Metaverse and Digital Marketing
The Metaverse is a new technology through which users connect using a series of devices that take them to teleport to a kind of alternative reality.
As its name suggests, it goes “beyond the universe” and allows transcending physical reality, leaving behind the barriers and creating a new virtual space.
It is a new reality in which everyday tasks are performed through an avatar through which we are able to interact and share experiences in an almost identical way as we would in the physical world.
How does digital marketing participate in the metaverse?
The constant digital transformation has made companies begin to open their doors to marketing and e-commerce. Companies and brands are looking to be increasingly competitive in the market and their priorities now include positioning themselves in the market and learning and adapting to this new reality.
In this sense, the Metaverse opens up a whole new sphere of forms of participation, giving rise to particularly novel services and business models.
Positive aspects of this new virtual marketing universe
As in other areas, this new digital era allows activating the digital market by streamlining sales strategies, and this is due to the fact that the Metaverse:
– Increases closeness with the audience, by creating its own space designed according to the consumer’s expectations, objectives and tastes.
– It offers a three-dimensional shopping experience, since the user has the opportunity to try the product in 3D.
– Increases the quality of content marketing, since the user has the option of creating a virtual space to their liking, with customizable avatars that generate unlimited and especially attractive content.
– Extends to social networks through Horizon Workrooms, a platform where teams can connect, collaborate and develop ideas together to build their business strategies.
Challenges and legal aspects for brands wishing to advertise in the Metaverse
Users are increasingly looking for a real shopping experience, and this can only be achieved through the Metaverse. It is important to identify the necessary commercial infrastructures, as well as the legal protection of this practice. Therefore, it is recommended to integrate payment rails that allow payments with cryptocurrencies and NFTs, as well as to guarantee the privacy and identity of consumers.
In this regard, there are a number of legal issues that would be important to take into consideration.
- Firstly, and taking into account that NFTSs are digital assets that allow the purchase of a unique digital artwork on the network, it will be necessary to prove their authenticity through blockchain technology to ensure that no copies are produced. In this sense, this will have legal implications that are still up in the air.
- Secondly, the fact of entering the world of the Metaverse will mean that people will work, communicate and buy or sell products or services through this technology, leading to disputes in the meta universe that will have to be resolved in some way. Thus, it is difficult to analyze what the applicable law would be in a digital, cross-border and decentralized world.
- Thirdly, intellectual property will be affected, since the Metaverse has virtual creations of avatars and aspects of artificial intelligence embedded in them. If we consider those creations to be Artificial Intelligence, they may not be protectable through intellectual property.
- Finally, regarding privacy and data protection, and seeing as more and more companies are selling data to third party companies, the Metaverse will have to duly comply with data protection regulations in order to protect the rights of individuals who are affected in this regard.
How will virtual reality affect the future of marketing?
Apart from anything else, it must be taken into account that Generation Z has a brand influence and a purchasing power that goes beyond their years. That’s why brands must take advantage of the current GAMING industry to access this type of potential customers, responding to their tastes and personality.
Although this new reality may seem somewhat complicated, the truth is that it is giving entrepreneurs opportunities to grow thanks to the great development that is taking the technological world. These advances have allowed new relationships to be created and brand presence to be established.
It is time for companies to gain momentum and decide to adapt by offering facilities and events in which users are able to interact with the brand in an experiential way, through the so-called “INBOUND MARKETING“.
Letslaw es una firma de abogados internacionales especializada en el derecho de los negocios.