It’s a whole new (virtual) world of opportunity and Sydney’s experience agency Imagination wants to help businesses navigate the new era.
Imagine this: a virtual event attended by millions of avatars, all jumping on the screen or interacting with each other. Each of these avatars represents a person who is currently there, but through a device screen. Now, if such a well-attended event were to include any kind of promotion or publicity by a marketing agency or company, how much publicity would they attract?
This is just one of the many options the metaverse opens up to the industry. However, since the digital world is still in its infancy and remains very unregulated, many people are still wondering if they want to get involved in it or not. Others don’t know how. This is where Imagination, the Sydney-based experience agency, acts as a go-between for any business that wants to take that timid first step into the digital world.
Thank you to everyone who attended and created content around the Travis Scott event!
Over 27.7 million unique in-game players have participated live 45.8 million times across the five events to create a true astronomical experience. 🤯🔥 pic.twitter.com/LSH0pLmGOS
-Fortnite (@FortniteGame) April 27, 2020
What is the Metaverse?
But before all that, there’s an important question that needs to be answered: what is this metaverse we keep hearing about? Is it a video game where kids gather, buy and sell their character’s virtual outfits? Is it fortnite, only bigger? Is it a good way to make money or is it just the recent fad that will explode in the next two weeks?
Well, the truth is that it’s a bit difficult to define exactly what the metaverse really is but, according to wikipedia, it’s described as “a network of three-dimensional virtual worlds based on social connection”.
The term has a broader meaning, like saying “the universe”. We know there is more than one. It is the same in this case. There can be many metaverses, which can be applied in many different aspects of our daily life.
Of course, it all started with massively multiplayer online (MMO) games such as League of Legends, Final Fantasy XIV or, more recently, fortnitein which players have built their own in-game communities and started trading with virtual currencies, but to say this is where the metaverse begins and ends would be like saying Earth is the only planet with life : she is narrow-minded.
Final Fantasy XIV is an MMO with over 25 million active users.
So how does the metaverse involve itself in our daily affairs?
Here is the million dollar question. Now, virtual worlds have expanded beyond the gaming industry (which also offers great investment opportunities, such as in-game advertising) and moved on to blockchain worlds, such as The Sandbox, Decentraland or Roblox.
The difference between the two is that while in the gaming industry you depend on the developer to decide how they want to run the game or even whether they want to allow ads or not, in a blockchain world, don’t anyone can invest, whether they want to own part of the game itself or part of its virtual assets, better known as non-fungible tokens (NFTs).
What is non-fungible?
NFTs, as they are more commonly known, are virtual data items. They can be anything: from a simple meme to an exact replica of the Mona Lisa or a virtual land inside a blockchain world, as mentioned in our previous example. They can be bought or sold through cryptocurrency – online money like Ethereum or Bitcoin.
However, what really matters is not what they are, but the fact that they are. unique. There’s only one of each in the entire digital world (or Metaverse) and that’s what separates them from all the others and gives them real value. They each have their own code, so even if there are two that look the same, they can be set.
The Bored Ape, originally released by American publication Rolling Stone, has been one of the most popular NFTs
This is also where the real investment opportunities lie, with companies like the NBA quick to jump into this new market. The American Basketball Association has “created” (a term used to refer to creating an NFT from something) a number of highlight videos of their games and sold them in the online marketplace. According to techtimes, the most expensive NFT in the NBA currently sits at $1.3 million.
What else can a business do in the Metaverse?
The possibilities are limitless! And that’s what makes this new world so appealing. Clothing designers, such as Nike and Gucci, have bought their own virtual lands and put them to use, either by creating theme parks (NIKELAND), where players can have interactive experiences, or virtual shops in which people can see the latest fashion trends will be.
In fact, both companies have gone so far as to release NFT versions of their new designs (shoes, dresses, handbags, etc.), with the highest bidder getting the right to own the item in the real world as well.
Snoop Dogg entered the Metaverse
Well-known musical artist Snoop Dogg has bought a house in The Sandbox, with people paying over $450,000 for a virtual lot next to his. And it’s not just the famous rapper: even TV shows are investing in the Metaverse. The Walking Dead, The Smurfs, Care Bears… they all own digital real estate.
It all sounds lovely but I’m just playing Angry Birds…
Naturally, no one is supposed to suddenly learn to code or understand a whole bunch of difficult terms like “Metaverse”, “NFTs”, “cryptocurrency” or “mint”. There are still many companies that are still too cautious to dip their feet into uncharted territory.
But that’s the role Sydney-based experience agency Imagination is here to fill. Answering all of these tough questions for anyone who wants to get involved in this exciting new world, but doesn’t understand how, Imagination has a number of highly skilled designers in its group who use their expertise in the field to help create a successful campaign. in the Metaverse.
Agency Director Heath Campanaro said, “As an experience agency with a particular focus on innovation, technology and content, we are really well positioned to help clients in this space. We have solved tough backend technical challenges and have all the design capabilities to create awesome environments and content. We are about to launch our first NFT project for a major global sports entity, and have several other Web 3.0 projects in the works for some of the world’s biggest brands… even bands.
Director of the Imagination Experience agency, Heath Campanaro.
“Many of our clients ask ‘what does the metaverse mean to me’, so we’ve been busy running inspirational sessions and workshops, and we’re already seeing our clients blown away by the potential of their brands and their experiences.”
The Imagination development team uses the Unreal Engine 5 – a powerful tool used to create virtual worlds – to design their own virtual or augmented reality (VR/AR) simulations. The Unreal Engine gives them greater creativity and freedom when trying to find solutions for their customers.
The Unreal Engine 5 that the Imagination team uses uses incredible photorealism to bring imaginary worlds to life.
Is the Metaverse a fad that will soon be forgotten?
There are many people who claim that the Metaverse, and everything around it (NFT, Crypto, etc.), is just the latest youth trend that will be left behind as soon as the next big thing happens. .
The reality is that this market is still quite unstable (and very unregulated!) but given the huge sums of money being invested in it by companies and individuals, not to mention that it looks more like a natural evolution of something that was already there (video games) rather than something that suddenly appeared out of nowhere, we’d say it’s here to stay.
So create your avatar online, buy your virtual real estate, and hit your NFTs…because we’re headed to the Metaverse!