The rise of metaphysics and the question of morals

The rise of metaphysics and the question of morals

The metaverse is ultimately all about creating a sense of community – but ethics must be at the forefront of its ongoing evolution.

That’s according to the Red and Yellow Creative School of Business, which hosted Wednesday’s second master class on making meaning of the universe.

Hosted by Managing Director Veruda Maharaj, Chief Marketing Officer Elizabeth Lee Ming and Chief Academics Carmen Schaefer, they believe that while the metaverse offers enormous potential, it also has serious ethical considerations to confront. They take us through some of the case studies that they have successfully introduced to the virtual world…

Metaforce: Community Power

The Covid-19 pandemic has had a negative impact on sports fans’ sense of community because they were unable to attend live matches like Super Bowl 2021. In response, the Super Bowl partnered with a video game fortnite He created a virtual stadium that gave football fans an authentic experience that allowed them to play football-inspired games. Some players were able to meet and greet soccer players in the metaverse, making them feel a sense of community.

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Maharaj said another counter-success was when ketchup brand Heinz created a hidden locations campaign that allowed players to find a “safe space” to eat while playing. fortnite Video games.

These examples allowed users to feel that together they had overcome a challenge.

Metacreators: Building a Brand in the Metaverse

Maharaj said that more than 50% of brands agree that they need to explore the metaverse.

She said that while good brands are starting to understand the importance of the metaverse, they need to understand that it’s not a one-time event or a gimmick.

According to Maharaj, AB InBev succeeded in doing so with John McEnroe’s virtual Agent Michelob Ultra match.

“This was the first portal of its kind and helps us reimagine how we can play, learn and interact… We need to build on the human experience, not replace it,” Maharaj said.

She said Decathlon, a French sports retailer, had set a good example as being a good example of building a brand and creating a sense of community.

The brand gave six inmates a chance to be part of an e-cycling team that allowed them to be part of a community and reconnect with the community from behind bars.

During the tournament, they were encouraged to continue by their community which had a positive impact on their mental health.

It is estimated that by 2026 consumers will spend an hour in the metaverse and brands should not be left behind, Maharaj said.

Metaeconomy: Trade in the metaverse

Razorfish research indicates that 15% of Gen Z gaming budget is spent in the metaverse and the industry is expected to be worth $3 trillion by 2031.

Some examples appear in fashion where brands sell clothes for avatars.

A successful example of this is the collaboration of Prada and Adidas and the launch of the NFT collection with one of the pieces selling for $100,000.

“Brands underestimate that a digital product is the same [financial] Impact on the brand as a physical product. “It is important that you play to win and not just play to be in it,” Maharaj said.

Betaverse: Ethics in the metaverse

Schaefer said there is a belief that mistakes will not happen in the metaverse and will be free from real-world issues such as sexism and racism.

She said that although these issues will be present in the metaverse, there is potential to reduce unconscious bias.

One tangible effect, Schaefer said, is that he has been successful in reducing dependence on opioids. “Virtual reality has been shown to help patients control pain. Some companies allow patients to use virtual reality to use at home to relieve pain.”

But there are still ethical considerations for metaviruses. For example, ensuring that avatars can be as life-like as possible to allow for different cultures and races to be represented in the metaverse.

There are also issues of accessibility, in highly unequal countries like South Africa, we have to ask whether everyone will have access to the metaverse and what impact this will have on existing inequality.

“It is not a utopia and brands have to realize the deep digital divide and not many people will have access to these worlds. Especially people who are unbanked and cannot pay for all these services. [Brands] We need to take advantage of resources to make sure people get access to these worlds,” Schaefer said.

We also have high data costs in South Africa. “There will be a distinction between the haves and the have-nots,” she said.

Should Brands Buy Metaverse Advertising Real Estate?

However, Schaefer said that people are more aware today than they were when social media started and that it is up to the creators to make sure that the metaverse is not only secure, but accessible to everyone.

“Brands should choose wisely who they hire to build these digital worlds,” she concluded.

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