10 Jun What’s happening in the Metaverse
Recent data from GWI’s March 2022 Zeitgeist study, gives the lowdown on all the latest things we all need to know about the metaverse.
- Who are the early adopters?
- What do peoples’ current online behaviours mean for the metaverse?
- How can brands prepare?
- What will consumers do in the metaverse?
- What obstacles will it need to overcome to be successful?
The metaverse is a virtual space where consumers can interact and perform almost every activity you can imagine and will “be created by everyone”
1) Younger consumers will likely be the early adopters
Younger audiences will flock to the metaverse – 42% of Gen Z & millennials are interested in taking part.
- They spend significantly more time online than their older counterparts – using social media, playing video games, and watching online TV in particular.
- They’re also just more likely to know just what the metaverse is
- The first virtual spaces will be populated by more consumers in these generations.
But that’s not to say Gen X and boomers won’t be using it.
- Just over 1 in 5 are interested at this point.
2) It’s the right time for the metaverse
- Over half of consumers in 9 markets prefer to spend their time online than in the real world.
- Getting to know ‘online-first’ consumers in more detail should be a priority (India/APAC).
Consumers want to express themselves online just as they do in real life, and for those who prefer the online setting, these spaces could be perfect to do just that.
3) Brands can prepare right now using existing online spaces
Brands can and should access Minecraft, Roblox and Fortnite to begin to understand ‘the kinds of in-game creator tools we might see in future metaverses’.
- Utilise the vast communities already in place.
- Consider partnerships that bring creators to your side
- Having people who understand these communities working these roles is a huge bonus.
Among those consumers interested in taking part
- Nearly 4 in 10 visited Minecraft in the last month.
- 3 in 10 used Fortnite
- Other services like The Sandbox, Horizon Worlds, Second Life, and Roblox, all attract a healthy number of visitors too.
4) The concept is older than Fortnite
- DJ Marshmello’s in-game Fortnite concert way back in 2019 attracted millions of players, and is often considered proof that campaigns in a virtual space can work.
- Second Life (2003) is still visited by 17% of metaverse-potentials every single month – and its signups are still growing 19 years on.
- World of Warcraft and RuneScape also fit the bill.
There is no ‘one service’ that dictates how the metaverse is going to take shape.
5) Metaverse-potentials are most interested in entertaining content
From watching TV or live events, or playing video games, any and all can be performed in online spaces right now.
- Younger potentials are typically more likely to cite these things than their older counterparts, but it varies by country.
- 46% of Gen X and boomers are keen to play games too – no doubt boosted by the rise of older aged gamers during the pandemic.
- Consumers are twice as likely to say they’re curious online as they are in real life.
So what are the barriers to the Metaverse?
33% are interested, 35% are on the fence, and a final 33% are uninterested.
- 40% say it’s down to a lack of interest. This is understandable – when consumers know exactly what the product is and what they can do with it, then it’s likely that many will change their minds.
- 39% say they’d prefer to stay in the real world. Au notes a similar problem regarding the early days of Second Life.
- 1 in 4 cite privacy concerns.
- 15% say they would feel unsafe in the metaverse.
Key takeaways to focus on
- Younger audiences will be the early adopters.
- For some, the metaverse is a dream come true.
- It’s not just a shopping mall.
- Metaverse examples have been around long before Fortnite.
- Brands can source out partnerships now.
- It needs to be safe, but interesting too.
The importance of digital leadership
The right leadership can ensure your brand does not get left behind as the metaverse drives customer experience forward. Our digital leadership headhunters can help you find an ecommerce CEO fluent in the latest developments of the online world – click here to get in touch with us today.
Read the full GWI article