Meta’s head of metaverse Vishal Shah met with advertisers in order to convince them that the metaverse will open up more ways for businesses to make money, Reuters reported.
The presentation reportedly involved a video of holographic avatars playing basketball and fencing.
Shah was eager to present the idea of large-scale commercial opportunities for brands around digital goods and immersive shopping at the Interactive Advertising Bureau’s annual leadership meeting in New York.
“Without the physical limitations that exist today that put pressure on businesses’ bottom line, things like real estate, supply chain and geographical reach, the metaverse will open up more opportunities for businesses to make money,” Shah told the audience at the conference.
Meta’s, flagship platform Facebook makes most of its revenue through its digital advertising arm.
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Mark Zuckerberg’s company is hedging its bets on the metaverse being the successor to the mobile internet and has invested heavily in virtual and augmented reality.
It however has not revealed how it is planning on monetising the virtual space however, leaving potential investors sceptical.
This reflected in the company’s latest earnings forecast where it suffered major losses after it reported weaker-than-expected earnings.
Shah has said that businesses should continue to use its ecommerce channels on both Instagram and Facebook until the potential of the metaverse has been fully realised, which he added could be a decade away.
He also told advertisers to try out building augmented reality ads in the meantime.
“Everything you’re doing now across our apps will benefit you in this metaverse future,” he added.
