Future Of Metaverse: Trends & Insights

Metaverse is emerging as the next big thing in the internet world. It is a virtual world that enables newer interactive experiences, that are similar to the real world. In other words, if the Internet is all about browsing, then the Metaverse is all about experiences.

At the BW Marketing Whitebook Summit 2022, industry stalwarts Vishal Subharwal, CMO, Head Ecommerce and Digital Business, HDFC Life; Jiten Mahendra, Vice President-Marketing, Byju’s; Mehernosh Pithawalla, SVP and Head-Brand and Strategic Insights, Godrej & Boyce; MVS Murthy, CMO, Federal Bank, Ajay Simha, Marketing Director, NIVEA India and Anita Kotwani, CEO, Carat India highlighted the current day contours of the metaverse and the trends expected in future. 

To this, Mahendra said, “I think Metaverse is an ecosystem. The whole ecosystem is dependent on multiple things, starting from cryptos to NFTs and more. Metaverse will give the 3D version to the 2D version of the internet and social media, which is consumed increasingly these days.”

Simha commented, “Eventually, a lot of events are going to be included in the Metaverse. A lot of travel opportunities would be opened up through this space. For instance, there are a lot of places that we can’t access. If Metaverse can bring those experiences to your homes with just a few taps, it changes the game entirely. It is entirely about the experiences.”

Subharwal also sees it as a 3D version of the internet. "Technology takes time to evolve, we started from large mainstream computers and now we have Metaverse which is emerging. It is too early to talk about trends because a lot of experimentations are going on, so time will tell where this is leading,” he mentioned.

However, Pithawalla believed that real-life experiences can not be repeated in a virtual sense. "I am very traditional in my thinking and I still believe that the principles of marketing remain the same. The metaverse will remain where it is relevant to the consumers only.”

Murthy summed up by saying that the success of Metaverse is dependent on three things: segments of customers, scalability of the segments and the sustainability of what you’re putting into the Metaverse.