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Metaverse is a concept that is relatively new in the virtual world. It refers to a network of virtual worlds in the third dimension. It refers to real-time virtual worlds which you can experience in a persistent and synchronous manner. It represents a network of interconnected virtual communities where unlimited users can participate.
Each individual in a Metaverse environment can have a presence as well as experience data streaming live. This can pertain to objects, identity, entitlements, history, payments, and communications.
For marketers, there is much potential to explore. However, they need to understand it fully in order to know its potential to the fullest. Marketers need to understand how they can adapt as this world expands and different brands find opportunities to market and sell their products and services. In general, it is a platform suited to market to the Millenials as well as the Gen Zers. These generations are the most avid users of Metaverses. That is mainly pertaining to virtual gaming zones and technologies such as AR and VR.
Here we explore what Metaverse marketing is and what the concept means for brands as well.
Metaverse is considered as a successor to what the present-day internet offers. Today mobile internet has predominance. This is a different era compared to broadband internet that came by in the nineties as well as in the early part of the new millennium.
Today there is the convergence of artificial intelligence, cloud processing as well as 5G technologies. These have been attributed to offering a cost-effective and enjoyable VR and AR experience. This is also due to increased connectivity that now exists across different devices.
Today, the way we consume data and brands has shifted. Metaverse represents a confluence of several things, from social interactions to gaming or even the cryptocurrency universe. Metaverse attempts to blur the lines to create a reality that is used and perceived differently by different people. It sets up a democratised and decentralized space.
Brands need to remember that Metaverse puts people before. Hence, it provides them an opportunity to present their offerings in a different light or perspective. Metaverse is spaces that are characterized by playfulness, community and creation of values. Brands can embed their services and products in a creative manner in such an environment. It also gives exposure to unexplored audiences without having to worry about real-world outcomes in such an environment.
One of the pioneers to embrace this concept is Facebook. Mark Zuckerberg is CEO of Facebook and he believes that it is the future path forward for his company. His enterprise is about a trillion dollars worth. He believes that it will help expand his social media platforms where people will engage more. It will combine platforms for work, play as well as a platform to socialize at. Indeed, after they changed their name to Meta, the word has been trending across internet portals. It is yet to be seen how Facebook makes the transition to Meta a successful one. This is especially because Facebook is still sorting out some PR legalities. However, Metaverse influencer marketing is another huge gain for this company.
Learned from Metaverse Marketing Examples
Here are some examples of Metaverse marketing brands that are embracing the concept of a Metaverse in marketing:
NASCAR has recently formed a multi-year program to increase awareness of its brand in the eyes of gamers, especially those of the young generation. This is specially planned for the Roblox product of NASCAR. The company has formed a digital car that is part of the Jailbreak video game. It is also selling apparel in Jailbreak that players can purchase, as per their avatars. There is also a fan contest planned in which players will be able to design their own uniforms. The company is collaborating with its developers to act as influencers. They are promoting the game and oncoming launches through different social media platforms.
2.GrandTheft Auto V
Grand Theft Auto V is a sandbox game of the open world. It released different clothing options which were similar to what Hong Kong protestors wore. These protesters were able to take their fight to the Metaverse. Many artists also joined in who helped showcase their political expressions. In this way, the game increased its marketing as well as helped another segment to promote its cause.
Among Metaverse marketing examples, Houzz is another brand that is able to use Metaverse marketing in a big way. It allows interested customers to create photos of the kind of home items or furniture they want. Whenever anyone purchases items that they digitally create and find Houzz earns money. They even have a 3D viewer application. This allows users to view items in three-dimensional ways and they can then opt to have the same in their physical space.
4. Dimension Studio
Dimension Studio is another brand that has experimented with Metaverse successfully. They have been able to raise as much as $6.5 million as a result of promoting fashion brands using this platform. They have created a virtual setup that allows users to be scanned by 100 different cameras and dropped into different virtual forums. They can then test out different garments. The brand Balenciaga had launched a game called Afterworld, designed to showcase their collections for the autumn and winter season of 2021. The Metaverse technology of Dimension Studio came of much use then.
1. Opportunities That it Presents
Many brands have joined the bandwagon by building virtual worlds. Many are selling NFTs or non-fungible tokens. These are designed based on blockchain methodology. This allows people to own unique digital items such as videos or images.
Many brands are also showcasing digital advertising on Metaverse platforms. Ads are being placed by different brands in games which are billboards or in the form of branded clothing. These are in-game ads, as they would appear in the real world. These ad slots are sold as CPMs that cost between $6 to $12 across different platforms.
Another advantage is how Metaverse marketing strategies can open up opportunities in the world of education. Active participation in class can be increased through this new technology. Today much work is being done to incorporate immersive technology such as virtual reality in such spaces. Also, 3D environments are also being brought into the fold in this segment.
Metaverse is at a nascent stage as yet. Hence, marketers are still learning how best to exploit the opportunities it presents, especially from the monetization standpoint. Brands that are not that much in the digital world need to update their asset libraries.
The other issue is about how to determine the return on investment. Creating comprehensive digital assets can be time-consuming and costly. Also, marketers need to track returns that they get on their ad spending. This needs to be as clear as on other digital channels.
Marketing in the Metaverse is the next trending thing in the world of digital marketing. As this platform gains center stage in the upcoming years, it opens up opportunities for different brands to exploit. However, Metaverse digital marketing would prove to be more relevant to some brands than to others.