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Tag: metaverse

  • GUEST ARTICLE: How blockchain and the metaverse are revolutionising esports and boosting fan engagement

    GUEST ARTICLE: How blockchain and the metaverse are revolutionising esports and boosting fan engagement

    Mumbai: The gaming and esports industries, both in India and worldwide, have come a long way since their humble beginnings. From physical world cardboard games to playing Super Mario on 16-bit gaming consoles to the era of PlayStation and XBox to now playing e-games, fantasy, and multiplayer esports battle tournaments on smartphones, gaming has really evolved and become more organised and interactive with time. What is the next stage of evolution for the esports and gaming industries?

    To answer that, the next big growth frontier for the esports domain will be based on the dual wonders of metaverse and blockchain-based gaming, which are bound to transform the industry and take fan engagement to a whole new level. But the questions are how and why? Let’s delve deep to find out.

    The market and the promise

    Blockchain technology is already positively transforming the esports industry as we know it. If there is a time for blockchain-based gaming, then it is now. Today, global investors, brands, media outlets, and consumers are nothing but immensely bullish about the possibility of esports and blockchain-based gaming in the metaverse. As per insider intelligence estimates, the total viewership of esports is expected to grow at a 9 per cent compound annual growth rate (CAGR) between 2019 and 2023. A report by the Federation of Electronic Sports Associations of India (FEAI) predicts that the total size of India’s esports industry will be more than Rs 1,000 crore by 2025. In another latest report published by Finder, India has gained the top spot in terms of the adoption of NFT gaming and play-to-earn games, with 34 per cent of the surveyed reporting having played P2E games, and an additional 11 per cent of them willing to play such games in the near future.

    What do all of these statistics tell us? It tells us that a gaming revolution is on the horizon, and furthermore, esports within the metaverse and blockchain technology’s applications in esports are poised to be big in the coming decade. The concept of metaverse and blockchain, coupled with augmented reality and NFTs, are inter-related, with critics now arguing that blockchain, with its decentralised architecture, can help esports and games thrive both in the real-world as well as in the metaverse, by overcoming the shortcomings of centralised data storage.

    Blockchain – the disruption driver in esports arena

    The biggest advantage of blockchain is its decentralisation, which removes intermediaries and empowers players to be the decision-making authorities while adding real-world value to their virtual assets, including in-game ones. The decentralised structure of blockchain helps to bring all the stakeholders of esports like players, sponsors, media, team managers, and advertisers under one roof, thus enabling easy management and distribution of prize money, media rights, sponsorship, and fan engagement.

    With the rise of blockchain-based esports and non-fungible tokens (NFTs) in esports, a new gaming model is emerging based around real asset ownership. And thereby, the new “play-to-earn” model is enabling esports to move away from free-to-play and pay-to-play models. In addition, through blockchain applications, players can get rewarded with cryptocurrencies for playing—which will be another advantage along with the emergence of the ‘metaverse’.

    Furthermore, blockchain addresses two of the industry’s major concerns: security and vulnerability, by making transactions safe, transparent, and fair by providing a decentralised, transparent ledger where no single entity controls the network, making attack or hacking nearly impossible. Also, due to low transactional costs, it is easier to transfer money or any other tokenized asset across the globe, thus democratising the sector and improving accessibility for stakeholders.

    Fan engagement 2.0: blockchain and the metaverse 

    Blockchain gaming can take fan engagement to the next level by placing players and the fans at the heart of everything they do – from the creation of fan-centric ecosystems that will enable greater interaction between fans and teams, improving relationships with sponsors, unlocking new revenue streams and much more! To begin with, fan loyalty solutions can be created through blockchain technology, which provides a frictionless way for sponsors, partners, and fans to utilise loyalty tokens across the ecosystem. Fans can also be rewarded for taking certain actions, such as interacting with the team, making purchases from sponsors, or watching advertisements.

