Facebook’s New Metaverse
Facebook deciding to rename itself to Meta is all over the news recently. If you’re a creative or entrepreneur it is important that you learn more about what Mark Zuckerberg’s decision to rebrand Facebook to Meta really means. Now, the major reason behind the decision is to create a Metaverse. However, most people believe that it is an attempt to divert attention from the company’s existing political, regulatory, and legal crises.
When we consider the DNA of the company, it aims to move fast and break everything that stands in its way. Understanding Facebook’s new Metaverse from a marketing perspective will allow you to continue to take advantage of the platform.
What Is the Metaverse And What Can You Expect From It?
Most people are curious about what a Metaverse is. They want to know everything it entails. Mark Zuckerberg has described it as an embodiment of the internet where everyone becomes a part of the internet rather than just viewing content on it. However, it remains unclear what an ‘open internet’ looks like and how it impacts our freedom of expression and our right to privacy.
The Metaverse is being currently marketed as a broad concept that resembles a virtual and augmented reality reminiscent of scenes in the movies Minority Report and The Matrix. It is a new dimension that offers a persistent, synchronous environment. It is expected to be accessible across all computing platforms such as gaming consoles, mobile devices, PC, AR, and VR. Thus, the Metaverse will be the next great leap for the internet.
There will be new sensors that will monitor us as we browse and interact with the world. If there is one thing that we have realised, it is the fact that a new generation of Facebook hardware is being added. The Oculus VR headset, nicknamed Oculus Insight is at the heart of it all. It is an A.I. tracking system that utilises three different types of sensors. The sensors track the movements and orientation of the controllers and the headset. There are four headset cameras that map out the room and LEDs which allow the headset to track your environment and position in real-time.
The Oculus controllers comprise capacitive sensors that detect the movement of one’s fingers. It even integrates with the device being used by the individual for fitness and heart-rate tracking. Mark Zuckerberg has also hinted at eye and face tracking for Cambria/Quest models. Facebook’s new Ray-Ban smart glasses consist of a microphone for responding to calls and cameras for capturing images/videos of the world of augmented reality. By adding more cameras and sensors, Facebook’s new Metaverse will be able to obtain more egocentric data.
What Does Facebook’s New Metaverse Mean?
The Metaverse is more of a high-tech medical exam when you come to think of it. What it does is that it inextricably links the ideas, actions, and corporeal body of each individual user, to track and define individual consumer behaviour down to subconscious reactions. The Metaverse will undoubtedly provide us with a monetised stream of experience and information based on interactions and interests. Businesses will truly benefit from such an advertising feedback loop.
A great thing about the Metaverse is that it offers a ton of untapped potential for creatives and media houses interested in finding new ways to monetise their content.
How Can The Metaverse Be Best Utilized To Monetize Content?
A great thing about the Metaverse is that it offers a ton of untapped potential for creatives and media houses interested in finding new ways to monetise their content. One of the ways that they can do so is by mimicking what Metaverse games do. This is where monetising thru in-app advertising comes into place. As creatives and media houses start to grow their presence, they can quickly start to bring in more revenue. In-app advertising allows one to programmatically insert ads that appear natively in the Metaverse landscape. Virtual billboards are the perfect example and are displayed similarly to how billboards are placed near high traffic, major road networks. However, it is crucial to first develop multiple-monetisation strategies. Even though in-app advertising is under development for augmented reality, it offers great potential and is expected to provide plenty of options.
As real commerce for the virtual world develops, there are endless opportunities to come for making money as a creative or entrepreneur. Besides, the fact that existing platforms will become inter-operable, presents great potential and the Metaverse will be a great place for eCommerce. Moreover, the chief executive of L’Atelier BNP Paribas predicts that Metaverse users will sell and buy virtual products during his interview with the Wall Street Journal. Similarly, there will also be virtual services that one can provide and as for monetisation models, they will only continue to develop. There are also corporations that are introducing engagement-based payouts referred to as Premium Payouts, to reward creatives for developing an engaging experience. It also offers amazing earning potential. In fact, engagement-based payouts can help one earn more than in-experience purchases. Hence, it is important to work with companies to create content and collaborate to sell individual products.
In addition to the above, you also need to develop a channel that is independent and does not rely on a sole-income generation model. Only through the development of multiple content channels can you expect to earn more money. You can start out by providing free content and work your way towards adding a paywall to boost your earnings. However, you must also explore sponsorships as they could help you add another income stream. But it requires you to establish trust, build your brand, and sell yourself to businesses.
Create, Create, and Create
At the end of the day, if you want to earn through the new Metaverse, you must always be creating something. Think of ways that you can offer more value to people. Since the Metaverse is not solely reserved for the tech-literate, you can easily conquer it for a decent payout. Hence, you must keep testing new revenue generation ideas to find ways to earn money for your media company. Always remember that there is no limit to what you can achieve with creativity.