Get ready for the meta frontier
Since Mark Zuckerburg’s announcement last week, the ‘Meta’ has dominated the news. It’s impossible to escape from it, the word has now entered popular culture. The concept of merging physical and virtual spaces existed long before Facebook’s rebranding announcement on the 28 October - it’s been here at least since Neal Stephenson’s 1992 novel “Snow Crash” and has been called many things; Metaverse, Mirrorworld, Magicworld, Omniverse, Spatial Web. Whether these Worlds will deliver the experience promised and consumers are ready for it remains to be seen (let’s not forget that in the very beginning the internet was also ridiculed),
However, it is one thing to jump on the Metaverse train, and quite another thing to make the train run smoothly and passengers happy enough to return. The success of the Metaverses (plural as there is unlikely to be ‘one Metaverse to rule them all’) will be dependent on; (1) Consumer appetite, (2) Affordable technology, (3) Internet connectivity, (4) Usability, and (5) Benefits; value for all concerned - which could be tangible (money) or intangible (status).
To win in the Metaverse (or any other digital experience) will involve the creation and maintenance of consumer desirability... or ‘stickiness’. Stickiness will lead to repeat usage, and repeat usage means loyalty.
Gaming is leading the way, where stickiness is defined as: ‘an engaging, rewarding, addictive experience’, that should:
1. Keep you at the edge of your abilities; Your play must start with easy achievable goals that gradually become more complex
2. Provide immediate, real-time interaction and feedback; Points are instantly awarded and death happens quickly
3. Give you a clear sense of progress; Unlocked levels and costumes as you master the game
Brands will need to do more than ‘game’. To make the Metaverse valuable, they will need to create real-world commerce beyond the virtual connection, by:
1. Making it personal - build a unique journey for relevancy, complete with customisation for social status.
2. Harnessing network effects - the more users, the richer the experience. Create community and enable discussion, trading and collaboration.
3. Rewarding - Virtual currency is valuable, NFTs give ownership and this can be made to matter in the real world. Currency can buy tokens, but why not real exclusive products, the right to be the first, jump the queue or upgrade?
4. Identifying - The matching of avatars to their humans will be the key to unlocking a rich multi-world experience, and take data-driven opportunities to a new level.
Brands that choose to play, need to play well or risk customer disenchantment. An NFT arriving with a real purchase, that forces a download of the Brand App when scanned, is not an NFT at all (culprits: too many brands to name).
As for Facebook’s announcement, one thing did spring to mind when it was made. Have you seen the movie Wag The Dog? A failing President fakes a war to distract from and increase his falling approval ratings. I bet Mark Zuckerburg has seen it - and highly recommend.
All views my own.
Thumbnail image by Quinton McMillan.
