Metaverse is one of the most trending technological innovations today and observed a 7200% increase in internet search volume last year. CEO of HashCash Consultants, Raj Chowdhury concedes the tremendous potential that entices all crucial tech industry executives but believes marketers need to incorporate traditional strategies while considering for immersive world experience to achieve successful brand development and income generation in the metaverse.
The Growth of Metaverse And Its Impact on Several Industries
Uncertainty of revolutionary innovations has been existing throughout history and metaverse’s acceptance has been no different. However, the technology’s inception in the middle of a digital transformation worldwide is a huge optimistic supporter with billion-dollar investment in metaverse equipment and infrastructure pushing things forward. The logical usage areas are broadening as well starting from gaming, sports, gaming, education, entertainment, and e-commerce. McKinsey reports that by 2020 the economy of the metaverse might reach up to $5 trillion in revenue generation.
CEO of HashCash Consultants and blockchain maximalist, Mr. Raj Chowdhury asserts, “The gradual transition towards consumer-led brand marketing contributes heavily to metaverse community growth. Enterprises venturing into the metaverse need to determine their marketing goals and the best platforms for converting their ideas of client-user experience into virtual reality.”
Metaverse consists of both Virtual reality, and augmented reality, and also exists in real-time acting as an interface between the virtual and real world. The economy of the metaverse is virtual and powered by digital assets and cryptocurrencies including NFTs. the users in the metaverse can create their own avatars with virtual IDs, and develop a presence. The users can also conduct “user-generated content” trade, and P2P transactions, and contribute to metaverse development.
“A captivating and innovative user experience must gain priority in brands planning to explore and implement metaverse marketing strategies. Revenue generation and process viability are crucial, but in the end, the definition of marketing success needs to be distinct and original,” quoted Chowdhury. He has also highlighted the importance of using blockchain technology to upgrade the crypto investigation infrastructure and quoted his opinion on why CBDC developing nations need to focus on privacy protection.
Metaverse is proving to be an unexplored modern technology with huge potential for marketers worldwide. Businesses planning to develop with new opportunities from the metaverse requires drafting their aim, focusing on diverse brand development, analyzing and implementing new marketing trends, and keeping productive channels for revenue generation and conversion.