    NFTs, for example, can be viewed as the digital equivalent of trading cards in the future, with entire leagues, teams, and individuals licencing them today. Harnessing NFTs can unlock multiple opportunities for esports fans, who can use NFTs to unlock access to VIP spaces, clubs, and channels hosted by leading esports teams, which will allow fans to get closer to their favourite teams and gain a sense of camaraderie. Teams could also build a virtual version of their stadium in the metaverse and sell NFTs as tickets to fans for tours. Over time, NFTs can additionally become the digital tool for membership, rewards, access, and other aspects of ongoing fandom.

    Also, blockchain technology can be used to create and develop tokenized membership or fan tokens that may be purchased by fans and used to unlock discounts, rewards, exclusive content, etc. It can also unlock ways of interacting with pro teams/orgs wherein fans can use their token to get exclusive content, digital collectibles, merchandise, or behind-the-scenes sessions. Fans can even use their token to gain voting rights for their favourite epsorts teams and players, giving them a greater sense of belonging to their favourite epsorts teams and players. Moreover, given that blockchain-based platforms are extremely secure, flexible, and easy-to-scale, fans can make use of digital wallets to store and redeem tokens with ease, make transactions incredibly fast, and earn their rewards quicker than traditional loyalty platforms.

    On the other hand, esports in the metaverse will evolve to be a close-to-reality experience. What are the ways that the metaverse will make gaming more immersive and boost fan engagement? To start with, we will move from a physical event to an immersive hybrid model where instead of attending a tournament arena to watch the players, one could enter a virtual environment that places one within the play environment itself. Thus, esports tournaments in the metaverse could virtualize the entire experience for fans in a never-seen-before manner.

    In conclusion

    While metaverse is still in its early stages as of today, there is a growing interest in the Indian start-up ecosystem in the adoption of web 3.0 and blockchain in this sector. No wonder we are witnessing a revolution in gaming with blockchain. The intersection of blockchain, metaverse, and esports is certain to make gaming more integrated with our real-world experiences and will also make fan engagement more deeply personal, unique, and innovative. Together, blockchain and esports will create an ecosystem that will work seamlessly and make gaming more immersive, fun, and engaging for players.

    The author of the article is Stan co-founder and CEO Parth Chadha.

  • Volvo & Mindshare launch ‘Volvoverse’ campaign to provide 3D experience to customers

    Volvo & Mindshare launch ‘Volvoverse’ campaign to provide 3D experience to customers

    Mumbai: Volvo Car India has announced the launch of its first-ever electric vehicle in the Metaverse called ‘Volvoverse.’ The campaign launch is conceptualised by Mindshare India. This is the first-of-its-kind collaboration on Metaverse across WPP India agencies.

    The Volvo XC40 Recharge is being launched in a virtual world by Volvo Car India managing director Jyoti Malhotra, while ushering in a new era of digital platforms for Volvo customers with accessible 3D experiences.

    Mindshare collaborated with other WPP agencies including Hogarth, Yonder, Grey, and Genesis BCW to deliver ‘Volvoverse’, realising the group’s ambition for customers to efficiently access specialist companies in the group to achieve their objectives with a single point of contact.

    Mindshare South Asia CEO Amin Lakhani said, “We at Mindshare strive to provide our clients with tech-enabled, creative branding solutions. The concept behind launching the XC40 Recharge in the metaverse was to launch the EV in a sustainable ecosystem, following the vision of Volvo. The metaverse is evolving the internet by bringing people closer. Using virtual worlds, we are looking to reach out to the maximum audience. We are excited to do the first-ever EV launch in the metaverse with a campaign that appeals to our audience in an exciting new environment, which is the first of its kind.”

    Speaking about this unique experience, Malhotra said, “Volvo has always been at the forefront of innovation and technology, and we, as a company, are also globally known for our commitment to sustainability. The launch of the XC40 Recharge on the metaverse platform is a pioneering moment leveraging digital technology in the marketing sphere. The metaverse launch also contributes to our sustainability mission as it leaves a negligible carbon footprint as compared to conventional launches.”

