Metaverse Provides Advertising Opportunities

Many observers consider the emerging “metaverse” to be a segment of virtual reality. Virtual reality has been under intense development by leading technology firms for several years. It can be described as a life-like representation or virtual world that has been generated by specialized software. Viewing and participating in virtual reality through special equipment (such as a helmet/googles with 3-D viewing screens and earphones, sometimes used with gloves that contain special sensors) creates an experience that is immersive to the user. For example, a virtual conference can be held, in which participants can be seen and heard around a virtual table. The metaverse will potentially expand on the virtual reality concept but will initially find the greatest acceptance in electronic games and social media-type activities. Advertisers and marketers may see the metaverse as an opportunity to reach younger markets. However, consumer and business metaverse adoption rates are slow so far, which is disappointing to some technology providers and marketers.

As the metaverse evolves in everything from entertainment to culture to business, advertisers are finding ways to increase brand recognition through virtual reality. Digital worlds are being created, enabled by platforms including Fortnite Creative and Roblox Corp., which feature all manner of products and services. For example, Vans streetwear, which is owned by VF Corp., attracted more than 48 million visitors to its virtual skate park on Roblox when it debuted in late 2021. In a similar vein, Chipotle Mexican Grill, Inc. created a virtual store using Roblox in which avatars in burrito-themed costumes navigate a virtual maze to win codes for free food.

A leading indicator of this trend is the renaming of Facebook’s parent company to Meta Platforms, Inc. The company, one of the world’s largest advertising media providers, is making a powerful statement about its belief in the future of the metaverse as a means of communication, entertainment and advertising.

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Metaverse Provides Advertising Opportunities, Business and Industry Trends Analysis

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