Metaverse: Is It The Next Big Fortune For Marketers?

One of the buzziest buzzwords in the adland today is certainly the 'metaverse'. While it has emerged as the biggest new platform for marketers, they are betting big on it for the benefits that are reflective of its nature- virtual, immersive, social and decentralised. It is new and faster connections finally exist to support the growing environments. Metaverse is also attracting marketers to help them target the Millennials and Gen X better. It was seen in a recent report that the average engagement time of a user in the metaverse is about 18 minutes, which is a huge turnaround in a world where brands are aiming to capture their audiences' attention in mere 3 seconds. 

However, while the line between web 3.0 and metaverse is blurring, the latter still remains a fairly evolving concept. In fact, while about 54% of marketers are excited about metaverse, they continue to be apprehensive of its offerings or expectations.

Akshay Mathur, Chief Revenue Officer, Tyroo agrees that in the advertising world, the metaverse is still at its nascent stage and its journey has just begun. A lot has changed after the 1980s in terms of digital transformation but the entire journey is going to take time to set foot. Also, issues of measurement and workable platforms will need to be deciphered beforehand.

Chandan Mukherji, Director- Strategy & Marketing Communication, Nestle accepts that metaverse is gaining momentum. He advises, "It is important to go back to where the consumer is. Marketers must have the semblance of what and why we are doing a certain activity. The role of the brand and its consumers must fit in with each other. 

For business results to be generated, marketers must know how to leverage such platforms. This is one place where a person spends lots of minutes. Hence, the metaverse is a great opportunity for all brands."

Taking us through the latest Tata Tea Holi party in the metaverse, Puneet Das, President - Packaged Beverages, India & South Asia, Tata Consumer Products explains how it was beyond organising an event and was more about evoking the regional pride. Commenting on the sustainability angle of it, he says, "If metaverse is allowing me such ideas, it is a sustainable platform. A lot of it will further accelerate as tech enhances. You will also find more ideas to sustain this space. Marketers must go out and understand this learning curve."

As a trend, it has been observed that gaming has emerged as a brand's natural choice to first experiment with it and then enter other areas. Accepting that brands lack the understanding of metaverse, Vishal Jacob, Chief Digital Officer, Wavemaker trusts, "This is true. But gaming/ metaverse must fit in with the brand or its existing narrative. The promise that metaverse holds is because it is immersive, permissionless, decentralised, etc. in nature. Gaming & entertainment are the industries that are actually exploiting these."

*The speakers were present at a recent industry event