The Other World in Business and B2B Communications: Metaverse

As we prepare for 2022, the Metaverse effect has gripped the technology agenda closely followed by businesses. This technology, which is actually not very new but has been on the agenda more frequently recently, is seen by some businesses as a kind of virtual reality and augmented reality mixed trend, while others interpret it as the future of the internet.

According to research, although the “Metaverse” is a popular concept, only 38% of global consumers are aware of it. Although there is no general definition for the Metaverse, we can define it as a mixed digital world in which multiple digital environments are interconnected and can be activated by adapting with a digital equipment, including multiple elements such as virtual world, augmented reality, three-dimensional symbols. The Metaverse, named after the term in the thirty-year-old dystopian novel “Snow Crash”, is generally defined as a shared virtual space that can be accessed by people using different devices.

Whether the afterlife, which involves being represented through three-dimensional (3D) avatars, will turn into a dystopia or a kind of community, whether it will be ethically imposed, whether it will be open to violations in terms of human rights, and similar possible consequences are being discussed globally in various dimensions. On the other hand, another important aspect of the issue is related to its effects on businesses and economic conjuncture. For example, can we create a simulated universe and build an integrated global business world within it? Can we create a kind of an improved version of the simulation in the movie The Matrix and gain different experiences in this way?

It is no surprise that the Metaverse, which we can also define as a giant virtual environments’ integration, is a Silicon Valley trend and is on the world agenda. In fact, we have been familiar with virtual environments since we met the Web, with examples such as forums and chat rooms. Frida Kahlo’s and Barış Manço’s houses, which were later turned into museums, other virtual museums in our country and abroad, and various national or local exhibitions, etc. can be listed as examples of our experiences of crossing borders that we have gained through technology. A kind of familiarity with digital appearances and avatars has also developed through the digital effects offered in mobile applications. Also, looking at the state of the Metaverse, games such as Minecraft and Roblox are examples. Virtual reality, which reached multidimensionality with the first virtual reality (VR) experiments and Second Life, actually reached its peak with the development of the game world. The idea of getting new experiences from wherever you are giving people a great excitement. It is the nature and strategic basis of marketing communication to create familiarity with such innovations, to create cognitive and then emotional impact, and then to mobilize and create demand through different stages and to be a partner in managing it by creating a market. In other words, it can be said that the demand for the Metaverse is formulated through the gaming industry.

Games, which are scientifically proven to stimulate dopamine secretion in the human body, are of course not limited to the individual meaning that first comes to mind. Of course, businesses cannot be indifferent to developing digital movements. In recent years, gamification strategies have been reflected in marketing activities as new forms. In addition, communication with internal and external stakeholders has also been affected by this transformation trend. Moreover, the world of games and virtual encounters have moved into businesses and become part of corporate communication efforts in the modern communication strategies of businesses.

Challenges organized on a business basis or between businesses are effective meeting places. They provide a fertile ground for the study of relationships and corporate communication, as face-to-face communication, which has declined in recent years due to the pandemic, has been replaced by online communication. Reinforcing communication between employees in game tournaments is effective in creating the desired results in internal communication. Moreover, moving to the B2B arena and organizational representatives meeting in game environments that have turned into inter-business game tournaments and establishing communication ties or strengthening existing communication ties through games is a highly efficient communication method. In parallel with the developments in the coming years, virtual environments between businesses in this field may appear with more complex and compound versions. This means that communication will become even more festive and will be divided into new specializations.

Of course, digital marketers and communication specialists will adapt the fastest to the Metaverse. After the historical separation of marketing and communications, the Metaverse will give these two dynamos a completely different form. In this case, those who do not see the Metaverse as just a passing trend will stand out from others in their field. As always, organizations will create their own luck if the businesses they serve fully surrender to the Metaverse by providing initiative space to experts and become partners in change. Of course, Millennials and Generation Z, who have been on the business agenda for years, will determine the future of communication as the favorite target audience value. In addition to the qualities that shape the global world such as their expectations, needs and consumption preferences, this special audience will shape Metaverse operations such as games like Roblox and VR and similar technologies, and will inspire brand new strategic communication designs that will create a return for organizations.

As Daniel Miller, professor of anthropology at University College London, puts it, “the smartphone is not just a device we use; it is where we live”. This, along with the global Covid pandemic, points to the acceleration of a new era of digital platforms. Consequently, the digitization of consumption behaviors and related processes has also accelerated. 76% of consumers live their daily lives and activities, 64% their social lives and 50% their well-being depend on technology. Many processes such as business negotiations, meetings and business agreements are carried out digitally.

It was announced that Facebook, which receives most of its revenue from advertising, was renamed ‘Meta’ and made ready to benefit from the Metaverse with Mark Zuckerberg’s speech presented in his own avatar at the press conference. Zuckerberg’s vision for the Metaverse resonated across the global business agenda. In August, Nextech AR announced the acquisition of ARWAY, a company specializing in AR and AI mapping applications. With the continued rise of virtual reality (VR) and augmented reality (AR), Metaverse will be much talked about in the coming years. In 2021, it is estimated that around 85 million users will experience AR or VR at least once a month. In this case, new alternative other worlds to the Metaverse may be born.

Considered as a fictional reality, the Metaverse will both offer some advancements to the business world and move important stones between businesses. We are talking about a fictional universe far beyond the virtual reality of computer games. Therefore, considering the future of wearable technologies in the coming years, it can be said that in addition to purposes such as playing games, watching movies, and participating in many activities, businesses can also be included in this system in a more composite way. When the workforce of businesses moves to the Metaverse through their representation, it seems that a new commercial ecosystem will develop in the afterlife. In this case, the foundations of this new ecosystem will be quickly established in 2022. Of course, time will tell how it will take shape, how it will evolve and whether it will contribute to humanity; as with any technological development, the answers to such questions seem to depend on how it evolves and how it will be used.

Businesses will compete with each other to capitalize on this potentially highly lucrative space. Some global brands, such as Nike, have been at the forefront of the trend. Of course, there will be some relative holdouts, in which case businesses unwilling to pursue strategies that involve moving to a sandbox could be left behind. Startups can also challenge incumbents in various industries with Metaverse-based services. In this sense, by blurring the line between digital and physical spaces, the Metaverse will shuffle and reshuffle global and national cards, shifting business corners.