The Metaverse and Web3 untangled
The Metaverse and Web3 untangled. The metaverse still doesn’t really exist, but Web3 is still a hot topic, with predictions of the metaverse worth up to $13trn by 2030. Real action is currently happening on gaming platforms like Roblox and Fortnite, which are considered "protometaverses". Brands should focus on understanding and utilizing the technology for practical purposes, such as solving real problems, rather than just for a PR boost. The metaverse is still a utopian promise and marketers should focus on using gaming platforms as a testing ground for new technology.
This trend originates from the report:
MOST CONTAGIOUS REPORT 2022 (‘23)
Despite this, the metaverse is still a long way from becoming a reality, and the real action is taking place on gaming platforms such as Roblox and Fortnite. Meanwhile, Web3 technology is attracting significant investment, with VC investments expected to surpass $32.4 billion in 2022.
NFTs are also gaining popularity, even as trading volumes have dropped by 97% since January. Brands such as Tennis Australia and Under Armour have launched their own NFT collections, but they need to make sure there is a real reason behind the creation of these tokens. Other companies such as Mastercard are adding value by making NFT purchases more accessible.
Marketers should not jump on the metaverse and Web3 bandwagon just for the sake of it. Instead, they need to focus on connecting with consumers and driving business outcomes. The world of gaming can be used as a testing ground for these technologies, as it is the closest thing we have to a metaverse.
Web3 is still a utopian promise and it may take another decade to see interoperable virtual worlds. Brands need to use new technologies as a means to an end, not as an end in itself..