E-commerce
Simulating various goods and customizing them according to the customer's taste and interest is also possible using virtual reality and augmented reality. Thanks to these two technologies, customers can see the virtual 3D model of their desired goods before ordering or receiving them and, if possible, customize them according to their wishes (for example, changing the color or design of their desired clothing) and see the result right away.
Creating completely digital and virtual shopping centers is also possible with virtual reality, and people can first view their desired goods from different angles and in complete and accurate detail through this technology and then buy them; therefore, metaverses can greatly reduce the need for people to be physically present in different places to perform essential tasks such as shopping, or even eliminate such a need, at the current time when the Corona pandemic has affected almost the entire world. Leading brands such as Nike, Adidas and H & M have recently opened their virtual stores.

It is interesting to know that artists can also create virtual art exhibitions and galleries in the metaverse world and use NFT to price their artworks and earn money from the metaverse in this way. In such a space, any work of art can be sold; from paintings to pieces of music, and each of them can be assigned an NFT or non-fungible token.

Advertising
Without a doubt, the use of virtual reality and augmented reality in the advertising industry can attract more attention. Commercial brands can create highly attractive 3D models of their desired goods or services and, by using attractive audio and visual effects in these models, encourage customers to buy goods or use services.

What will advertising be like in the metaverse?

There are two perspectives on the advertising opportunities in this space:
First: It’s an additional channel to your marketing mix, just like you have a mobile app, Google banner ads, website, and social media (both organic and sponsored). The metaverse also has its own unique ad formats that advertisers can track traffic and invest in wisely.

Second: The metaverse can be seen as a new tool for storytelling. Aside from traditional ads like pop-ups on Google, Facebook, LinkedIn, etc., you can have immersive advertising experiences that tell your brand’s story. Interestingly, this is not a new phenomenon. Since the advent and gradual adoption of VR headsets, brands have invested in sophisticated 360-degree videos for specific advertising campaigns.

For example, Gucci’s pre-fall 2017 campaign invited viewers to participate in a 1960s-era soul dance.

These are two of the main ways advertising can work in the metaverse, but they also have their own challenges.

Key Challenges and Concerns:

While VR advertising has been experimented with by companies before, the metaverse is a whole new ballgame. Its goal for interoperability at scale is unprecedented and has the potential to connect users for a long time.

Also, its decentralized architecture, new relationship mechanisms, and crypto-based economy pose additional challenges.

At best, at least in the early years, advertisers will struggle with the following:

Blurred branding boundaries: Because the metaverse is decentralized, companies may not be able to control where ads are placed. Even an impressive sports item from two competing companies may appear at the same time.

Real-world product duplication: Potential customers can get caught up in over-customization in VR. But when brands can’t deliver a similar experience in the real world, product engagement may decline.

Content becomes overwhelming: Constant video pop-ups, indistinguishable sponsored content, and repetitive ads are all too common in the digital world. In the metaverse, these ads take on a more intrusive dimension and can cause sensory overload.
Data privacy and ethical issues: In this space, brands can see a version of your identity in the form of a 3D avatar. But does the avatar indicate explicit consent? So can an advertiser target ads based on someone’s appearance in VR?
These issues are still unresolved.