The Metaverse is this seemingly endless enigma that everyone and their (soon to be virtual) dog are trying to get their head around.

Truth be told, we don’t have all the answers yet. However, this idea of the next stage in the expansion of the digital revolution, and the subsequent confluence of both modern and postmodern technologies, is getting marketers REALLY excited.

Whilst the road ahead remains relatively foggy, a wide array of big brands are beginning to build their metaverse infrastructure through the well-established world of gaming and the development of NFTs (Non Fungible Tokens). Scratching the surface, recent activity includes:

• Disney has appointed a new ‘metaverse leader’
• Gucci has been digitally dressing Gen Z in Roblox
• Balenciaga has brought high-end fashion to Fortnite
• Coca-Cola have been auctioning their own NFTs
• Nike has teamed up with RTFKT to produce virtual sneakers
• and Sotheby’s have opened their own virtual art gallery in Decentraland

Disney describe their upcoming metaverse activities as “next generation storytelling”, whilst Meta (previously Facebook) described their reason for rebranding as the “next chapter in social connection”. From these statements alone, it is abundantly clear to see why so many younger demographics are gravitating towards this rapidly evolving phenomenon, but more importantly, engaging with the brands who are already present.

All this considered, there is one industry who have not been so quick off the mark: Banking.