The idea of the metaverse is enormous. Terms such as mirror-world, digital twin, mixed reality, blockchain and non-fungible token (NFT) have found a home within its conceptual bounds. Mark Zuckerberg, around the time of Facebook’s rebranding to Meta in 2021, suggested that the metaverse could be the next best thing to a working teleportation device – an extravagant claim. So how should we think about this phenomenon? As communicators, what implications will there be on how we tell company stories?

At present, the metaverse is still largely undefined and different interpretations of its nature and utility abound. But there are certain traits that are common across all perceptions of this emerging idea:

The metaverse is meant to be an immersive experience that blends the digital and physical worlds.
The term does not refer to any one technology, but several including Augmented Reality (AR) and Virtual Reality (VR).
The metaverse is an enabler, letting individuals and organisations build their own tools, virtual avatars and worlds to fulfill both personal and professional goals.

Real-world applications are emerging

Organisations have taken to the idea of the metaverse and started developing related applications. The amount of money going into metaverse-related projects is increasing as a result – 2021 saw USD10bn in venture funding for the concept, more than double the amount in 2020.[1] Here are a few ways the metaverse is being utilised:

Collaboration – Mesh for Microsoft teams is a way to connect with colleagues and work on projects together through tools such as data visualisation. While it is designed with VR in mind, meetings can also be joined through PCs, tablets or mobile devices.
Content creation and entertainment – A “creator economy” is forming around the metaverse as more people generate digital assets, such as non-fungible tokens, to trade for returns in the physical world. Monetising entertainment is occurring as well, across areas such as video games and music streaming.
Advertising and sales – Ralph Lauren used a 3D platform to enable potential customers to dress their avatars with branded items in a “virtual fashion preview”, selling over 100,000 pieces within a couple of weeks.

Effective communications is needed

With the opportunities arising from the metaverse being so diverse, participating organisations should take care to consider the implications on their brand stories – bringing into view the importance of communications.

Although the metaverse is still nascent, communications professionals should begin thinking about it as a new landscape for positioning their firms and promoting content. Below are the key areas for consideration:

Audience engagement – People and companies will use the metaverse for different reasons and concentrate around varying “locations” and activities. Communicators will need to keep a pulse on what their target customers are looking for in the metaverse and how best to capture their attention.
Brand visibility – Amplifying key messages and positioning one’s company will similarly require sensitivity about one’s “location” within the metaverse landscape. As there is likely to be different “worlds” (or platforms), communicators will need to decide on the best metaverse exposure for their goals.
Public relations – The metaverse will not come without risks. Having communications strategies prepared for the risks associated with building metaverse applications, such as privacy and data security, will be key.
Content creation – Similar to the advent of social media, the metaverse will lend itself to certain types of content above others. Adapting to the way metaverse users consume and engage with content will be essential for resonating and building an audience in this new online environment.

If you are interested in how emerging technologies are impacting communications, contact us to discuss the latest trends.

[1] mckinsey.com/business-functions/growth-marketing-and-sales/our-insights/marketing-in-the-metaverse-an-opportunity-for-innovation-and-experimentation

What does the metaverse mean for the future of communications?