Last time I wrote about Marketing in Metaverse, now being a part of the Fintech Ecosystem, I would like to gather my thoughts on the tremendous possibilities which Fintechs need to be ready about in the Metaverse*. Wider consultations are needed from enthusiasts, Fintechs, marketers, designers, content creators and all stakeholders. This article is our thought process on how we perceive the Metaverse.
Though Facebook/Meta had fully invested into Metaverse, yet Metaverse would be dominated by Content Creators as its virtual, you won’t feel hungry in the virtual world, you might get to workout through Metaverse and remain healthy. Mostly Virtual universe could be used for entertainment, alternative community, democratic systems and fantasy interactions happening between various stakeholders.
Various Possibilities for Fintechs in the Metaverse
- Your avatar went out for a shopping, are you going to use current methods of shopping or there would be other payment methods, considering Metaverse is a fully bounded and a digital universe, payment methods would b very seamless. Scanning codes, BNPL, Credit/Debit Cards for Metaverse, Universal Metaverse currency, Loans for virtual property/asset purchase, Virtual Credit Score, Metaverse Banks – OMG how cool it would be ??
- Whichever Fintech invest in research and create solutions for the Metaverse will be the next Trillion dollar company because it wont be only Meta / Facebook which will be creating a Metaverse, sooner or later bigger studios will jump into the bandwagon, imagine you are entering a world of Game of Thrones or Jurassic Park or the Marvel Universe to explore the Universe and these content would be way way better than what Meta would be providing, people would be keen on exploring world within a world. They can do that by walking physically or by hiring a Metaverse Uber / Ola Electric / Yulu / Metro or by purchasing ticket and teleport oneself to the entry gates instantaneously.
- Fintechs will have the additional responsibility of using blockchain based technology more prevalent in the Metaverse whether its for transactions or for security or for acceptance
- Fintechs would need to entice the users with offers which are relevant in the Metaverse
- Fintechs clients wont be Banks in the virtual world. Fintechs wont have to follow any regulatory frameworks set by any governments in the Metaverse as there wont be any role of the Government, Fintechs need to envisage that there is a need of a new currency which in all probability respective virtual universes’ owners might set or new methodology of transaction and exchange would be needed in metaverse and Fintechs need to find it out because the amount of money in circulation currently wont be able to cater to multiple metaverse and one real world. Whether it would be any blockchain based Cryptocurrency or any blockchain validated barter or any other new innovation for currency, that Fintechs need to research on.
- Gold, Silver, Platinum, Diamond no value. Food no value, Entertainment & content a lot of value, properties and rent a lot of value, architecture will have a lot of value, hotels not much value, casinos will have a lot of value, LinkedIn in present form no value but if they manage to create real-time testing environment and meeting between prospects then a lot of value and Fintechs would play a major role in defining solutions and customizing as per the needs of the businesses in order to make them relevant.
Marketing in Metaverse (One of the application of Fintech in the Metaverse)
For me as a #Marketer, Metaverse* will be super fun:-
1) Virtual Personalized Billboards
2) Watching a movie in Metaverse with Ads
3) My avatar attending meetups/events
4) Newer Ad mediums & formats with better conversion tracking
5) Better customer service, will be more efficient supposing Avatar knows everything (Like we use chat bots, Avatar customer bots)
6) If Meta develops a strong search engine(Could be a virtual human being, let me call it ‘Genius’) like Google , that might be the beginning of the end of Search, and I am so excited to meet the Meta Genius who is gonna answer all my queries, that would be more personal, interactive with a human touch
7) Marketing is going to change and move to another level and #DigitalMarketing will evolve like anything
8) I can imagine Gild Card- India’s 1st Spends Account launch happening in ‘Metaverse’
9) Marketing Automation Tools targeting Avatars
10) Avatars creating reels in Metaverse
11) Best part would be “Work from Metaverse”
Meta should call us Marketers for feedback and our requirements.
Metaverse* – A virtual-reality space in which users can interact with a computer-generated environment and other users
What is Metaverse?
A virtual-reality world of tremendous possibilities. It’s going to be the future of a lot of technologies which will sync together to give a greater experience to the user.
Can I purchase assets like land/sell products/provide services in the Metaverse?
Yes, you can do almost everything in Metaverse except eating, but you can order your food by visiting a virtual Metaverse store. There would be millions of applications of Metaverse, the only constraint is whether the companies are ready to invest in the future or not.
Which will be the best Metaverse/Virtual world?
It totally depends on how cool the platform will be and the number of users already present. Facebook/Meta’s universe or metaverse when launched will be open to all its users.
What will be the currency of the Metaverse ? What will be the pricing model?
Since the virtual world is not controlled by any Government there wont be any regulations. The currency could be either given by the promoters of the platform or may be launched by Fintechs. Most Fintechs had not even started understanding the offerings and values in the Metaverse. Value needs to be defined first. For e.g. Food wont have any value as you can’t eat in the virtual world but you can always visit a virtual store and always order the food by looking the real food and understanding the preparation process to be delivered.