Traditional methods of marketing are simply not enough anymore. The modes of marketing are changing and they need to adapt to the new world. Metaverse marketing offers businesses and brands a chance to tap into the worldwide market. Some of the biggest brands in the world have already started integrating and establishing their digital presence in the metaverse. But what else does it entail? Let’s find everything about metaverse marketing, from benefits to all the challenges individuals and businesses will face in the future.
Metaverse Marketing: What Is It?
Have you ever wanted the chance to explore a whole new world? Imagine a world where a version of you can go wherever they want and do whatever they want with little to no restrictions of the real world. In this world, you can work, meet others, own things, sells things and buy things, get to be part of absolutely new experiences, or enjoy experiences in a way never before possible. Now, what if we told you that the biggest tech giants are working right now to make this world your new reality? Metaverse, once upon a time, the stuff of science-fiction, is slated to be the next big thing!
The word "metaverse" was suggested by Neal Stephenson in his science fiction book published in 1992 called the Snow Crash. In it, he describes a three-dimensional virtual universe in which humans interact with one other and software agents as avatars.
In the second half of 2021, Facebook CEO Mark Zuckerberg laid out his vision for the future of the social media behemoth, putting the company's emphasis on the Metaverse into formalized form. According to Zuckerberg, “We believe the Metaverse will be the successor to the mobile internet, we’ll be able to feel present – like we’re right there with people no matter how far apart we actually are.” Likewise, some of the biggest tech corporations are trying to create a formalized version of metaverse using various devices that will be available in every home and will be accessed anywhere, anytime.
Given all that, more and more brands are quickly realizing that the best and the fastest way to reach their consumers is going to be in the metaverse. That is why the term “metaverse marketing” has exploded recently. But what does it entail and what are its benefits? Let’s find out.
The Importance of Metaverse Marketing
Metaverse is a shift away from traditional advertising and toward the creation of brand engagements that are more experiential and thrilling while also being less intrusive than what we are now seeing with digital advertising.
Even before Facebook announced its decision to change its official corporate name to, and thereby increasing focus on the Metaverse, it was a contender for the top trending term in 2021. After the global announcement, however, searches for Metaverse (and all related terms) increased to a level that was completely unimaginable. Among those terms, Metaverse marketing also rose to the top tanks pretty quickly.
In addition to Facebook's rebranding, it serves as yet another reminder that brands must act quickly in order to capitalize on the potential within the Metaverse, as technological developments throughout hardware, software, and connectivity are making human interactions and immersive experiences more believable than was thought possible. This, together with the behavioural shifts and our rapidly increased reliance on digital devices and forms in our every day lives brought about by the pandemic, has opened the door to a plethora of opportunities to get involved.
On a metaphysical level, the metaverse can be considered the next digital evolutionary step of today's internet – just as the internet and mobile technology were in the past three decades.
In the digital age, old online and offline marketing strategies, such as flagship stores, enormous billboards, and other conventional norms, are very quickly becoming obsolete. Everything from contextually focused commercials to Instagram influencers to platforms, such as Fortnite, Twitch, Roblox and TikTok, are gaining traction with people of all ages, doesn't matter if they are very old or very, very young.
The phrase "in real life" has taken on a whole new relevance for those trying to establish a connection with the next generation of consumers today. Current digital marketing is simply not enough anymore. Marketing strategies must be fascinating, meaningful, and immersive in order to be considered successful. And this is exactly why metaverse is all but guaranteed to accomplish this for businesses of all sorts in the not-too-distant future.
Opportunities in Metaverse Marketing
Even though metaverse has been around for a while, (and some brands have even experimented with metaverse marketing), rules for mainstream marketing for most brands still remain to be set. With new technologies being introduced almost every day, making the most of metaverse marketing by creating the perfect marketing plans is still a bit unclear. Setting these rules and coming up with the right strategies might just be the key to taking a brand to the next level in the metaverse. Here are some strategies that are already underway by some brands.
Making Virtual Venues Available and Accessible
Some of the earliest created websites managed to take their brand and business to the next level by just being there first. Brands today are being presented with the same opportunity but on a much grander scale. Using 3D virtual reality technology, brands now have the option to create fully immersive and interactive virtual venues, universes, locations from scratch. Brands can immediately take advantage of this in the metaverse to create virtual venues, worlds, and spaces in which to hold events and experiences.
Brands can also collaborate with established virtual worlds to hold events within them, such as Gucci and Coca-Cola in Roblox and Decentraland, respectively. Fortnite also often adds new regions to the map in collaboration with brands such as Marvel and Disney. Although already a work in progress, the pandemic massively boosted the creation of virtual spaces and venues to accommodate events that had to be cancelled and the expected visitor count. The mass gathering of users was able to view fresh 3D content and experience events unlike they’ve ever attended before.
Simplifying Virtual Ownership
In a world where people spend a significant amount of time every day online, we have begun to place a higher value on digital assets and showcase acquiring virtual ownership rights. Non-fungible tokens (NFTs) are the most widely used form of virtual ownership because they allow individuals, businesses, and creators to own these virtual assets and to transfer them with other virtual entities at will.