    Hogarth India CEL Gopikaa Davar added, “Hogarth is committed to reaching net zero by 2030, and we are excited to partner with Mindshare and Volvo on a project which brings together both our focus areas of sustainable production and the metaverse. Launching an electric vehicle in the virtual world is only befitting as a conscious alternative to a physical event where an average conference attendee would have produced around 170 kg of CO2 emissions in a one-day event. This is a great example of how we are all reducing and mitigating the environmental impact by using virtual studios and green screen shoots as a driving force, removing the need for location shoots and events (reduces carbon footprint) and maximising the utilisation of the content we capture.”

  • GUEST COLUMN: How the metaverse, web3, and blockchain are changing the dynamics of marketing

    GUEST COLUMN: How the metaverse, web3, and blockchain are changing the dynamics of marketing

    Mumbai: Web3, blockchain, and metaverse are three concepts that are generating a lot of buzz and enthusiasm in the domain of business technology right now. There are new technologies emerging all the time, and web 3, blockchain, and metaverse are among those that have the potential to change many industries. Digital marketing is always evolving and developing as new technologies emerge. We now have a much better approach to connecting consumers and companies as we go to Web 3. The metaverse, on the other hand, is now a catch-all term for virtual worlds in which users may connect with one another and interact using applications and services in a significantly more realistic manner. With the advent of digital marketing, various new and innovative internet marketing trends have emerged to target customers. Things are set to change again, especially with the advent of blockchain technology.

    Let’s have a close look at what Web3, blockchain, and metaverse play in digital marketing and how these three are changing the dynamic of the industry-

    1)   Web3

    What really is the purpose of the name web3? because it is expected to be the third significant development of the internet, following the worldwide web (web1) and the consumer web (web2, or social media). The idea behind the creation of web 3 was to create a more democratic internet. No single party will be able to restrict the information flow or “pull the plug” and terminate a network just because they possess the hardware on which it runs.

    Web 3 undoubtedly raises the bar in order to provide something innovative and remarkable, but also engaging and uplifting in the digital marketing industry. Web 3 seems to be something that allows businesses to engage with customers and give them reliable solutions. It clearly works, and if used correctly, it may yield fantastic benefits. Web3 intends to be wiser and more knowledgeable than earlier internet eras. We can anticipate digital marketing changing as a result of newer, more immersive technology. Digital marketing is by far the most effective method of reaching out to audiences and consumers.

    2)   Blockchain

    Blockchain technology improves transparency, prevents fraud, and ensures that data collection is done correctly and without issues. It undoubtedly contributes to this element and experience, yet pushes the boundaries in a really unique way. Blockchain marketing is a modern digital marketing method that makes use of blockchain technology. A blockchain is a database that enables transactions to be safe, transparent, and tamper-proof. It is an ideal marketing tool since companies can trace data transfer and guarantee its accuracy.

    Blockchain technology overcomes this problem by bypassing networks such as Facebook and Instagram, providing companies with immediate access to their clients. As an outcome, companies may be more creative in their marketing strategies and more proactive when anything goes wrong.

    3)   Metaverse

    Marketing in the metaverse is still very much in development. While everyone wants to enter the metaverse, leading companies say that the industry is still trying to figure out what marketing in the virtual world entails, whether through social media, public relations, or digital marketing. An entrepreneur evaluates and understands if marketing in a metaverse leads to a greater return on investment (ROI) or more engagement with their end customers than marketing in the digital or physical worlds where they are directly targeting their consumers.

    Old-fashioned advertising methods are being phased out in favour of fresh concepts that reach individuals of all ages. Influencers, who post photos or videos on social media platforms like Instagram and other platforms to show off their products in an engaging way, are the most popular type of digital marketing—it’s not uncommon for personal sponsorships from everyday people with a large number of followers (or “influencer”) accounts to attract thousands, if not millions, more views than traditional ads alone!

    Web3, metaverse, and blockchain are technologies that will influence our future. As we speak, the way we live, earn, and socialise is changing dramatically. The greatest method is to have an open metaverse in which everyone may come and depart whenever they choose. This is where everyone may explore projects and communities that they are interested in. Blockchain technology is changing not just the way digital marketers buy advertisements, but it is also opening up new prospects for small companies. Blockchain’s security, transparency, and simplicity will revolutionise the way businesses do business online, including making their social responsibilities more visible to customers.

