoperability of data and items between platforms, allowing contributors to create and experience content. No longer just a fantasy, the reality of the metaverse is increasingly becoming a target for key market players to build a presence and get their products seen.

Although still in its nascent stages, the Metaverse has vast potential to significantly impact both personal and commercial lives, with investment in it breaching the $120 billion mark in 2022 and tipped to generate $5 trillion by 2030 according to McKinsey.

Games such as Minecraft, Fortnite, Axie Infinity and Illuvium are already incorporating elements of the metaverse into play, providing players with a more immersive experience. Similarly, big brands like Coca-Cola, Nike and Samsung are increasingly using the metaverse as a platform to reach out to customers.

2

Volker Hartzsch

3

You can learn more about the latest developments in digital technology by visiting the blog of Volker Hartzsch.