The Magic of the Digital Realm
8 Key Takeaways From Wunderman Thompson’s Into the Metaverse
1. As more people spend time online, digital third spaces are becoming the new hangouts,
What do Animal Crossing, Sea of Thieves and Fortnite have in common with a coffee shop? Increasingly, they’re all places to meet and socialize
Takeaway
Increasingly monetization also takes place online as demonstrated by the meteoric rise of NFTs in the last year.
2. We’re replicating our routines, interests and obsessions in digital worlds
Examples:
- picking outfits for our avatars to wear and cars for them to drive
- zoning digital land and constructing virtual homes
Takeaway
As more time is spent in the digital realm, more value is accrued there. Savvy brands are experimenting with ways to connect with their customers in these new virtual environments.
“Gaming is replacing not just old games, but also TV and Netflix”
Daniel Li, partner, Madrona Venture
3. Gaming platforms are merging social media, gameplay and entertainment
offering a first glimpse into what the metaverse could become
Takeaway
In many ways the metaverse has already arrived for children and the rest of us are catching up.
“It makes sense that virtual objects would have real monetary value, It’s no different from the way we buy clothes in the real world as a form of self-expression or status.”
Aglet creator Ryan Mullins told Fast Company
“People are going to start seeing value in digital items and realize that they’d rather interact with a digital item, or have an infinite wardrobe of digital fashion items but a very limited wardrobe of physical items.”
Kevin Murphy, The Fabricant
4. More people are switching on tech for health benefits
giving rise to a new class of “techceuticals,” fusing physical wellbeing and digital lives and encouraging proper digital hygiene in the metaverse.
Takeaway
As more of our lives take place in digital realms. People will come to value the health and security of their virtual selves as much as their physical ones.
5. Online habits are evolving
As stated by The Fabricant, in the digital world “people are not passive consumers, but creative agents crafting their self expression
Takeaway
Reinventing oneself will become part of our daily routine instead of being a life changing event.
6. Virtual venues are evolving beyond video games into destinations
setting the scene for the next era of events, socializing and networking.
Takeaway
Looking for proof? Check out the calendar of events going on in Decentraland.
7. XR is transforming physical spaces for a new category of blended events
built equally around digital and physical elements.Takeaway
Extended reality gives traditional entertainment companies the opportunity to leverage their intellectual property to create unique experiences merging the physical and digital realms in a way virtual native worlds cannot.
8. The virtual real-estate market is heating up
signaling rising interest among users to own and develop their own slice of the metaverse—and potentially teeing up a whole new market for the purchase, development and management of virtual properties.
Takeaway
And it’s not just individuals taking advantage of these opportunities. Investment Funds specializing in the acquisition and management of digital real estate are bursting onto the scene as well.
“Brands can push the boundaries of creativity in the metaverse and offer experiences that are unrepeatable in real life”
Christina Wooton, vice president of brand partnerships, Roblox
He's published three books. Most recently The World After Covid 19: Coexisting with the Novel Coronavirus.
His musings can be found at stevenlmiller.me. Subscribe to The Pompatus Times for updates.
The CFA designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and research analysis.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.