Let’s talk in this article about metaverse in automotive market. The arrival of the web changed the way business was done by introducing a new concept: the e-commerce. This allowed companies to develop tools to get the most numbers of clients possible. You may think of what selling was before Facebook Ads Manager (launched in 2007) and how currently this activity is in order to get an idea of the impact of that technology on the economy.
Meta, the company behind Facebook, Instagram and WhatsApp, integrated social media and business to create a new way of marketing. This has resulted so well for this company, which has dived into the metaverse with its own game-creating platform: Horizon Worlds, and has already gotten its first client: Wendy’s and the Wendyverse, a virtual world of this brand that offers an immersive experience where users can play, come together and explore Wendy’s first virtual franchise.
Now, taking Meta’s experience as a precedent, and knowing that the metaverse and the technology behind it (i.e. virtual reality (VR), augmented reality (AR) and the internet of things (IoT)) may cause a much bigger impact on the economy than once did the e-commerce, you may ask yourself how is the metaverse going to revolutionize the market as we know? Let’s try to sketch out an answer to that question focusing on how the metaverse will transform the automotive market… but first, what is the metaverse?
Metaverse in automotive market: What Is the Metaverse?
Defined as a dynamic, experiential, and immersive experience, the metaverse it’s known so far as a virtual place where people, through customizable avatars, can come together, play, sell and buy items, and make their worlds on different platforms, such as Roblox, The Sandbox, and Decentraland, among others, assisted by VR, AR, goggles, and headphones.
Curious fact: the metaverse as a concept was first presented in Snow Crash, a novel written by Neil Stephenson in the year 1992.
The Metaverse and Digital Twin
Most of the technology available in the metaverse rests on digital twins (a collection of data of any physical asset that is gathered by various sensors to create a reliable and digital copy of it). With this feature, vehicle factories can make a copy of their production lines and data to run tests on them and figure out problems that haven’t even occurred.
With this capability, a lot of energy, time, and money can be saved.
But now, let’s take a look at what the offer of metaverse in automotive market
Knowing that VR, AR, and IoT are the departing point for making virtual representations of any asset, one of the things the metaverse will impact is exploring in an immersive way a car and its features without even going to an authorized dealer.
Apart from this, the virtual representation will also impact the way a car is designed: digital twins –as said before- may help in running various tests on one single prototype, which will make designing a programming like an experience.
The metaverse already offers this feature in other fields, like widgets and clothing for avatars. So, the vehicle design could also turn into a personalized and unique activity between brands and product developers.
Three-dimensional Showrooms are not a new thing in the metaverse. In fact, in 2021 Gucci hosted a virtual exhibition where an exclusive virtual representation of clothing and accessories of this brand was sold to visitors.
So, Gucci’s experience let us know what a 3D automotive showroom may look like: everyone could attend to it from any part of the world exclusively via Roblox platform (we’ll talk about it later), the customers were assisted in real-time and could purchase at the moment unique products. In addition to this that consumers would be able to explore cars and have an idea of what their inside looks like and they will have a new and unique experience of buying a vehicle.
Automotive and Marketing
Who doesn’t love especial offers and discounts? The metaverse version of these are Non-Fungible Tokens (NFT) and/or unique products offered by brands that then could be kept or sold by users. As Coca-Cola did an auction of a box of four unique NFTs inspired by the brand that collected over $ 500 000 in only 72 hours. The money was donated to charity, the brand went trendy.
Following this example, automotive brands can give away unique NFTs to foster new releases and attract more clients to their products and showrooms.
Another marketing strategy applied in the metaverse is making the very brand a game itself, which is called gamevertising. As Vans, Nike, Wendy’s and even Hyundai have done already. As a consequence of this, an automotive brand’s name could go viral online when coming out with a unique metaverse.
Another aspect the automotive branch can benefit from the metaverse is related to companies’ backend infrastructure. Integration and seamless collaboration with suppliers, partners, and even internally can overcome ratio response over selling, problems, payments, and provided services by adapting blockchain technology (the economical core of the metaverse) to the business. As have already made logistics companies such as FedEx, Maersk, IBM Food Trust, and UPS, among others, including the blockchain technology to their way of working.
Hyundai: on the Highway to Metaverse
This automotive brand is the first one to step in the metaverse. They released Hyundai Mobility Adventure, a game based on Roblox creation platform, which is considered the stepping-stone for many gaming worlds and brands that have already embraced gamevertising.
In this game, players can explore -through their avatars- the roads of this world and personalize every car they choose to ride. Besides this, they can take a look at every detail of the vehicles, buy things and come together with other players.
With Hyundai Mobility Adventure, Hyundai introduced a new concept to the metaverse: metamobility, which will promote travels and movement by bringing together virtual reality and the real world.
Get in this car
Are you interested to get into the metaverse in automotive market? Here at Stringnet we will be glad to provide you support and guidance throughout this new road that extends until the horizon.
Jump in the metaverse feeling secured and backed by our specialized team. Don’t think too much about it.