As the Internet gets more sophisticated and immersive, real-world functions are increasingly moving online. Functions like business, work, education, entertainment, and activities like shopping, creating art, and reading, to name a few, have already found their parallels online.
Almost everyone connected to the internet has a digital profile that is unique to them. It is made up of their habits, interactions, and interests and is subject to targeting by marketers.
In a way, we all already have a life online that may or may not be different from our real world.
What is the Metaverse
The Metaverse is an extension of this exact idea. Yes, that’s right, the Metaverse is a concept, not an actual world.
It is an idea that is built around many different technologies.
Think of it as a virtual world where people exist as avatars, much like they do in video games. Science fiction literature and movies like the Matrix, Gamer, Ready Player One have already explored the concept of real people “uploading” their consciousness via a machine to enter another reality.
On similar lines, you can use devices like Oculus, which are built on AR/VR technology, to enter immersive 3D worlds and interact with other people.
AR stands for Augmented Reality and VR for Virtual Reality. While VR helps us immerse ourselves in another reality through special devices, AR brings virtual reality to the real world and merges them.
When Facebook rebranded itself as Meta, it brought forward the concept of the Metaverse. The Metaverse is a virtual space parallel to the real world in every sense.
It can operate as a video game, a shop, a place to hang out, or a party zone – anything you want to create or experience, you can do so on the the Metaverse.
The Metaverse: A Boon for Marketers?
While many brands are still considering if the Metaverse is the right place for them, a few top brands are leading the charge with marketing in the Metaverse. And they are reaping rich rewards too!
Online role-playing games Fortnite and Roblox host a couple of the most popular virtual social spaces. Both Roblox and Fortnite have held live music concerts with millions of people attending them. They have more than enough participation to be attractive to top brands.
Among mainstream brands, Louis Vuitton and Nike are among the top players in the Metaverse marketing.
RTFKT is a brand that designs next-gen sneakers as well as collectibles for the Metaverse. They launched their sneakers on the Metaverse and made $3.1 million in just 7 minutes.
The core fundamentals of digital marketing are:
- Creating the right messaging tone to promote a product or service
- Finding the right audience to send the promotional messages
- Creating content for the promotional campaigns
The Metaverse will impact these fundamentals in different ways.
Massive Interactive Live Events (MILEs) will allow people to share immersive experiences across the globe, irrespective of their location. Digital companies will need to rethink paid advertising and audience targeting.
Add to this streaming platforms like Twitch, and the marketing opportunities become endless.
The visibility that brands can get on the Metaverse is phenomenal. You can create your own event and invite users to experience them. Such an event will give you access to many engaged audiences within a short period.
Content creation would require the use of new technologies and platforms to generate 3D AR/VR content.
Content for the Metaverse can be highly interactive and would need a more hands-on approach than simply creating and distributing a piece of content.
Inviting users to experience a brand’s immersive space would be the best way to promote a brand, engage users, and build lasting relationships.
Two aspects of marketing would become unlimited for all marketers:
- Scalability: You would be able to reach any number of people without the limitations of geography or worrying about regulations. You can accept payment in NFTs (non-fungible tokens) and cryptocurrencies, making the usual payment acceptance setup hassle a thing of the past.
- Creativity: Sky’s the limit when it comes to unleashing your imagination here. As the space itself is ‘hot’ and exciting, anything you create here has the potential to go viral. If you can use your creativity to create something unique and relatable, you have a massive chance of reaping rich rewards.
the Metaverse is Calling; Where are You?
As a digital marketer, it would be a missed opportunity to ignore the Metaverse. Given the reach of Facebook, it would not be a stretch to imagine that the Metaverse is slated to grow in both its reach and its appeal.
While earlier, the Metaverse was popular with only the younger generation, the older generations are also getting interested in the hype and ready to explore this space.
A digital marketing agency with extensive experience in adapting marketing strategies per the latest trends and platforms can help you and your brand enter the metaverse on the right note.
Connect with us today to know how we can help your business grow digitally.
