Is Metaverse A Marketing Gimmick Or The Future of Internet?

With the digital era already in motion, the question of whether the Metaverse is here to stay becomes imperative. Industry stalwarts recently gathered at the BW Marketing Whitebook Summit 2022 and presented their thoughts on whether the metaverse is all set to dominate the next phase of digital.

The speakers for the motion included Vinod Elangovan, Director, Digital Solutions, AB InBev, GCC, and Chandan Mukherji, Director and Executive Vice President, Strategy, Marketing, and Communication, Nestle. The speakers against the motion were Akash Deep Batra, Executive Director and Head of Marketing, Growth, CX, and Analysis, DBS; and Shashank Singh, CEO and Co-founder, Backstage. The debate was moderated by Lloyd Mathias, Business Strategist and Independent Director.

Mukherji said, "There are elements of the metaverse which are gaining momentum. When we take a closer look at the younger generation who are interested in immersive experiences, we can observe elements that can help us create experiences that cater to their needs. Who would have thought 20 years ago that something like UPI would exist? Yet it's taken off in such a big way! Likewise, is Metaverse an opportunity at the moment? "

Batra, on the other hand, focused more on the practicality of Metaverse in today’s world. "Being a marketer, I need to drive outcomes. As a result, where I invest my money will always be determined by the outcome I am seeking. No doubt, the possibilities that the metaverse can deliver are phenomenal. However, whether it is the right choice in today’s time or not is debatable," he asserted.

Elangovan emphasised that Metaverse is definitely the future, but it might take some time to get there with the help of shared responsibilities. "Every technology takes its time. We, as consumers, have the responsibility to start using it all and exploring it at our ends so that we can also be a part of the policy-making around it," he mentions.

He added, "If firms like Facebook and Twitter had waited around for the proper rules and policies to start working on their ideas, they would never have reached where they are today. So, we, as consumers, need to actively engage with the upcoming technologies so that they don’t die out with time, but rather grow."

Singh further shared that the common man is more focused on living life practically and earning regularly. And hence, he does not see much potential in Metaverse. He felt it's going to take a lot of time for something such as a metaverse to come into the mainstream, and even if it did come, there would be a very small segment of people actually engaged in it.