When we think about the world of the metaverse, we imagine the future. We imagine these virtual worlds that could soon surround us. We have this feeling of a much
more simpler life where we would have no limits with our actions or imagination. Or maybe some think of a
dystopian future, where the virtual has taken over. The science fiction contents of a future ruled by the drifts of the Internet and the overtake of robots still leave a certain dreadful thinking regarding this technology.
Despite the growing interest in the metaverse, NFT, cryptocurrencies, many objections are still present, both at the technological level and investment level for companies but also concerning the equipment for individuals. Nevertheless, our research has shown that the metaverse still holds many surprises.
In our previous 5 articles and podcats, we have talked to you about what the metaverse is, or at least, how we define it. We have told you about its differences and its similarities with video games and how we can use it.
If you have not read them, we recommend you do so :
Vol 1: History of virtual worlds Vol 2: Blockchain Vol 3: NFT / Crypto Vol 4: The place of brands Vol 5 : Gaming
Who believes in the metaverse and invests in it?
Let’s dig a little bit into the big investors of the metaverse and how much this industry is now worth.
Mark Zuckerberg believes in the success of the metaverse. The proof, he did not even hesitate to use meta as new branding. He has even made it his future vision for his company. Meta has invested $10 billion in the metaverse but it's not the only tech company that believes in it. The GAMAM are currently investing the most. We can even say that the
race to the metaverse has been launched.
Bloomberg Intelligence even confirms this market growth by showing that
$800 billion will be invested there by 2024.
AJ Marketing has made a global estimate of the metaverse market from 2020 to 2030. In 2020, we can observe an estimate of $36.58 billion. Moreover, according to experts, the expansion of this market is not about to stop. Thus, in 2030 the estimate should reach $947.118 billion. An evaluation that seems to be quite a ascend.
Meta has decided that the metaverse is the future of its company but is it the same opportunity for all brands ? We have talked about this very subject in our
article.
Comparatively to the immersion the metaverse pretends to offer, since
VR and AR technologies are improving and becoming more accessible to the public, on an individual level, users are more accustomed to them. Indeed the development of AR will allow this expansion because it does not require the purchase of other technological products. In addition, many platforms and brands are investing in this technology to offer a more impactful experience to consumers. Entering the metaverse through the widespread usage of AR and VR technologies will facilitate its democratization. This is the thought of
Persica Picado, creative AR Designer & Developer at Playar, who expressed it to us during the Creative Belgium event.
We have observed that some brands have already tried to be present in the metaverses, yet their presence has not been as profitable as envisioned. Some may have to find a better way to fit in it, and some may never find their place within the ecosystem.
That is why it is really important for a brand to consult with an advertising company. They will advise the brand on its possibilities and impacts in these new digital spaces. The brand has the need and the financial wish to always remain relevant through its communication choices. Wondering what a brand will represent and how it will be represented in the metaverses are imperatives, in order to avoid public failure. If a brand is present for its consumers and other users in a metaverse, it needs to understand the principles, the codes and the etiquettes related to the digital realm in which it chooses to communicate and to find a virtual representation. A throughout consideration concerning the choice of blockchain must also occur without forgetting to choose the right fit for your brand.
Legislation to follow when advertising a brand in a metaverse
For the moment, the idea is that it is up to the platforms to act as safeguards in order to avoid too much advertising.
In addition, if there are mounts of advertising, it will lead to the principle of scarcity. Playing will become therefore more expensive because gamers wish to have a good experience, and not to have advertising interrupting their every move, otherwise no one will longer be willing to play virtual games.
After asking Agnès Maqua, founder partner of AdaStone and copyright and trademark law professor at IHECS, we can say that no “new rules” will be created specially for the metaverse. It will rather be a continuation of the rules that have already been established regarding data protection, copyright, and rights. It is not really clear or precise for the moment where the legislation level stands. When we think of the metaverse, we don’t really picture the limits that it undergoes. Whether these are legislative limitations or because of the codes of the blockchains.
