What is the relationship between the metaverse and loyalty programs today?

The Metaverse has enabled the public to enter a completely immersive universe, but to access it it is necessary to use other technologies, such as NFTs and cryptocurrencies. Therefore, creating loyalty programs focused on crypto rewards may be the way to build customer loyalty within this new universe.  

What is it and how does it work?

Despite all the controversies surrounding the Metaverse, it is not as scary as it seems and is closer to us than we imagine. In fact, it is already present in the cell phones and computers of millions of users every day. 

The Metaverse is nothing more than the combination of the life we live and virtual reality. Through it, online social interactions begin to happen in a completely immersive way even if the users are miles away.

It works through virtual spaces that can be accessed on smartphones and computers or even virtual reality glasses. It is expected that in a few years the Metaverse will be an extension of our bodies and will advance into augmented reality.

  • Virtual reality: creating a digital environment that mimics the real world. 
  • Augmented reality: integration and manipulation of digital elements in the real world. 

Characteristic of Web 3.0, the Metaverse is an ecosystem that is constantly being created by the users themselves. In addition, it relies on the security of the Blockchain for the sale of digital land and items in NFT.

What will be the Metaverse in the future is today fragmented into different platforms and interfaces. Two great examples are the games Roblox and Fortnite, in which users create their avatars, participate in various dynamics, and are present at events (such as celebrity concerts).Other platforms promise even more immersive experiences, such as Horizon Worlds (from Meta), Mesh (from Microsoft), and Decentraland.

Why did the Metaverse go viral? 

The word "Metaverse" was first used in the book Snow Crash, released in 2002 by author Neal Stephenson, to designate an online universe accessed by characters who wanted to escape from a dystopian society. 

However, the term only became widely known in October 2021. And the reason? At the Facebook Connect event, Mark Zuckerberg announced that Facebook would be renamed Meta, as the organization's scope is moving beyond social networking towards other major technological innovations (such as Horizon Worlds itself).

The evolution of the metaverse over the years

  • June 23, 2003: Second Life is released;
  • May 4, 2007: Runescape reaches 1 million members;
  • December 11, 2008: Playstation Home is released on Playstation 3;
  • October 7, 2010: World of Warcraft reaches 12 million subscribers;
  • August 31, 2013: League of Legends final has sold out tickets at Staples Center;
  • August 25, 2014: Amazon acquires Twitch for $970 million;
  • September 15, 2014: Microsoft buys Minecraft for $2.5 billion;
  • December 27, 2018: Fortnite generates $3 billion in profit for Epic Games for the year;
  • February 20, 2020: Decentraland is released;
  • March 11, 2021: Roblox (RBLX) reaches $39 billion market capitalization in its IPO;
  • October 28, 2021: Facebook changes the name of the company to Meta.

Want to understand more about the metaverse and the technologies that encompass it? Access our e-book and learn how to build customer loyalty in times of the blockchain and NFT metaverse!

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About Indico

Indico is a Brazilian Martech company with an experience that has reached more than 150 million customers in 9 countries, that develops solutions to combine Loyalty and Innovation creating unique connections between consumers and brands.

We create solutions that boost relationships and transform results. 

Disruptive campaigns, programs and projects that connect ideas, innovation, data and technology to engage, delight and retain customers. We generate data-driven insights and new opportunities, developing the customer experience with the brand. 

Contact us to find out how we can create more loyalty for your brand and boost your results!