How VR & AR Industry Will Grow Through Metaverse
Though there has been a lot of buzz about, Virtual Reality (VR), and Augmented Reality (AR) in the past few years, the very existence of these technologies dates back to the 20th century. Fast Forward to 2022, the metaverse is bringing in immersive experiences with AR adding layers of virtual objects combining real and virtual worlds. The excitement is expected to reach new bounds with VR and AR technology advancements.
VR and AR Industry in Metaverse World
Tech giants across the globe are investing in VR and AR technology for a futuristic metaverse world. Virtual reality is a gateway to metaverse with co-working spaces, shopping centres, music concerts, gaming zones, etc., all in virtual avatars without the need to step out of the comfort zone of one’s home. This, augmented with sensory indicators including sound, visual, motion, and touch, creates a new extended reality brain feed for humans. Statista[1] estimates the VR/AR market size to reach approximately USD 300 billion by 2024. Companies are working to enhance VR and AR technology that allow virtual avatars to replicate body language and human emotions to make the user experience more immersive and experimental. According to Crunchbase data,[2] in the last quarter of the previous calendar year, start-ups in VR/AR hardware and software space rolled about USD 1.9 billion of venture capital; this is more than any quarter ever.
Meta’s Oculus VR headset platform and Microsoft’s HoloLens mixed reality products are touted as game-changers in the VR gadgets space. The high anticipations of AR product launches by Google and Apple seem to start a new-gen tech talent war to improvise the metaverse experience.
The dynamics are not only changing for tech giants but digital marketers too!
The Changing Dynamics for Digital Marketing
Digital marketers have limitless opportunities to create engaging and immersive strategies that instantaneously connect brands and consumers. Louis Vuitton released a digital game, “Louis the Game,” on its founder’s 200th birthday. The French high-end fashion house asked shoppers to collect 200 birthday candles travelling through various metaverse worlds.
Brands who have been early birds to embark on metaverse digital marketing strategies have boosted their brand visibility. Their focus on engagement marketing has stolen the show for brands like Nike. The company claims to have earned USD 3.1 million within 7 minutes of launching its gen-next sneakers on metaverse.
This extended reality is not limited to only gaming; it has become a serious business with the advent of blockchain technology. Recently a digital plot of land was sold by Decentraland to a Canadian investment company at an estimated value of about USD 2.5 million in the form of non-fungible tokens (NFTs). This space will be used for digital events and collaborations by brands to expand their business.
The metaverse is creating new opportunities for fashion, marketing, travel, entertainment, medical science, and many more industries.
What lies in the Future Ahead?
Metaverse – the riddled technology has gained momentum and substance in the past year. This is reviving the VR and AR market, which dwindled due to the lack of futuristic view and affordability.
From being chunky VR and AR gadgets that were fancies of only ultra-rich, the metaverse is creating a brand-new marketplace that will introduce much swankier devices available at various price points to augment virtual avatars and virtual worlds. As the technology scales up to reach the masses, with the evolution of web3.0 and 5G; digital marketers have immense opportunities to curate strategies for the B2C segment to influence and revolutionize social commerce.
Amidst the debate of metaverse being just a fad, the technology, and digital marketing industry together can leverage the true potential of metaverse by creating a purpose-driven immersive journey for consumers.
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