    The author is Hyper Connect Asia co-founder and business & growth lead Ankur Pujari.

  • ZEE unveils metaverse induction program in Bengaluru

    ZEE unveils metaverse induction program in Bengaluru

    Mumbai: Media & entertainment powerhouse Zee Entertainment Enterprises on Wednesday conducted its first-ever induction in a metaverse environment by welcoming 100+ campus graduates from top tech institutes across the nation; at its Technology and Innovation Centre in Bengaluru. The company’s Technology & Innovation Centre is focused on building the metaverse platform by leveraging augmented reality (AR), virtual reality (VR), non-fungible tokens (NFTs) and relevant data models for its digital platforms.

    The initiative was led by ZEE president – digital businesses and platforms Amit Goenka and ZEE president – technology & data Nitin Mittal, addressing the fresh batch of recruits. The metaverse induction was conducted by leveraging the Technology and Innovation Centre’s state of the art infrastructure and cutting-edge technology solutions: thereby offering an immersive mixed reality experience to the fresh recruits.

    Speaking about the initiative, Goenka said, “At ZEE’s Technology and Innovation Centre, we are imbibing a sharp strategic focus on enhancing our tech capabilities through a confluence of technology, data and talent. As we break new grounds and redefine entertainment by providing robust experiences across platforms, we are delighted to converge ZEE’s collaborative and entrepreneurial culture in the physical and digital realms through an immersive environment such as the metaverse. We aim to provide intuitive experiences across all aspects of an individual’s consumption, creation and transactional journey, and the first-ever metaverse induction program at ZEE, will not only help enhance our employee experience by boosting innovation and productivity, but also our consumer experience by several notches.”  

    Mittal added, “For over three decades, we have been a pioneer in breaking the norms of the industry and creating path-breaking content for more than 1.3 billion viewers across the globe. Our focus now remains on building capability for ZEE by leveraging technology to provide our consumers with extraordinary entertainment experiences. Our quest is to shape the next chapter of India’s media & entertainment Industry and the Metaverse Induction Program is yet another major step in that direction. Inducting, nurturing and retaining the right talent is key to any organisation’s success and we are committed to giving a world class experience to our tech enthusiasts right from day one.”  

    Commenting on the induction program, ZEE president – HR and transformation Animesh Kumar said, “As digital transformation continues to accelerate globally, the Technology and Innovation Centre at ZEE will play the lead role in driving the next era of innovation in content consumption. ZEEverse, is another major stride in a string of initiatives launched by the company in recent times towards our internal digital transformation that will enable the organisation to become future-ready and win in the emerging digitalised economy. Our focus is on building a collaborative, high-capability driven environment for our tech enthusiasts, who are the innovators of tomorrow. As we reimagine the future of our workplace, we are also elevating our employee experience by adopting a new induction module that will deliver an immersive and unique on-boarding experience to our fresh batch of recruits.”  

    ZEE is focused on offering a holistic environment to its talent workforce through the adoption of innovative and path-breaking technology. The company aims to enhance and widen its digital footprint, as it continues to cater to the global community and redefine the future of entertainment by leveraging a technology and innovation led strategy.

  • Music NFTs are an alternative way for artists to increase their earning potential: Report

    Music NFTs are an alternative way for artists to increase their earning potential: Report

    Mumbai: Music NFTs are an alternative way for artists, most of whom depend on extractive record labels and centralised platforms to earn a living, to increase their earning potential, according to a report by video games, data, analytics and market research firm Newzoo. This allows them to sell their singles, EPs, or albums as NFTs to their most loyal fans, it added. 

    The report indicated the trends in the metaverse, blockchain gaming, and NFTs. It identifies and analyses metaverse trends, case studies, the future of the metaverse, P2E, blockchain gaming, and NFT space.

    According to Newzoo’s report, 2021 has undeniably been the year of NFTs, with several high-profile collections being sought after for the boost in social status and financial incentives they offered. Despite the current market pullback profile picture (PFP) NFTs are likely to be key elements when it comes to digital identity in the metaverse.

