28 Jun DAM: the key to successfully moving into the Metaverse?
Times are changing, and they’re changing fast. As you have no doubt noticed, the topic of Metaverses is taking up more and more room in the world of marketing and communications. According to a study by automated analytics company Unsupervised, 44% of marketers plan to run campaigns in the Metaverse. Bloomberg, meanwhile, estimates that the Metaverse market will be worth around $800 billion in 2024. Wanting to do marketing in the Metaverse is a great idea, but it raises the issue of managing the content found there. How do you maintain brand consistency between the Metaverse and the physical world? How can you create a unique and striking customer experience using the power of your visual content? What about their distribution? And perhaps most important of all, what really is the Metaverse? These are all questions that you will need to ask yourself if you are hoping to get the most out of the Metaverse revolution.
What is the Metaverse? Why is it of interest?
In 1992, Neil Stephenson coined the term “metaverse” to describe a parallel world accessed via a headset. In this world, using an avatar, we can move around and interact with objects and the surrounding environment. As with the arrival of social media, the Metaverse represents the “next stage” of the internet, web 3.0.
In theory, a Metaverse is a virtual space without borders, it is persistent (meaning it’s accessible to everyone, at any time) and decentralised (it doesn’t belong to anyone). And in practice, for the time being, it’s the same thing. Only for the time being though, because the world’s digital giants are currently in the process of positioning themselves in this field and the situation could well change in years to come, especially with Meta. The concept of a virtual economy is also developing with the rise of the Metaverse, where several elements come together and interact, such as social media, virtual reality, augmented reality, online games and even cryptocurrencies.
A single global Metaverse that everyone can access (like in Ready Player One) does not yet exist. There are currently a multitude of Metaverses (Meta, Sandbox, Gamerjibe, Decentraland, etc.) and as many different ways to enter them.
There is no doubt that, as things stand, the audience reached by the Metaverse is still relatively young. This makes it an excellent opportunity for brands to reach age groups that are difficult for them to access in the physical world.
The Metaverse is of interest to many industries
The Metaverse is of great value to many different industries. Let’s take the example of the fashion and luxury sector, which was previously seen to be lagging behind when e-commerce first arrived. It is now blazing a trail in the Metaverse, keen not to repeat the same mistake as in the past. For brands in the sector, it’s also a way to pursue the younger generation, which is particularly active on the topic of web 3.0.
In these worlds, it’s harder to be recognisable because of the avatars, which can be difficult to tell apart. The clothing worn by these avatars therefore takes on a completely new importance, as it allows you to be more easily recognisable. On average, nearly three-quarters of Gen Z have purchased a skin or digital garment. This also explains why the fashion and luxury sector is so forward-thinking in this field. In addition, the Metaverse allows the creation of exclusive objects in the form of NFTs, which are lucrative for brands in the sector.
The automotive sector is another industry that’s trying its hand at the Metaverses. For instance, BMW has been using Nvidia’s Omniverse tool, which lets you create and test models in a collaborative way.
The possible uses of the Metaverse are not only limited to marketing. Experiments that offer added value for brands are also increasingly popular. For instance, Carrefour conducted job interviews in the Metaverse, which has the advantage of focusing solely on the candidate’s skills, since they are represented by an avatar.
Today, the most successful operations in the Metaverse are those that manage to bridge the gap between the virtual world and the physical world in which we live. Meaning that everything that happens in the Metaverse has a consequence in the physical world (earning discount coupons for example, donating the earnings generated by NFTs to charity, etc).
Can you use DAM to manage your content in the Metaverse?
To win the race for innovation, it’s important to make sure that you successfully enter these new and developing worlds. To do this, it is seemingly essential that companies be equipped with a DAM solution, to manage the distribution of branded content in the Metaverse. It is also crucial to maintain a level of consistency between the physical and digital worlds. A Digital Asset Management solution could well meet this challenge since it would act as a “Single Source Of Truth” in your company, meaning that all validated visual content will come directly from your solution, regardless of where it is distributed.
Typically, after creating visual content, you only get it in a few different versions and dimensions (the raw file and/or the original dimension), which only cover a few types of use. The Metaverse (and even your website) require a lot more variation (think thumbnails, circular images, etc.) and WebP formats, to make sure you are fully responsive, and can thereby provide a captivating and engaging customer experience. But this is only the tip of the iceberg: if you want to deliver a quality digital experience across multiple channels as part of your omnichannel strategy, you need to consider the requirements for these different channels.
You will undoubtedly need content such as presentations, marketing visuals in different formats, infographics, and more, to welcome your customers into this virtual world. Or maybe you’ll need resources such as 3D or 360° videos, to immerse customers in a virtual tour or take them to a trade fair. All these formats are supported by the Wedia DAM.
Complex times call for smart tools to meet new marketing challenges and ways of working. Wedia’s solutions include various features to help global players achieve their business objectives.
Wedia provides a SaaS solution for both Digital Asset Management and Digital Experience Management. Our solutions focus on omni-channel media management and distribution, so businesses can deliver an enhanced and personalised experience to their customers across all communication channels.