How new age startups are leveraging metaverse and creating digitised marketplaces?

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Welcome to the strange realm of Metaverse. Ever wondered how important is digital intelligence to a creator, leader, professional, or student? Noticeably, it is quite important – considering the buzzword ‘Metaverse’ has prevailed across various platforms. Ever since Facebook changed its name to Meta, the catchphrase has gained even more traction, lately. Although the Metaverse is still in its nascent stage in India, its growing popularity has piqued the interest of many entrepreneurs. Interestingly, the global Metaverse market reached $47.69 billion in 2020, according to an Emergen Research report, and is expected to grow at a revenue CAGR of 43.3 percent to $828.95 billion by 2028. Moreover, India is predicted to be a major player in the Metaverse, as well.

For the uninitiated, the Metaverse is an amalgam of augmented reality (AR) and virtual reality (VR) technologies that enable individuals to construct online spaces and events where digital copies of themselves and others can live and interact. Companies can create their own customised businesses and conduct successful marketing by connecting with clients in the Metaverse, which helps them achieve good product placement in Metaverse virtues.

Essentially, the Metaverse allows businesses to develop immersive digital experiences that customers desire to connect with. Brands may construct a community using this platform, which contributes in the development of a devoted client base and spreading awareness. Consider a digital universe with endless possibilities for exploration and expansion. Virtual reality, augmented reality, and 3D settings are n-ow being used to help brands better their metaverse strategy. A succession of Metaverse poems, ‘In the air,’ reveal a new world. To date, improvements in Metaverse technology have had a billion-dollar impact on enterprises.

The quality of data generated in the Metaverse is far superior to what is currently generated on social media networks. Given that the effectiveness of a marketing campaign is determined by the quality of data available, there is a lot of potential. A significant amount of data can be streamlined, processed, and used for a concentrated, strongly tailored marketing campaign using Artificial Intelligence and Natural Language Processing (NLP). Voice, text, browsing behaviours, our expressions, health information, and our interests are all examples of data that can be gathered. Deep learning can then be used to show specific persons personalised adverts. As a result, our business practices have shifted dramatically. Experiencing this transformation, we are witnessing a fundamental shift in how our brands are sold in the digital age.

Crypto currencies can be used by brands who want to do business in the Metaverse. In the Metaverse, users can purchase crypto assets advertised by brands. Brands can also reap the benefits of the Metaverse by converting their products into Non-Fungible Tokens (NFTs). These tokens have real value and can be traded on the Metaverse. Metaverse companies can offer their consumers unforgettable, hassle-free experiences while tackling the smallest concerns by leveraging the exciting possibilities of virtual reality. Companies can bring their products to reality by introducing them to the actual world via augmented reality technology.

Brands invigorate to use their creativity to reach their target audience more successfully by entering the metaverse. As a result, brands are increasingly resorting to the digital marketing meta-mirror. Metaverse advertising attempts to appeal to as many people as possible or to target specific demographics. The Metaverse provides a setting in which people can adapt to anything related to AR and the Metaverse. As a result, clothing stores will no longer have to deal with returns. When dealing with virtual worlds, Metaverse allows for various implementations that would not be possible otherwise, such as Metaverse startup advertising, billboards, host events, and more. The Metaverse is expected to account for at least 30% of marketing spending over the next ten years.

The true benefit of Metaverse advertising is having to reflect into your brand, reach out to your customers, raise brand recognition, and develop new methods to inspire loyalty through a seamless experience. The drive to provide a better experience for all users has transformed marketing. By blurring the lines between the physical and digital worlds, brands can simply design, map, and innovate how people feel about their products. This opens up an altogether new universe of possibilities for brands to communicate with their customers. Brands invigorate to use their creativity to reach their target audience more successfully by entering the metaverse. As a result, brands are increasingly resorting to the digital marketing meta-mirror.

However, while the Metaverse and NFTs have recently been hot topics of conversation, and we can see a picture emerging of virtual economy commerce being conducted through cryptocurrencies, there is still time for businesses to fully leverage the Metaverse’s power. Despite India’s high internet penetration and the world’s lowest data rates, a full-fledged Metaverse with its own crypto currency, the ability to have NFT, multi-player gaming, shopping, and more is still a long way off. Immersion in the virtual world necessitates more than just a fast internet connection. To interact seamlessly within a virtual 3-dimensional world, high-tech hardware such as a virtual reality headset is required too. There are several technical challenges to overcome before reaching the level of technological advancement required to enjoy a seamless virtual experience in the Metaverse.

It’ll be a few years before we see a full-fledged mainstream Metaverse adaptation. For Western countries that are technologically sophisticated in terms of gear, a safe estimate is at least two years. Users can interact with the Metaverse via virtual reality headsets like Facebook’s Oculus Quest 2, which costs around $300. There is, however, a great deal of area to cover. However, it will take at least five years for it to catch on in India.

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