“Metaverse” is a trend that is emerging not only among the younger generations like Gen Z and Gen Alpha, but also among Gen Y, where this trend is gradually attracting their attention. So what is Metaverse?
Metaverse (a portmanteau of “meta” and “universe”) is a hypothetical evolution of the internet that supports a persistent 3D virtual environment through conventional personal computers as well as virtual and augmented reality. Simply put, the Metaverse is the concept of an endless, online, 3D universe that combines multiple virtual spaces. You can think of the metaverse as a future iteration of the internet. With the metaverse, users will be able to work, meet, play games, and socialize with each other in these 3D spaces.
Like the 3D universe it brings, its applications are endless, but few people can fully exploit all of its advantages. In Vietnam, the application of Metaverse is still very limited compared to the world. The existence of metaverse is not really complete, but some platforms contain metaverse-like elements. Video games are currently providing the most metaverse-like experience. Developers have expanded the definition of games by organizing in-game events and creating virtual economies.
All interactive actions such as shopping, experiencing, playing, learning, etc. are performed thanks to advanced technologies such as virtual reality (VR), augmented reality (AR), 3D reconstruction, internet of things (IoT) or 5G network.
Although it has only emerged in 2021, Metaverse has attracted the attention of Gen Z (born between 1997 and 2010) and Gen Alpha (born from 2010 onwards), mainly gamers or fashionistas. They are young, tech-savvy, and eager to express their personal identity and are willing to pay for NFT objects and things to enjoy new experiences. As for the previous generation, Gen Y, they are interested in practical applications that bring profits or benefits for work, such as in meetings or visiting certain areas.
Understanding this, many big names in the gaming industry such as Sandbox, Decentraland or the fashion industry such as Nike, Gucci, Dior... have spent a lot of money to create digital products such as land, houses, clothes, shoes, accessories to catch the wave of consumption of "Metaverse" residents.
Any object or thing that affects the hearing and vision of the residents of the “Metaverse” can become an opportunity for Marketers to reach and attract potential customers.
Over the past year, Admix and Ocean Outdoor have partnered to bring OOH advertising into the “Metaverse” world to stimulate viewers“ vision. Or like Agency Ogilvy T&A and Colory launched Virtual Influencer ”EM ơi”. Or like Fornite teamed up with singer Ariana Grande to organize a virtual concert that earned nearly 20 million USD by selling digital items related to the event.
In Vietnam, in 2021, there have been countless billion-dollar startups in this field emerging rapidly such as Axie Infinity, Calo App, VerseHub, Meta Spartial...
Global investment bank Goldman Sachs recently predicted that the “Metaverse” market could reach $8 trillion in the next few years, but for now, the “Metaverse” is still in its infancy. Most brands entering the virtual universe are conducting R&D (research and development), building and optimizing user experiences.
All of this seems to portend a future where the Metaverse will gradually gain the upper hand and become an indispensable space for many types of activities.