    The report suggests that consumers spend increasingly more time in virtual worlds, and successful brands follow them. As a result, consumer-facing companies will be forced to develop a metaverse strategy to stay connected with their (future) customers and remain relevant.

    As time spent in virtual worlds increases, our digital identity and representation will grow in importance. This opens a wide array of opportunities for traditional and digital fashion brands alike to dress our digital selves with in-game skins and virtual garments, thus giving rise to the direct-to-avatar business model. This also has important implications for the future of e-commerce.

    Play to earn and blockchain gaming –  As time passes, we are likely to see more blockchain games challenge traditional AAA titles in terms of technical complexity and at some point size of the player base. Though blockchain gaming faces some notable challenges particularly sustainability and regulatory concerns these are likely to be mitigated as the space matures.

    The report also highlights the key challenges of this industry. Some major challenges include politics and regulations where governments will want to control virtual worlds, and regulations may create new barriers between worlds. Also, UGC spaces require strong safety and content moderation processes in place, supported by machine learning and trust/safety agents.

    Privacy and ethics also need to be addressed because metaverse activity tracking has the potential to become far more powerful than web tracking. At the same time, accessibility and scale are also seen as challenging as the metaverse is not yet accessible or interoperable at scale. Lastly, new standards and protocols are needed for the industry.

  • GUEST COLUMN: How brands can leverage metaverse for connecting with consumers

    GUEST COLUMN: How brands can leverage metaverse for connecting with consumers

    MUMBAI : Through the years, what has been constant is how brands evolve with new tools and modes of communication to best connect with their customers and fulfill their wants. In fact, with the steady rise of mobile web and social media back in the 2010s, the way brands engage with consumers has undergone a massive transformation – witnessing brands building a community with their consumers. And the customers, in turn, enjoy these novel ways to connect with their brands.

    However, in 2022, we now stand at the precipice of an exciting new form of communication and experience – the metaverse. And perhaps the biggest challenge is understanding the metaverse and realising one crucial key point – “The Metaverse is Now.”

    Ascent of the Metaverse

    Blurring the lines between physical and digital, the metaverse is fast emerging as a new space for people to shop, be entertained and participate in virtual experiences. With the metaverse giving rise to this new ecosystem of virtual life, a resultant paradigm shift is underway. One is that the metaverse is revolutionising how brands and consumers engage – with both scrambling for tools to best connect in this unprecedented virtual space.

    But why should you become a metaverse brand to connect with its audience?

    The truth is, the metaverse has opened the floodgates to a variety of burgeoning benefits and connection opportunities for brands and consumers alike –

    1) Minimising geographical distance

    From our online presence on platforms like online games (esports), social media and even simple communication on messaging apps, the experiences and connections we value most often take place in a digital world over the physical world. For instance, unlike before, a significant number of people we daily communicate with live outside of a 15 km radius from our home or office.

    However, the metaverse allows you to build meaning around experiences even though people we value spending time with are out of our physical grasp. In fact, it can essentially replicate the real world – goods and experiences from your offline existence can now be imitated for people anywhere in the world. Want to go on a date with the person you just met in Hyderabad while based in Delhi? Want to meet and greet your favourite Bollywood Celebrity when you’re in Lucknow? You can do this and much more in the metaverse. A lot of restaurants too, have stepped into the metaverse so going on dates with a significant other just got easier.

    The barrier of geographical distance is eliminated, and brands can now capture a global consumer base by bringing their products immediately into the home of every person in the world.

    2) Metaverse & its commercial appeal

    The metaverse lets customers try out digital items and see them within a fully 3D world. Several brands are already utilising this capability today. Moreover, blockchain technology, cryptocurrency, and NFTs (building blocks of the Metaverse) are also empowering brands and consumers to interact in ways unlike before.

    For instance, Adidas’ claim to fame as one of the most crucial metaverse brands comes from NFTs (Non-fungible tokens). When people think of an NFT, it’s usually related to online images. However, it’s essential to understand that metaverse models also use digital artwork. As such, metaverse items can also be NFTs. Adidas uses that technique to sell wearables in the physical world and metaverse.

