Metaverse FOMO is Real.

Photo by JJ Ying on Unsplash

But the FOMO is real.

77% of B2C marketing execs in the US are eager to take their brand to the metaverse, and 76% plan to experiment with it in 2022.

That’s the hype.

In reality, few consumer brands in retail, banking, and insurance believe that investing in the metaverse would create substantial value for their business.

And consumer sentiment isn’t far off.

Among online adults who understand the metaverse, just 34% in the US and 28% in the UK are excited about it, and fewer feel it’s good for society. And only 14% of online adults in the US and 12% in the UK think brands should build more branded experiences in the metaverse.

I doubt that people felt any different in the early days of social media, yet here we are, knee-deep in it.

It’s practical problems that are slowing down consumer adoption.

45% of today’s internet users in the UK and US will be early adopters of the metaverse.

Forrester dubbed them ‘Digital Immersives’ and ‘Digital Socialites’.

Digital Immersives are intense gamers. They love to spend their lives online and actively invest in creating personalised online experiences. This audience segment is more likely to own VR headsets and haptic rigs already. (Nerds.)

Digital Socialites enjoy multiplayer online games and immersive experiences. They may not own the latest gadgets, but they belong to active online communities of content creators and use creative tools to make their content stand out.

Despite the misconceptions around Web3, crypto frauds, and the shady side of trading NFTs, cheaper tech (current setups can cost $5k+) and more opportunities for creators will bring more people to the metaverse.

And that’s why Facebook and Microsoft want to move your office to the metaverse.

Reverse-consumerisation happens when we start using technologies that we use at work in our free time.

58% of business and technology professionals familiar with the metaverse are adopting virtual solutions to support their employees and business functions.

And there are many examples of virtual offices already in use, e.g. Accenture’s Nth Floor, Microsoft’s Mesh that integrates with Teams, and Facebook’s Horizon Workrooms.

Beyond the office, digital twins like Siemens Energy’s metaverse are revolutionising the service industry by visualising every detail of energy consumption, down to water usage and the flowing steam through pipes.

What’s next?

There’s a lot of noise right now.

Because everyone is trying to iron out the details that will lead to a functioning and economically viable metaverse.

And that’s great because every new development from brands opening virtual retail outlets, to the metaverse fashion week is a leap towards a better digital experience.

Do you have Digital Immersives and Socialites among your customers?

Start with them.

Identify new opportunities for engaging them because, metaverse or not, there’s no reason to stop pushing the bar to improve online access, convenience, and the digital experience.

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Aliyar

Aliyar

My life’s mission is to help you achieve success at work by doing fewer things better. https://aliyarhussain.com