Awareness about Metaverse growing: report

The Metaverse, Web3, DAOs, NFTs, decentralisation and other such terms have entered the cultural lexicon of the day. And what’s more, a large chunk of those who have heard of these concepts, believe they are going to be life-changing.

According to a new report published by Wunderman Thompson Intelligence, awareness of the term ‘Metaverse’ has picked up significantly. The fraction of global consumers who had heard of the term in July 2021, has doubled by March 2022. Now, 74 per cent of people living in the United States, United Kingdom and China have come across the term, as compared to just 32 per cent in mid-2021.

However, the word which was added to the Dictionary.com official catalog in March 2022, continues to befuddle people. Only 15 per cent of those who know what the Metaverse is, can explain it to others.

Indian brands and companies have plunged into the Metaverse with unique initiatives. Viacom18’s youth, music and English entertainment cluster launched its NFT marketplace Fullyfaltoonft.com in January 2022.

Beverage brand Coca-Cola India sponsored a wedding in the Metaverse in March 2022. The wedding floor was taken over by Coca-Cola India, and the beverages section was branded with Coca-Cola cans.

In February this year, Mondelēz India hosted a couple’s Valentine’s Day dinner in a Metaverse.

As per the report, entertainment, advertising, retail, fashion, finance and sports industries will be among the ones to be disrupted the most by the Metaverse. Some leading brands are also setting up store-fronts in Metaverse environments. Sheckers, Nike and Forever 21 have all experimented with merchandising and retailing in virtual environments.

As per the report, 86 per cent of people surveyed, believe that the retail industry will be impacted by the Metaverse. Among those who are familiar with the Metaverse, 70 per cent believe it will be a place to shop and 68 per cent say it will be the future of e-commerce and online shopping.

Food, which is less likely to be impacted by the Metaverse, is also finding a virtual life in the Metaverse. The report cites an example of the fast food restaurant chain Chipotle. Chipotle Burrito Builder in Roblox, lets users roll virtual burritos in exchange for real food vouchers.

Brands can shape the Metaverse and decide how they want to use it. The report suggests that because the Metaverse is inherently social - 82 per cent of people familiar with it say it’s a place to socialise - brands should view it as not just another digital platform. “It offers a space to foster community and connection, and can deepen brand engagement.”

Further, 60 per cent of those familiar with the Metaverse say brands should be manufacturing and selling digital products, alongside physical products. “The Metaverse offers new business models and revenue streams. In the Metaverse, brands will need to think beyond physical products,” the report states.