Limited NFT editions have been released by some businesses (along with their other collections. Some of these businesses include top names such as Microsoft, Nike, Taco Bell, Coca-Cola, Pringles and McDonald. NBA Top Shot managed to earn over $700 million after they released limited edition NFTs. Despite the benefits and obvious financial gains, a lot of brands haven’t been able to achieve the same level of success because most don’t know how to go about the process. The good news is that open source solutions will make it easier for brands to start building their NFTs in a matter of days, but also to launch them as soon as possible.
Taking Advantage of Current and Future Demands
The creation of new social interaction methods and in-game wearable items offers the most direct potential for most brands. Partnering with games such as Fortnite, Roblox, and League of Legends have introduced the most promising opportunities. They will work closely with consumers and marketers to develop something that adds value to the gameplay (on a natural progression) on their platforms (as was the case when Fornite decided to partner up with fashion powerhouse Balenciaga. On platforms with open marketplaces, such as Animal Crossing, Skater XL and even The Sims, users will be able to create custom-branded skins for their online personas. _Augmented reality (AR)andvirtual reality (VR)_have created new avenues to incorporate fashion in the virtual world. And because AR and VR have all but removed the limitations of real-world fashion, its scope will know absolutely no bounds. Virtual fashion has the capability to affect real-world fashion and vice versa. Meaning that by focusing on AR and VR technologies, fashion brands can significantly profit.
Redefining Real World and Virtual Entertainment
Increasingly, the distinction between real and virtual interactions is becoming blurred, resulting in new types of entertainment and immersive virtual reality experiences. These new experiences are frequently participatory and shared by a group of people nowadays. The result of all this is the transfer of real-life behaviour to all sorts of digital platforms and creating absolutely new reality.
More and more companies are experimenting with live events in this space. For the premiere of the film Without Remorse, Amazon Prime created a real-life gaming experience (which was the world's first). The event was streamed live on Twitch. The event was set up like a stage production, with game-like interactivity, was given the effect of a commercial, and streamed much like a sports event would've been.
Currently, the most frequent way to have these experiences is through mobile AR, but Snapchat's new glasses are a major step ahead. Unlike prior attempts, these lenses superimpose AR directly on the surface of the scene through the lenses, rather than retroactively supplementing film. Snapchat also announced connected lenses, which allow you to share your AR experience with someone else who is using a similar device bringing a sense of reality to the digital world.
Creating Brand Presence Everywhere
The best and the most important lessons brands and retailers all around the world realized during the pandemic was that creating your digital presence can no longer be ignored. After the pandemic caused the whole world to shut down, merchants rushed to create digital versions of their businesses since real-life versions were no longer accessible. If customers cannot physically visit you, you must bring your brand's 3D experience to them.
Fashion giants created a whole new way to engage with customers and buyers. The immersive experience itself included everything a customer would need to know, including textures, the fit and style of each and every item to help them make their shopping experience a lot easier.
Taking Advantage of the Scope of the Metaverse
Be it through future technologies or with your current devices, the Metaverse will be everywhere and could be accessed from anywhere. At this point, even a small brand has the ability to make a name for itself in the Metaverse but more importantly spread its presence everywhere. More and more brands are realizing that and taking steps to take advantage of all the Metaverse has to offer.
Things to Keep in Mind with Metaverse Marketing
Most experts agree that the metaverse will be easily accessible by every individual very easily in the not too distant future. However, that time is not here yet. Accessibility is current a problem in it due to the technological constraints of the environment. Most people do not have access to the gear that is required to fully appreciate the metaverse; this includes high-end computers and virtual reality lenses. This significantly limits the potential for brands to their business, making it more difficult to conduct mass marketing campaigns.
Integration Seamless Integration
When traversing the metaverse, brands must exercise caution. To keep gamers loyal to the brand, seamless integration is essential. The technology is relatively new, meaning that marketers will need to figure out their place in the metaverse, and without leaving anyone out. Making sure that brand placements are carefully thought out and appear natural and well-integrated into it can be a game-changer for businesses.
The metaverse is open to anyone, meaning that brands must exercise caution in maintaining their reputation. The more control people have over it, the more likely a brand will be associated with problematic content. There's also the potential of users misappropriating the installations. This is why the brand's marketing methods must be fluid, thoughtful, and accurate so that users feel comfortable and feel the urge to connect.
In the metaverse, the security and privacy of the data privacy and security issue need to be sorted on a priority. New technology necessitates more advanced security measures, meaning there should be the development of new data protection measures where none previously existed. Current concepts like personal verification may not be enough anymore. Because users are more inclined to security hacks the more personal data they share.
There are also a lot of misconceptions about the metaverse that need to be cleared up. At the moment, most of the concepts are being seen as basic children games by the general public. Because not everyone understands the importance of metaverse, companies may find themselves in the position of not being able to develop a presence because simply no one is interested.