Mumbai: There has been an increasing awareness of the metaverse recently. It was revealed in Wunderman Thompson Intelligence's latest survey 'New Realities: Into the Metaverse and Beyond’, that 76 per cent of people feel the metaverse will allow authentic self-expression and however, the market is becoming aware of the advantage of it.
The survey shows brands and agencies a clear direction in a tech field where 74 per cent of people feel metaverse will be the future. The analysis presents a roadmap for adland which expands upon the groundbreaking into the metaverse study.
Its 2022 metaverse survey 'New Realities: Into the Metaverse and Beyond' for which research was fielded in March - from over 3,000 people aged 16-65 in the US, UK and China - shows that awareness of the metaverse has more than doubled in less than a year. While less than a third (32 per cent ) had heard of the term in July 2021, by March 2022 almost three quarters (74 per cent) had heard of the term.
Although awareness has increased, understanding remains low. The research also finds that there is a lack of clarity around what the term means, with only 15 per cent stating that they know what it is and can explain it to someone else.
Despite being unable to explain the metaverse, consumers believe that it promises to impact our lives significantly and among those who know what the metaverse is, two-thirds believe it will be life-changing.
Wunderman Thompson Intelligence's global director and author of the report Emma Chiu said, “As ever-greater portions of our lives move into the virtual realm, it’s becoming increasingly clear that the metaverse will be instrumental in our collective future, with our follow-up survey uncovering widespread expectation that the metaverse heralds enormous changes to almost all industries.”
Areas in which consumers are expecting to see innovation include entertainment where 90 per cent of respondents held this belief, followed by advertising and retail. Meanwhile, 85 per cent believe the metaverse will impact the fashion industry and also the world of work.
With many still assessing the impact of new screen-based habits, alongside the continued blurring of the virtual and physical worlds, the latest, companion report includes fresh data and several other critical insights:
• Retail brand analysis shows the development of digital and physical shopping alongside one another, sharing case studies including Nike in Roblox, Forever 21’s Shop City and Fred Segal’s Artcade.
• The finance section of the report outlines the top banks, credit companies and crypto literacy projects along with research into the growth of virtual currencies. The outcome is that these currencies are becoming a significant economic force both for business and for countries as several get involved in experiments with nationally regulated crypto.
• Health and Wellness shares insights into deepening connections between digital and physical care for bodily and mental health. Explore case studies from Sims to CVS.
• Food brands have jumped into the metaverse with restaurants and beverage brands leveraging the link between food and social connection. From Coca-Cola’s Indian wedding to the Flyfish member’s only restaurant where NFTs are exchanged as verification, this sector shows real creative flair.
Wunderman Thompson Global Chief Marketing and Growth Officer Naomi Troni said, “Brands must establish a roadmap for entry into the metaverse. However, there are concerns too around privacy, security, and safety."
"So, while our latest findings indicate almost limitless opportunities for brands — enabling them to re-imagine what their products, services and consumer engagement could and should look like – they must also enter this new world carefully," she added.
