Virtual Reality in Social media marketing will be the new model of advertising and monetization

Abstract

Advertisers and media owners are becoming more dependent on advertising, when the traditional way is losing its effect, they are eagerly looking for alternative ways to reach consumers, and keeping their brand trust, promise, and image at the top, and to generate more profit. Although there are many ways companies and brands alike can seek to make money off of social media, the traditional platforms are becoming obsolete. Gone are the days of having the logo, a photo, and an attractive slogan sufficient for attracting new customers. It can be said that advertising relies heavily on good aesthetics and application of the brand image, however applying that correctly to the target audience effectively can enhance and produce better outcomes, it's about how a business achieves success, scale worldwide, persuade consumers to buy into it, and reach its goals and profits. To create an effective and impactful advertisement in our modern world, companies must turn to technology; For technology is the enabler of a wider selection of tools that help businesses make better data-driven and informative decisions. This can be done by collecting data through third parties, internal or external surveys, and polls to enhance and improve their product delivery and message. With the use of data, algorithms can be then created to understand the consumer's behavior, therefore, enabling a business to better target its user-base based on their interests, search patterns, and online behavior. Moreover, the collected data from the mentioned tools can be then transformed into resourceful decisions to help the business better understand its user-base, therefore choosing from a plethora of options such as using influencers to advertise their product on live-video streams, or the traditional bloggers, and the many content creators available. Web3 is on the horizon, with the accelerative pace the metaverse took over the internet, brands turned to the newly found virtual space to promote themselves. This is a stepping stone into what is to come next as it taps into our day-to-day lives, economy, and social interactions [16]. The main component of web3 is the ability to build on it and interact with the web like never before and securely allowing users to maintain their privacy. Users are able to buy, maintain and sell virtual assets on the blockchain which unleashes a whole new era of using digital goods paved by the improvement of Virtual and Augmented realities known as VR and AR [1]. This has been proven by the famously known “Metaverse” world where companies such as Nintendo, Sony, and other gaming brands as well as celebrities such as Snoop Dogg rushed to create their own virtual theme parks and sold “plot of lands” in the said universe on the blockchain known as NFTs (Non-Fungible Tokens). This has created a ripple effect that continued in other virtually made assets, mainly video games, and lastly “The Metaverse” that “Meta” formerly known as “Facebook” is building upon. This research will highlight the United Arab Emirates' advancements in the adoption of the metaverse into its different industries. The United Arab Emirates has taken great measures to integrate the metaverse and its related technology, including cryptocurrencies, into its economy, government sector and ultimately its society. Will Virtual advertisements be developed as a result of Web3.0 and Metaverse's integration of virtual and physical environments and virtual economies?