Author Article by Santosh R, Co-Founder & CMO, Elever
Remember the famous scene from ‘Minority Report’ when Tom Cruise walks into a shop after switching his corneas, and the retinal scan identifies him as a Japanese man and starts showcasing products completely tailored to him based on his previous records? Well, simply put – that’s Metaverse! But outside of Spielberg’s vision, is the metaverse real or hyped? Here’s a spoiler alert: no one freaking knows! But that’s not good enough for an article, right? So, let’s break it down a bit.
The fact that no one knows is not surprising in the least. 25 years ago, people weren’t sure what to do with the new buzzword “internet”. Some were convinced it was the future and would change our lives forever; others said it was a fad. Go more than 100 years back; some said horses would always be the main mode of transport, and cars were just hype. Having said that, this in no way means all new things are the future. Remember the pager? Even I don’t. So, all we know for sure at the moment is the metaverse happens to be something very foreign to our existing experiences, a complete digital copy of our real-world experiences; that’s the attempt, anyways. But does that make sense? Will it become as integral to our lives as the internet is today?
Let’s look at least a couple of the undoubted benefits of the Metaverse – especially from a marketing perspective.
Demonstrability: One of the challenges marketers face today, especially for complex or experiential products, is the limitation in demonstrating it. Think of a real estate developer’s new eco-centric project. What are the means available to a marketer today? Audio-visual is his or her best bet. But what if the marketer could take people on a journey of actually living in the space? No poetic headlines, no animated illustrations, no operatic score – simply try it before you buy it.
Customised & social experiences: Like Tom Cruise in Minority Report, if you haven’t swapped your corneas with someone else, a completely customised walk through your favourite apparel store could indeed be awesome, right? Where everything in the store is as per your taste, preference and fit, and it also allows you to don them on see how it looks. What’s more, bring your shopping BFF to the store to discuss, debate and zoom in on the perfect purchase. Yep, with the Metaverse, all of this is just a regular Tuesday – that too probably when you’re on your lunch break at your desk at work.
But things are never that simple, are they? Indeed. So, what might be some of the main reasons that the Metaverse might not turn out to be the inevitable future as some strongly believe.
Technology & Expense: Let’s face it, the entire world of VR, immersive experiences, etc – is clunky today. Even to enter the world for an hour today seems very cumbersome, let alone wade through it with the ease of walking in a mall. Moreover, the fidelity of the experience itself is nascent today, far from the seamless transition between the real and the virtual world. To make all of this happen, of course, means a lot of investment of not just money but also time, which, if it doesn’t find rapid adoption among people, becomes a massive write-off of efforts.
Privacy: The world today, where search engines and voice-controlled devices can read our minds so well, is already becoming uncomfortable to many. Now, imagine if your exact physical measurements, your medical history, and your more personal preferences are also fair game. What kind of privacy violations will that result in – the thought itself is enough for some to call for a stop to it all.
So, as I mentioned in the beginning, I didn’t set out to give you an answer about the future of the Metaverse because it is quite simply a big unknown to everyone. But there are certain potential upsides and, indeed, some watchouts that we should be aware of as this space evolves to grab a slice of the opportunity and safely navigate a potentially disruptive future.