    Adidas Originals created an NFT campaign, “Into the metaverse.” For this, it partnered with three of the most renowned NFT brands – Bored Ape Yacht Club, PUNKS Comic and Gmoney for exclusive wearable digital items that can be used on various blockchain-based gaming platforms. The collaborative project launched in December 2021, when a limited amount of 30,000 NFTs were sold saw the company earn more than $22 million from the sales in a few hours! Buying an NFT gave owners access to special, physical goods, like a hoodie and tracksuit worn by the Bored Ape that Adidas owns and other upcoming digital experiences.

    Some companies benefit by tying their online and offline market together. Other companies can leverage it by creating a whole new type of store. These are digitally exclusive offerings. And all of this can be tied together with digital wallets within the metaverse, making it easy to buy and sell goods. It’s easy to see the metaverse’s commercial appeal.

    On the consumer products front, Coca-Cola launched an NFT collection that fetched $575,000 in an online auction. It relied on the power of its brand to push forward its collection and raise over $500.000 for charity within 72 hours!

    While the metaverse’s full potential reach will definitely increase & at a much faster pace in the near future years, it is clearly on its way to the very fabric binding people across the globe and connecting them. And with this tool at our fingertips, it is absolutely critical for brands to venture into this exciting virtual space that presents disruptive new ways to build deeper and more meaningful relationships with their audience.

    The author is Caleb Franklin CEO and Founder of HeyHey

  • NFTICally unveils Comearth to drive e-commerce in the Metaverse

    NFTICally unveils Comearth to drive e-commerce in the Metaverse

    MUMBAI: Global Web3 E-Commerce SaaS platform NFTically has launched  Comearth. This is a destination for commerce in the Metaverse. Comearth, a 3D immersive virtual environment, will be powered by NFTically’s “Web3 E-Commerce Engine ” & backed by the trust and decentralization of the Polygon Blockchain. In Comearth, brands, enterprises, content creators, and celebrities will be able to purchase their virtual spaces / virtual real estate as Comearth’s “Citizens” and launch the e-commerce experiences for their customers, consumers and followers.

     The metaverse has the potential to be a $13 trillion ecosystem within a decade. The e-commerce industry also is expected to expand at a CAGR of 22.9 percent between the years 2020-2027 to size over $16.2 trillion. Exploring the intersection of two burgeoning markets, Polygon co-founders Sandeep Nailwal & Jaynti Kanani, Coinbase CPO Surojit Chatterjee, Unacademy co-founders Gaurav Munjal, and Roman Saini, Indian film-maker Subhash Ghai, Actor Kunal Kapoor, Capital X’s Cindy Bi, Nazara’s Nitish Mittersain have invested in NFTICALLY to build a 3D immersive metaverse ecosystem that would power e-commerce for 100,000 brands & individuals by 2025.

    NFTically founder & CEO Toshendra Sharma said, “Web3 is the next generation of the internet, which will profoundly impact e-commerce solutions. Comearth will bring a fully-immersive DIY layer to e-commerce and enable immersive hyper-personalisation for everyone. We intend to democratise and facilitate mass Web3 adoption & bridge the gap between web3 and web2 E-Commerce.”

     The launch was graced by NFTICALLY’s advisors and partners including film writer-director, producer, Subhash Ghai, Mafatlal Group vice-chairman Priyavrata Mafatlal, Kulturemint director Govind Singh Sandhu and The Blockchain Council CEO Pradeep Aswal. They reflected upon the perspectives of brands getting empowered with Comearth for augmenting retail and consumer experiences.

     Comearth comprises different sizes of land parcels that cater to businesses and industries ranging from large to small enterprises, celebrities, and individuals. It will act as a global marketplace for goods (digital, physical, and phygital) and services (within and outside of the Metaverse) & facilitate e-commerce and lead generation. The land parcels can be purchased as NFTs and are governed by the smart contracts deployed on top of Polygon Blockchain. The comprehensive DIY tools empower the landowners to start their metaverse venture in minutes and will be accessible by mobile, laptops, and VR devices.

