Metaverse Pending Regulations

This is how the experts define the Metaverse: experimental, useful for brands and Metaverse pending regulations.

Alfonso Marian, President of Ogilvy, has moderated a meeting between three professionals in this field.

The guests have given their definition of the concept and have analyzed its usefulness for advertising purposes.

Since Mark Zuckerberg changed the name of Facebook to Meta and popularized the concept of the metaverse, this alternative universe yet to be defined has captured the interest of the media, companies, and some individuals.

However, no matter how much is said about it, the truth is that it is still a vague subject and that it requires extensive knowledge to understand its technological and humanistic dimension.

The Ogilvy agency has organized an online meeting to obtain a panoramic view of this phenomenon. In it, Alfonso Marian, President of Ogilvy Spain, spoke with three experts from different areas related to the metaverse: Marc Pérez Miralles, CEO and Founding Partner of PlayOffNations; Laura Raya González, Director at U-tad of Postgraduate courses in Immersive Technologies and Virtual Reality and R&D projects in Computer Graphics; and Pere Pérez Ninou, Head of Innovation at Mediapro.

The success story of the American brand Wendy’s, which has taken advantage of video games to make its streamings and gain notoriety in a campaign together with VML Y&R, has been the starting point of the discussion in which the experts, moderated by Marian, have contributed their definitions of the Metaverse.

The first to respond was Laura Raya: “A Metaverse is a place where we will be able to reproduce all our social dynamics and live experiences similar to those of real life, but which require a virtual world.”

For his part, Marc Pérez has pulled from the archive to comment that “the term Metaverse was coined in 1992 referring to the liberation of physical space that converges with virtual space”. The eSports expert also described this alternate reality as “the future internet.”

In another line, more related to video games, Pere Pérez has expressed that the Metaverse “has enormous potential” and moves away from the dystopian concept that has permeated the popular imagination.

Investigating its characteristics, Raya has exposed some of the qualities that virtual reality should have to be considered a metaverse.

He explained that the future of these developments lies “in the capacity we have to build them” and in the synchronous advance of other technologies, such as the Blockchain or low latency connections. “It is essential to be in the Metaverse, but it is not easy since you have to generate the feeling of presence,” the researcher explained.

Advantages for Brands after Metaverse Pending Regulations?

After delimiting and concretizing the definition of the Metaverse and its particularities, the president of Ogilvy Spain has invited those present to analyze what role this reality will play in the world of brands. Pere Pérez has advocated experimentation, that is, because firms gradually introduce themselves into these new realities without fear of being wrong, since right now, the use of Metaverses in advertising campaigns is not something massive.

The expert has also mentioned examples such as Nikeland, Nike’s emergence in Roblox, or Limited Drops, a Gucci action in which its products were marketed in the previous video game.

Following the argument of Mediapro’s Head of Innovation, Marian has stated: “It is as if the brand were one more user who creates his avatar and defines what he wants to be.” Next, Marc Pérez has given one of the keys to the future of brands in the Metaverse :

Instead of being part of the environment by location, brands should be the environment.

Marc Perez (PlayOffNations)

Switching gears, Laura Raya has spotlighted another potential revenue source in the metaverse: user data. “Companies are going to get a lot of information from users in the metaverse. Before Facebook, the main business model of Meta is that, and they bill billions for the data.”

And concerning data, NFTs have also come to the fore. Marc Pérez has pointed out that individuals seek to “be part of the digital economy.” They are no longer satisfied with spending money on single-use items but instead want to increase the value of their purchases. “It is essential that the user has a remuneration for what he does to build loyalty,” the CEO of PlayOffNations added.

To conclude, Alfonso Marían has posed the last question: “Does the Metaverse suit me or do I adapt to the Metaverse?”. Being such a broad question, the experts have answered by focusing on their area of ​​specialization.

The Head of Mediapro’s Innovation has put itself in the shoes of a company that wants to enter the Metaverse and has recommended “not being ambitious” and “understanding the ecosystem before making big bets.”

From the same perspective, Marc Pérez has advocated strategy. “Brands have to understand all the variables, know the experiences of other brands, and approach experts in the field,” he asserted.

Finally, Haya has investigated the dangers of using the Metaverse for users to generate a sensation of reality.

It is necessary to resort to biofeedback technologies that monitor different physical stimuli of our body and reproduce realistic sensations. “If my avatar suffers a violation of any harassment, I will be feeling it.

The development of the Metaverse has to go hand in hand with a legal and educational framework so that it does not get out of hand”, the academic has riveted.