According to KPMG, there are countless definitions of what the metaverse is – put in simple terms, it is the evolution of today’s internet. It doesn’t refer to a specific type of technology or a single platform. The metaverse is essentially the convergence of our physical and digital lives, taking the way we experience the internet today from 2D to 3D. Another term that has been increasingly used recently is Extended Reality (XR) – the convergence of virtual reality, augmented reality, artificial intelligence, blockchain and cryptocurrencies.
The metaverse aims to bridge the gap between the ‘offline’ and the ‘online’ and in turn, unlocks tremendous opportunities for customers to experience and interact with brands. This could elevate a brand from being e.g. “just another coffee brand” in a customer’s mind, to “a coffee brand that organised a 3-day virtual festival for its loyalty card subscribers”. Or even, could allow a UK-based asset manager connect it’s global investor network via a virtual B2B conference.
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