     Polygon Studios Metaverse lead Brian Trunzo said, “Polygon Studios is pleased to welcome Comearth as a valued partner into the ecosystem. Their easy-to-use and powerful suite of tooling brings brands and rights holders closer to their audiences — a key aspect of facilitating broader Web3 adoption”.

  • GUEST COLUMN: Marketing in the metaverse – A giant leap for the advertising world

    GUEST COLUMN: Marketing in the metaverse – A giant leap for the advertising world

    Mumbai: The pandemic made digital engagement very mainstream. Nowadays, people are up for exploring the variety of tech innovations available in the virtual space. During the pandemic, they switched from offline engagement to online engagement, whether in the field of shopping, eating, gaming, lifestyle, etc. This switch resulted in wide online social traffic, especially in the immersive gaming experiences through the use of augmented reality (AR) and virtual reality (VR).

    With 4.8 billion active internet users worldwide, the online social sphere is growing to accommodate new kinds of communication, engagement, and entertainment for a tech-savvy generation. A recent concept that has come alive in the online social sphere is metaverse. It is backed by a fully working virtual economy, much based on cryptocurrencies and digital items and assets such as nonfungible tokens (NFTs).

    Metaverse, the internet’s evolution, is emerging as a potential tech innovation in the spheres of marketing and social connection. It encapsulates a set of immersive virtual experiences where people can exist and engage with each other on virtual platforms. It builds rich user engaging virtual spaces using augmented reality (AR), virtual reality (VR), blockchain, and digital media principles. Merging the virtual, physical and augmented reality in real-time, metaverse allows interaction in a virtual 3D environment through avatars.

    The worldwide metaverse market is worth $63.83 billion in 2021 and is expected to be worth $1,527.55 billion by 2029. It implies growth at a CAGR (compound annual growth rate) of 47.6 per cent between 2022-2029. Prodigious companies are eagerly investing in the metaverse market. Therefore the marketing and advertising companies have found their newly developed fondness for the metaverse. And true enough, the newly developed concept projects ample opportunities for tech-savvy entrepreneurs and brands to advertise themselves through it.

    Metaverse creating value in advertisement wold

    Marketing space has continuously evolved in time from radio to television to the internet and now metaverse. The early days of social media saw a rise of social marketing agencies likewise for metaverse, these agencies will have to, urgently, explore virtual and metaverse practices lest new metaverse dedicated companies prop up to better engage customers.

    Marketers constantly seek out customers, whether in person or online, therefore, the expansion of metaverse will undoubtedly be one of the primary future playgrounds for the digital advertising sector. Experiments through influencer marketing are also being undertaken in the metaverse for engaging customers in metacommunities. Virtual reality will revolutionise business and marketing attitudes by serving as a medium for invention, discovery, identification, expression, connection, and socialisation.

    Some companies have already taken a lead. Big brands like Google, Facebook, Microsoft, Puma, Gucci, Nike, etc are making their way into the metaverse. For e.g Nike’s Nikeland, a virtual universe that offers sports venues, digital showrooms where people can dress their avatars, etc. Or M.A.C cosmetics that provide virtual make-up facilities or Fortnite, which introduced in-game concerts for its players. These moves will strengthen their digital foundation more.

    Some apparent benefits make it clear why the companies must explore the metaverse to create value in the advertisement world. Metaverse is believed to have a high engagement rate. Tech-savvy gen-z and millennials who engage in it are the future customers. They spend their significant time on the internet. Companies and brands must step into the world of metaverse to advertise and capture this expansive lot of audience. Furthermore, because it is a novel concept in the market, it is less expensive than standard advertising modes. Therefore, the first-mover advantage will have a cost-benefit for the businesses.

    The data-driven interaction is another benefit. The data collected in the virtual 3D environment will come from real people that are operating as avatars. This data can be analysed and used to forecast or make business scaling strategies both for the online and offline market. Not only tech companies and business industries, but even government entities are keen on investing in the multiverse. Several innovative advertising methods have been explored so far. Use of non-fungible tokens, collectibles, cryptocurrencies, in-game activities, and virtual billboards are some to name.

