here are many definitions around exactly what the metaverse is but in essence, it’s a collection of immersive virtual worlds that users can explore via avatars or headsets. It is howwe will explore the new technologies which are driving the next evolution of the internet, Web 3.0. While I grew up scrolling a 2D internet, the next generation is strolling through immersive 3D experiences. With these new experiences comes new expectations and behaviours. When one-fifth of young people expect to see more brand name clothing for their avatars and new spending patterns emerge with $15.7 billion spent on NFTs in 2021, it is time for brands to start paying attention. Some of the largest global brands have already made their move, directing time and money to define their place and point of view. Web 3.0 strategy is gaining in importance for businesses who want to build sustainable strategies for the short, mid and long term. The question is - where to start? Web 3.0 adds a new layer to your omnichannel strategy For a long time brands have been thinking about how they blend the real world and digital world. The ‘virtual’ world is simply a new layer to think about. We believe the winners will be ‘blended reality brands’ who let consumers experience products and services in each ‘reality’ and move effortlessly between them. Making customer ecosystems fluid isn’t new, but it does become more complex with Web 3.0. The reason being, that many of the existing channels have the potential to become deeper experiences, which in turn have to be created and managed. Prep for Web 3.0 isn’t a part-time job, it’s a department and ultimately, an entire dedicated business function. While the metaverse is still a highly experimental space, the early adopters’ advantage was very clear to us at R/GA, which is why we’ve invested in launching a bespoke Direct to Avatar (D2A) capability. We foresaw that as the future of retail evolves, and traditional D2C strategies are disrupted by the metaverse, that brands are going to be increasingly looking to explore Bus i ne s s & Economy 18 Finance Monthly.
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