But why is that a problem?
There lies an absence of national borders in the metaverse.
Currently, there is not yet a fully defined legislation around metaverses. Belgium has not yet addressed the issue. Thus, there is currently no legal basis or case law on the subject. Nevertheless, there is little doubt that certain current legislations are transposed to these virtual universes. As a result, the legislation around the protection of personal data, copyright, intellectual property, and trademark protection will be applicable to the category of metaverses.
There will normally be little change or an addition/creation of legislation for these virtual worlds themselves, without the omission that certain legislations will require new interpretations. For the moment, it is up to the platforms to respect the laws of “real” life, alongside the classic General Data Protection Regulation concerning digital spaces. So, the legislation that will be applied to the metaverses will most probably be redacted as some sort of modifications of the laws that already exist, that will simply be applied to this new ecosystem.
Even though the metaverses have far evolved from their commencement in people’s mind, the reality of it is as slowly emerging as the conceivable future to the Internet. Consenquently, and considering the revolutionary aspect of this whole concept and fathomable utilizations, a different kind of social networks and overall new web are arizing. It is right to ask if the current rules are enough to be applicable here. Overall the current legislations are currently applicable in the case. Nevertheless, it is more than surely one of those instances where it becomes harder to anticipate the evolution of such technological advancements. The best that can be done is to navigate alongside this digital movement, by reacting to whatever problem or review of the legislation it will require in the near future.
More so, we can notice that some platforms or companies are setting up their own initiatives to protect the consumer. Meta has decided to implement a 1 meter distance limit between avatars as a measure against harassment in Horizon World and Horizon Venues.
Another challenge for brands will be to, if they are willing to develop and create virtual communities, either to find ways to bring their current target audience in the metaverse by some content- or other marketing strategies, or to build up a hybrid-type marketing campaigns that will to lead to a good patt of metaverse-skeptics left out. It is also up to the brands to determine if their image suits an entry into the metaverse or if it is better to stay out of it.
Can this invention go hand-in-hand with ecological awareness?
When we talk about the environment : the metaverses, blockchains and NFTs are often pointed out as evils, nearing a form of ecological disaster, or another type of great pollution. Which is not totally wrong.
This technology requires quite a bit of excendentary energy consumption. Indeed, behind these virtual spaces are many servers, the constant renewal of digital products such as headsets, more powerful computers, etc. All these aspects don't seem to contribute positively towards more ecoresponsible behaviours.
Hence, going into the metaverse will raise some questions about the ecological impact. Brands are positioning themselves more and more in the dynamic of turning towards more ecological resolutions in order to have a real impact on the planet. Some companies will therefore be confronted with incoherence between their "greener" approaches and a potential ambition to launch themselves in this technology.
However, the metaverse does not have to suffer all the words. Some other real activities have a more disastrous impact than the metaverse. The possibility of giving lectures via the metaverse can be much less polluting than giving them in real life. Indeed, the means of transportation for the teaching staffs and the students alike exceed the emissions of a computer and the servers that harbour its data. We must materialise the cost of pollution. We have to equally percieve it in context, or to explain it according to the decisions taken upstream and the objectives set previously.
Overall, the metaverse can be a huge springboard for brands as well as a flop. It is a world of opportunities that still has to be taken up carefully, even though everything seems possible. Who knows where it will bring us in the future?
This article concludes our journey into understanding the metaverses, a mear trial run into Breaking the codes around the Metaverse. Our findings and thoughts, punctuated by several interviews, and numerous article readings, have allowed us to draw a certain portrait of this technology, and what its future might reserve for us.
We would like to thank Michel Pierret, Amaury Ehrhardt, Geoffrey Hennaut and Damien D'Ostuni, as well as all other external contributors that helped us source these articles and podcasts. And without forgetting the Media Marketing team without whom this series would not have been possible.
Written by Ana Alexandrescu, Lena Baranzini, Erin De Rouck, and Zoé Guyon (Master in Advertising students of IHECS, in Brussels).
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