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Finding Relevance in the Metaverse
Why FOMO is not a good metaverse strategy
The metaverse is a nicely bundled term for something that enthusiasts believe will be huge. Brands around the world are investing time and money to see how they might benefit from it, and some are leaping straight in, exploring the scope of non-fungible tokens (NFTs). But without a thorough understanding of what people want from the metaverse (or if they want it at all), there are factors that need consideration.
Advancements in extended reality and cryptocurrencies have gained pace in recent years, and they're major factors in shaping opportunities in the metaverse, both for people and for brands. Extended reality (i.e., augmented reality (AR) and virtual reality (VR)), is opening up new ways for products, services, and experiences to reach customers. Brands are excited because this presents a fantastic opportunity for imagination, both in terms of the experiences they can create and the new ways they might find to generate value.
While brands and technology firms are actively seeking ways to generate new value in the metaverse, people are doing the very same thing. At individual and societal levels, people are experimenting with these technical advancements to find more value for themselves. Fundamentally, brands and people are seeking different things, so this duality is causing a tension that is impossible to ignore.
A Meta-Reversal of Roles
Trust in large companies and governments is diminishing, and the world is witnessing cultural shifts that show the increase in skepticism of the systems on which society is built. People are questioning norms that previously felt intrinsic to being human, such as gender, race, and social structures.
When investing in building the metaverse, it's impossible (and unwise) to ignore cultural trends. There's a wave of people creating alternatives to the current state right now. As mentioned in Accenture Interactive's "Fjord Trends 2022," people have an increased sense of agency and want more control over their lives and the world they live in.
There's a movement to decentralize influence and information. Consumer behavior consultancy Canvas8 calls this the Systems Sceptic mindset. It describes how people are rejecting the existing systems and finding new ways to make their lives work better, and it trickles through to politics and online behaviors. Adept at spinning facts in skillful ways to prove their hypotheses, these people are striving to change the status quo.
Furthermore, a cultural trend is emerging among people — especially generation Z — who believe technology can solve modern problems, who want alternative forms of governance, and who want to build new ethical and sustainable business practices that also meet their and shareholders' growth expectations.
When systems fall short on providing the value people expect of them, human ingenuity comes into its own, and organizations should never underestimate people's determination to solve their problems through creativity. Entrepreneur, author, and investor in interactive technologies and social communications Christopher M. Schroeder suggests, "[Today] is about new choices of how our communities, societies, and countries work. It is about the 'bottom up' having increasing control in problem solving and economic rules of engagement seeming forever in the hands of the 'top down.'"
The evidence includes Gen Z Mafia, a group focused on rebuilding the tech world and challenging the establishment (with their values at heart), and Bored Ape Yacht Club, a decentralized community of people who hold the Bored Ape IP and its collection of 10,000 animated ape NFTs. Minted initially for around $200 each, the Club has become the most recognizable brand in the NFT space, with an ape recently selling for $2.8 million.
Rendering Things One Step at a Time
As the saying goes, "Just because you can doesn't mean you should," and people's appetite for the metaverse has not yet been proven. Thinking about the metaverse should be grounded in current cultural shifts so that ruminations around what might work is supported by a degree of confidence that people want it.
If that confidence is found, then for this place to truly exist, it simply must be designed with diversity and inclusion at the heart. There are infinite lessons to be learned from digital innovations of the past, one of which is the moral imperative to make every design decision with a grounding in ethics. Creating this new place — for escape, for engagement, for creativity, for social interaction, for opportunity — is a blank slate and a chance to craft a world where everyone there can be exactly the way they want to be.
Brands must think through ways to help their customers or potential customers achieve the sense of agency alluded to above. That requires solving big problems and caring about the things they care about, in brand new ways. In the metaverse, a virtual store with products does not necessarily translate well. Using this moment to innovate for good will capture the hearts and minds of customers because it will help them feel like they make a difference.
Staying relevant to customers has always been the golden rule, and that remains the case in the metaverse. Knowing that people want something different from what they already have, and doing the right thing — the ethical thing — are no-brainers. Success here relies on businesses' ability to build offerings that people want and to do it in the right ways. That is no mean feat in such an ill-defined environment.
Katie Burke is an innovation and thought leadership senior manager at Accenture Interactive, a strategic partner of the ANA. You can connect with Katie on LinkedIn.