The digital world is changing at speeds even technologists struggle to keep up with. In the last few years, the metaverse has emerged as the next online frontier, and the recent explosion of virtual and augmented reality technologies has greatly accelerated our exploration of this new online land. Truly, the metaverse is positioning itself as the perfect platform for businesses wanting to reach a wider audience, and there are some outrageous predictions for how big it will get in such a short space of time. In fact, one of the world’s largest information technology titans are so confident of the place the metaverse will occupy in humanity’s future that they rebranded themselves as Meta in 2021.
And while we’ve barely scratched the surface of what it can do, it’s crucial for businesses to understand the metaverse and how to measure success and performance within this new digital landscape. So, if you want to get ahead of the competition and future proof your business, keep reading.
The term “metaverse” was originally coined in 1992 by science fiction writer, Neal Stephenson, in his novel Snow Crash, but has only really entered the public lexicon in the last few years. As we know it in 2023, “metaverse” is used to describe any collective virtual space where users can interact with a 3D generated environment and their fellow users. In the context of the internet, the metaverse can be thought of as the next stage in its evolution – a cornerstone of Web3, or Web 3.0.
Within this new online sphere, users are no longer contained within a 2D screen with static content. Instead, they’ll interact with and be part of a fully immersive 3D environment, one that allows for new forms of communication, entertainment, commerce, education, and much more. Indeed, we’ve barely scratched the surface of what it can do, making the next few years incredibly exciting for developers, businesses, and users alike.
Also known as 3D analytics, metaverse analytics refers to the collection and analysis of data related to user behaviour within the metaverse. So, what does this mean? Well, as with any digital platform, understanding your users’ behaviour is essential in developing effective marketing strategies and delivering engaging user experiences. Within the metaverse however, traditional analytics such as those taken from GA simply don’t suffice. As such, new approaches to data analytics are needed.
Metaverse analytics can include a broad range of data points, from some basic metrics already tracked in the 2D sphere – such as demographics and location – to more complex metrics like haptic feedback, gaze tracking, and 3D positioning. Such metaverse data collection can be invaluable for businesses, giving insight into how users react with virtual objects, what kinds of environments are most engaging, and how users respond to different types of virtual advertising and CTAs.
If, for example, a brand wants to launch a new metaverse-based product, they will use metaverse data science to understand their users’ behaviour, thus informing the design and marketing of the product. Similarly, if a company is running a virtual event, key metrics can be used to measure attendance, engagement, and overall sentiment to optimise future events.
Soon, the metaverse will be a key driver of sales, marketing, development, and innovation across number sectors, from e-commerce to architecture to education. Effectively monitoring, measuring, and analysing these metrics will provide business with valuable insights into how their users interact with them within the metaverse. Below are just a few of the ways these metrics can benefit modern businesses:
This is only the tip of the iceberg. In the next few years, the metaverse is going to become a bigger and bigger part of the business world. So, if you haven’t already, why not get in on the ground floor?
If your business has a metaverse presence, or soon will, it’s time to start thinking about measuring everything you do. After all, you’d do the same for your website, right? But if this all sounds rather complicated, don’t worry, because Metalitix makes things simple.
Metalitix is a tool that provides detailed insights into user behaviour and engagement with 3D and immersive environments. It’s completely platform agnostic, being compatible with the world’s most popular 3D engines, including Three.js, AFrame, Decentraland, 8th Wall, Unity, and Unreal Engine.
If you’re ready to future-proof your business and want to get Metaverse-ready, we’d love to hear from you. Get in contact here.