The metaverse is not just trending in Google searches. Global tech giants are pumping billions, and there will be a switch in brand marketing patterns, says the HashCash Chief.
"The gradual transition towards consumer-led brand marketing contributes heavily to metaverse community growth. Enterprises venturing into the metaverse need to determine their marketing goals and the best platforms for converting their ideas of client-user experience into virtual reality."
One of the most hyped technological innovations of present times, the metaverse witnessed a 7200% increase in internet search volumes during the previous year. HashCash Consultants CEO Raj Chowdhury acknowledges the enormous potential that attracts all major tech industry leaders but believes marketers need to integrate conventional strategies with considerations for immersive world experience to succeed in brand building and revenue generation in the metaverse.
Skepticism of revolutionary innovations has been prevalent throughout history, and the metaverse’s reception is no exception. However, the technology’s advent in the middle of the global digital transformation is a huge positive contributor, and billion-dollar investments in metaverse equipment and infrastructure are really pushing things to the forefront. The practical usage areas are expanding as well- from retail, gaming, sports, entertainment, education, and last but not least, eCommerce. McKinsey reports that by 2030, the metaverse economy could reach up to $5 trillion in generated revenues.
The HashCash Consultants chief, also a noted blockchain pioneer states, “The gradual transition towards consumer-led brand marketing contributes heavily to metaverse community growth. Enterprises venturing into the metaverse need to determine their marketing goals and the best platforms for converting their ideas of client-user experience into virtual reality.”
The metaverse incorporates VR/AR, and is real-time existent, acting as an interface between the actual world and the virtual worlds. The economy around the metaverse is entirely virtual in nature, mostly powered by cryptocurrencies or other digital assets including NFTs. Metaverse users can build ‘avatars’- virtual IDs or create a presence. They can also conduct P2P transactions, trade in “user-generated content” and contribute further to building the metaverse.
“A captivating and innovative user experience must gain priority in brands planning to explore and implement metaverse marketing strategies. Revenue generation and process viability are crucial, but in the end, the definition of marketing success needs to be distinct and original,” concluded Chowdhury, who had previously weighed his opinion on why CBDC-developing nations need to focus on privacy protection and urged crypto investigation agencies to upgrade their infrastructure.
Led by Chowdhury, HashCash remains at the forefront of blockchain innovation, winning multiple international awards as a top blockchain development company. The US-based company specializes in customized white label crypto exchange, remittance solutions, payment processors, and more- deploying products in more than 26 countries including Vietnam, Ireland, the US, and Singapore. HashCash also announced plans for diversification and will enter the metaverse segment in 2023.
The metaverse is proving to be an unexplored frontier with huge potential for marketers. Enterprises planning to leverage business opportunities from the metaverse need to draft their objectives, comprehend the latest marketing trends, prioritize unique brand-building, and keep effective channels for conversion and revenue generation.
About Raj Chowdhury:
Raj Chowdhury is the Managing Director of HashCash Consultants and a Blockchain pioneer. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is a prominent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to Economic Times, Business World, and CNNMoney and advises industry leaders in the adoption of Blockchain. He is a member of Asha Silicon Valley, a nonprofit committed to education for children in emerging countries. Author of the book 'The Dark Secret of the Silicon Valley', Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.