Exploring Potential & Challenges of Metaverse: A Look at the Future of Virtual Reality & Impact on Industries

The Potential Future of Metaverse

There is an ongoing debate about the potential Metaverse benefits, a virtual reality world that seamlessly blends with the fleshly world. Some view it as an inevitable part of the future, while others remain skeptical about its potential. However, as technology continues to evolve and tools like artificial intelligence become more widely available, it is clear that significant changes are on the horizon.

The Metaverse and its potential impact on various industries is a topic of discussion among media agencies as they seek to innovate and stay ahead of the curve. For example, Cristina Lawrence, Razorfish’s EVP of consumer & content experience, an interactive agency under Publicis, commented that they welcome the next great technological transformation, and entire industries will change quickly.

The CEO of Rank Secure, an SEO marketing agency, believes that the Metaverse has yet to gain the traction initially anticipated. Despite significant investments by businesses into metaverse-related projects, there needs to be more consumer adoption to justify these costs.

Skepticism about the Metaverse’s Potential

Labunski asserts that most experts admit the Metaverse is crashing due to low user engagement and quality issues. In addition, he posits that the idea that everyone would desire an immersive virtual experience may not be accurate and that some people may prefer to exit and enjoy the ‘real’ world.

While the broad marketing space attempts to figure out what this simulated reality world looks like — and how to capitalize on the opportunity— media & creative agencies lead the experimentation. They have invested in metaverse-associated initiatives from content marketing to research & education to increase their offerings and ensure client support.

Lawrence stated that the explosive hype & volume of debates about Web3 & the Metaverse required an educational stand for many agencies & brand marketers. He added that marketers will need to champion new creative experiences in 2023 with clear business goals & KPIs connected to audience engagement.

Success & Failure of Metaverse Experiments

Some agencies began by educating their workforce & clients on Web3 uses to tackle that. For example, in November, Dentsu affiliated with Decrypt Media, a Web3 publisher, to introduce the Web3 Center of Excellence – unveiled in January 2023 at the CES (Consumer Electronics Show).

“I firmly believe that you must experiment,” Vacante says. However, he added that they could not advise customers if they aren’t playing, testing, exploring, winning, or failing.

Not all metaverse experiments have been successful, as evidenced by low foot traffic on media like Decentraland and the lack of conclusive evidence on the effectiveness of programs like Starbucks’ loyalty program in Web3.

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