Marketing Opportunities in the Metaverse

Metaverse is a one-of-a-kind, interactive virtual experience that is gradually engulfing the internet. If you haven't been living in the mountains for the last year, you probably have a vague idea about what the Metaverse is all about. However, for this blog, let's assume you don't.

Here's how Mark Zuckerberg defined it:

“It’s a virtual environment where you can be present with people in digital spaces. You can kind of think of this as an embodied internet that you’re inside of rather than just looking at.”

Watch everything Facebook revealed about Metaverse and their rebranding:

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In summary, Metaverse is the next step in the internet's evolution. It involves a collaborative virtual world where virtual avatars represent users. These virtual worlds can keep evolving and expanding due to user actions within the environment where you can communicate with your friends, meet them virtually, and even get married.

The concept, which was well-known in the tech industry, now appears to be spreading like wildfire worldwide. On Google, you'll find more than 677,000 links for the term "Metaverse." On Instagram, the hashtag #Metaverse has more than 60,000 posts, and it's tweeted more than 500 times every hour on Twitter. Many marketers have begun to experiment with this field and its true extent. Marketers need to grasp that the Metaverse isn't just a fad; it is here to stay and could be the next big thing.

Characteristics of a Metaverse

Individual autonomy

‍Users can engage in multiple activities simultaneously. For instance, one user could simply sit in the corner, whereas others interact with one another.

Immersive experience

The Metaverse is a fully immersive, social experience. Users can communicate with each other and with the digital environment. It'll be an alternate world that persists in real-time and never stops. 

Autonomous universe

‍The Metaverse is an autonomous universe in which people can create, own, sell, and invest. Users can be acknowledged and rewarded for their efforts in the virtual world.

Interoperable

‍In the Metaverse, different platforms can collaborate. For example, you can transfer assets from one game to another. The Metaverse will include fully functional economic systems based on NFTs and other cryptocurrencies.

User-driven

‍Metaverses are much more than virtual gatherings for users. It is a decentralized environment where people can build and explore as they see fit. Users can produce and share their original content with the rest of the community. The fact that users have a say in the construction of the Metaverse adds to its appeal.

Advertising in the Metaverse

As a fresh concept for marketers, the Metaverse provides an opportunity for new strategies to see what works. Because of this, marketers must learn to be more adaptable in their strategy as they go into the Metaverse. While older generations may be puzzled, millennials in the Metaverse are passionate users of several aspects of the Metaverse, such as applications like Roblox, Decentraland, Sandbox, and Virtual worlds. Hence, digital marketers should concentrate their efforts on Millennials and Generation Z to leverage the Metaverse. 

Here are a few insights on how you can grow your brand in the Metaverse:

1. Advertise your brand in the Metaverse

The shift from digital advertising to Metaverse advertising is similar to traditional media such as television, radio, and billboards to newer ones such as social media, search engines, and several other mediums. There are countless opportunities for advertising in the Metaverse. It signals a move toward a consumer experience that is more engaging, more fascinating, and less invasive than what we see with current digital advertising. Advertising is still relatively inexpensive in the Metaverse because the industry is so young.   Regular advertising won't cut it; you'll need to get inventive and use engagement as the primary KPI.

2. Branded virtual wearables for avatars

People in the Metaverse are personified by virtual avatars that inhabit virtual environments. From a branding standpoint, this allows businesses to offer their products in two mediums: the actual world and the virtual world, where characters can be equipped with the hottest digital sneakers, sweatshirts, or handbags. Brands have experimented with everything from virtual apparel to NFTs to virtual events and fashion shows in the past year to find out how to advertise in the Metaverse.

3. Host interactive virtual events

In the post-COVID era, it's easy to envision the continuous demand for virtual meeting venues, and the Metaverse has no restrictions on who and when you can meet up with, from family gatherings to concerts to non-profit galas. You should think about holding your own virtual events, whether it's through VR technology or augmented reality. You don't want to wait until these kinds of events become mainstream before jumping on board.

4. NFTs and Collectibles

People enjoy collecting stuff, and the Metaverse provides yet another venue for them to do so. You can replicate the experience in the Metaverse by providing assets or limited-edition products that your users can only obtain in the Metaverse.

Read more on How to do NFT marketing.

5. Build services and real-state inside Metaverse

Construct marketing campaigns based on or match whatever your brand already offers in the real world. You can create infrastructure or branded characters or battlegrounds within applications. This will allow you to make your brand a part of the journey rather than an interruption. For example, Gucci created a virtual Gucci Garden based on its Gucci Garden in Florence, Italy.

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Metaverse is the future

The Metaverse, unlike the internet, will not take 30 years to reach everybody. Many businesses are already making investments in Metaverses. They're betting on it not just for amusement but also for commercial and professional reasons. Taking early-bird opportunities in the domain can help companies achieve the visibility they require. Thanks to their imagination and creativity, brands are trying to build experiences that would not be possible in the actual world. 

Nothing is off-limits in the Metaverse, not even the sky itself! Hence, remember to think broadly as you consider the best method to engage with the Metaverse, whether it's developing an in-house Metaverse team or engaging an agency like GrowthChain to help link and guide you through the process.