According to the summit, the metaverse provides an opportunity for immersive technology to enable more focused human experiences.
According to Glen Gillis, CEO of Sea Monster, there are three elements that define the essence of the metaverse, which are as follows:
- immersive technology
- persistent virtual worlds, and
- Internet 3.0.
Here are four key conclusions from the summit that show how individuals can prepare for the future that begins now:
1. The future of marketing
According to the top, the Metaverse is a trending topic, and several brands are starting to play in this space.
Gillis says a key insight into why brands are now including the Metaverse in their marketing strategies is that they are now able to shape the world around them through their actions.
There are four considerations brands need to have if they want to seize forward-thinking opportunities. These include:
- the rise of interactivity
- the importance of games
- the importance of stories, and
- identify what is real and what is not.
Focusing on these elements allows brands to generate authentic human experiences.
“The rise of interactivity over the past 50 years has given form and structure to games, which is really important. Similarly, stories also play an important role as they shape our existence and the way people interact. with each other and with brands,” adds Gillis.
Gillis says brands should play and experiment in this space.
“The revolution is happening right in front of us, and it has to do with the power of web experiences. If brands don’t think about progressive web apps, they’re going to miss the first step on the path to what the metaverse will be about. adds Gillis.
2. Creativity in the Metaverse
“Bravery is a two-way street,” adds Alex Goldberg, creative director at Ogilvy and who led the team that created one of the first successful local brand campaigns to demonstrate the power of the Metaverse – including a collection NFT.
Goldberg says, “What we’re doing is crazy. We invent things in our head and then expect a client to spend millions on the things we’ve invented in hopes that they’ll solve their business challenges. .”
It’s important that before brands and companies start playing in this space, they do their research and explore the Metaverse, Goldberg adds.
Goldberg says that by simply jumping on the bandwagon without the proper research, brands will expose themselves to criticism from the gaming community and the risk of very NiFTy scammers taking advantage of the currently unregulated space.
3. Education in the Metaverse
According to the summit, the opportunity to scale education in university virtual learning alone is enormous, and it is estimated that it could have an impact of between US$180 billion and US$270 billion.
Honoris United Universities was recently recognized by the World Economic Forum and welcomed the network into the community of new champions.
It is a group of high-growth companies that support:
- new business models
- emerging technologies, and
- sustainable growth strategies in the fourth industrial revolution.
While remaining aware of their impact on society to build a better future.
A demonstration of this innovation was shared at the summit through the Honoris Africa virtual campus of which Red & Yellow is a part.
Using this technology, staff from 15 institutions, 10 African countries and 32 cities were able to log into the metaverse.
They explored each respective campus and participated in activities together, recreating the serendipity of real-life interactions and connecting people across borders, a feature that was not possible on more traditional digital platforms like Zoom calls or Teams. , explains the summit.
According to the summit, the rise of the metaverse is enabling education innovators to use new ways to improve the student experience by embracing new modes of delivery. The construction of metaverse realities should never replace the real world, but it is now simply too big to ignore.
The ability to shape the metaverse in a way that promotes greater social cohesion, reduces inequality, expands access to education, and acts as a catalyst for social mobility will redefine how education will be delivered across the world. future, according to the summit.
4. Betterverse — Ethics in the Metaverse
A key theme from the summit was the impact of the metaverse on physical and mental well-being.
In its most basic terms, the Metaverse represents a world without the physical boundaries of reality – an opportunity to create an idealistic version of the real world, free from bias, sexism and discrimination, where identity can be fluid and experimental. .
If that sounds idealistic, the conversation was well balanced with the risks, which were shared by the Metalabs Africa duo: Tyrone Rubin and Brendan Louw.
According to the summit, the duo highlighted the importance of smart contracts, which enable the exchange of currencies and the provision of services, as well as access to unlockable content and other data exchanges.
“All the NFTs we talked about are programmed on a smart contract and stored on a blockchain-based platform,” adds Louw.
“Kenya and Nigeria have banned cryptocurrency and if you trade in those countries, you cannot go to the bank and exchange it for currency. In South Africa, individuals regulate it better. Our banks give us the ability to at least practice safely and allow us to trade from cryptocurrency to fiat and vice versa,” says Louw.
“A new world is being built piece by piece, pixel by pixel, and it’s being transformed into what the creators want it to be. For those who want to be a part of it, I remind them to remember the ‘use and consumer,” adds Elizabeth Lee Ming, Chief Marketing Officer at Red & Yellow and host of the summit.
“You’re not creating it just for yourself. You want to get people from point A to point B; you want them to engage with the project and you have to think about the best way to do that” , concludes Ming.
Preparing for future digital careers starts now
During the conference, the Red & Yellow Creative School of Business announced the launch of Designing for the Metaverseone of the first online short courses to provide relevant and essential skills for the future.
To learn more, individuals can look here.
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