Industry Update
External Article20 October 2021

Why the ‘Metaverse’ represents a revolution in advertising

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The “metaverse” is the next great revolution in computing. This concept of the future of the internet promises to bring the physical world together with new technologies that are only starting to transform the way people interact with one another, amuse themselves, go shopping and engage in other everyday activities.

Facebook CEO Mark Zuckerberg spent a considerable amount of time discussing the metaverse during his quarterly results call in late July. "It's a virtual environment where you can be present with people in digital spaces,” he said. "You can kind of think about this as an embodied internet that you're inside of rather than just looking at. We believe that this is going to be the successor to the mobile internet.”

This might sound all too familiar if you think back to the much heralded second life platform, which failed to gain traction. But because of the pandemic and the general public getting used to doing everything via digital means, the metaverse will be a whole different beast. All signs point to massive potential and possibilities, including the opportunity to completely redefine how we interact with consumers.

Isabel Perry, director of technology at Byte (part of Dept) noted, "Metaverses are jam-packed with innovative marketing potential, (ranging) from live shopping to virtual stores, fashion shows, product launches, content production, live flagship events, enhanced social, pimping-up of Zoom calls and NFT s paving the way for real economies. The possibilities that this hybrid digital/physical world offers are near-endless. It's time for forward-thinking brands to get involved.”

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