    Direct to avatar sales values at $54 billion and innovative entrepreneurs are already envisaging the ways for new income streams. From real estate purchases to online AR / VR-based offices to gaming, all is happening in the metaverse. Silicon Valley sees it as the next generation of the internet. Facebook has made a significant investment in its growth. Snapchat has incorporated augmented reality components into its services. Thus, it is bound to become a parallel reality because technological innovation is here to stay.

    Data privacy, security and copyright issues are challenges that will prevail for now, but that must not prevent companies from exploring. Smart advertisers will succeed in any reality if they focus on matching their needs with the needs of their customers to produce useful experiences.

    The author is Wing Communications CEO and founder Shiva Bhavani

  • Ready Player Me partners with blockchain-based video streaming service Mzaalo

    Ready Player Me partners with blockchain-based video streaming service Mzaalo

    Mumbai: Leading avatar creation platform Ready Player Me has announced a collaboration with blockchain-based video streaming service Mzaalo.

    Following this partnership, Mzaalo will offer a special series of Ready Player Me avatars based on selected IP from iconic movies on the platform to all users across its iOS and Android apps.

    Launched by Xfinite, Mzaalo is a new video on-demand service which used Ready Player Me avatars earlier this year to promote the motion picture release of ‘Haathi Mere Saathi’. Rewarding users with Mzaalo coins which are exclusive to the platform, in return for watching movies, the company plans to give users access to an even wider range of customization assets that will become unlockable for avatars using the in-app currency.

    Talking about the partnership with Ready Play Me Xfinite COO Vikram Tanna commented, “Digital avatars are a stepping stone to the metaverse revolution. We constantly strive to deliver immersive experiences to Mzaalo users, and our partnership with Ready Player Me enables us to take our gamified entertainment ecosystem to the next level. Mzaalo and Ready Player Me are powered by cutting-edge technology, and we are confident that this innovative collaboration will enhance user experiences for both platforms.

    Speaking on this collaboration Ready Player Me CEO Timmu Toke said, “We are delighted to be bringing avatars from Ready Player Me to Mzaalo. With such a great blend of interactivity, gamification and entertainment, we feel this is the perfect partnership and will help our avatars reach a larger audience than ever before. This is our next step in connecting like-minded companies to the metaverse. We have more developments on the horizon and are excited to share what’s in the pipeline very soon.”

  • Creators in M&E industry can’t substitute storytelling with technology: Experts at Pearl Academy’s Portfolio 2022

    Creators in M&E industry can’t substitute storytelling with technology: Experts at Pearl Academy’s Portfolio 2022

    Mumbai: At Pearl Academy’s Portfolio 2022, experts from the world of advertising, media, cinema and entertainment decoded the future of these industries in the metaverse during a panel discussion. The panelists for this discussion were Ogilvy chief creative officer Sukesh Nayak; director, producer Aakash Bhatia; director of the film “Bheja Fry” Sagar Ballary and film producer Vivek Agrawal. The session was moderated by Pearl Academy dean, School of Contemporary Media Viveck Vaswani.

    Commenting on the role of technology in these industries, Nayak said, “Technologies like Metaverse allow you to be braver in exploring different possibilities however stories and storytelling remain the key since there’ll not be any magic if the stories don’t mean anything.”

    “Content creators and artists in these industries cannot substitute storytelling with technology. You can dream bigger with technology, but it should not make you complacent,” said Agrawal.

    On being asked, what should millennials who want to join these industries be taught, Ballary said, “Art is the medium supported by science or technology therefore a beautiful balance between the two is required. Technology should be used as a tool to correct the art and not actually create it. Besides technology, gravitas and patience are important to be able to work on the art.”

    “One thing that technology has allowed is for people to watch more content and has given them multiple viewing canvases.  However, the usability of technology is on us as anything that moves you forward can take you backwards too,” opined director and producer Aakash Bhatia.

    Portfolio 2022, which provided the platform for this panel discussion, is an annual event that showcases students’ projects by Pearl Academy that sits at the intersection of technology and creativity.