What’s the purpose of Marketing in the Metaverse?
Technology is growing rapidly and changing. We’re witnessing new technologies that were previously impossible. One of these breakthroughs for many is the metaverse, a novel, immersive virtual world that is rapidly dominating the web. You might have seen it in science fiction films such as Ready Player One or The Matrix series, but today it’s much more than fiction.
With the steady growth technology like virtual reality (VR) and Augmented Reality (AR) metaverses are now encroaching on the web. It is predicted that around 85 million people will be able to experience AR and VR at the very least once a month by 2021. Although the Metaverse isn’t what sci-fi movies have imagined as it is, the Metaverse produces incredible value as a brand new computing platform.
Understanding the Metaverse
The present metaverse includes the sharing of a virtual space in which users are represented through virtual avatars. These virtual worlds will continue to develop and expand in response to user-generated decisions and interactions in the space. In this way, it is like life in real-world terms in that there is an absence of “end.” It’s just an endless universe that will continue to grow as more and more people join.
It’s not a basic virtual theme park, where the layout is laid out. Nor is it a basic game designed for the pleasure of kids. It’s not an easy app that you download from an app store to “play” at your convenience. Metaverses are virtual worlds that blend reality and reality with the world of virtual.
If you find this a bit hard to grasp, we have laid out the main features of metaverses.
Always on the move:
Metaverses don’t pause once you exit them or stop. They continue to run forever.
The metaverse is an underlying timeline that is synchronized with the real-world clock.
Players have their own authority:
There are many players who can be involved in separate activities simultaneously. Some may be sitting in a corner while others are engaging with one another.
Fully functioning and self-contained universe:
self-contained and fully functioning. The metaverse is a functioning universe that permits users to build and own, sell and invest. The metaverse also allows users to be acknowledged and rewarded for their efforts they contribute to the metaverse.
Mix of various platforms:
Different platforms are able to work within the Metaverse. For instance when it comes to video games, it is possible to be able to bring elements in one.
Metaverses go beyond virtual environments that users can hang out in. Users can produce content that others can enjoy as well.
Marketing in the Metaverse
Digital marketers must stay up to date with the most recent technological advancements. This includes knowing about the metaverse and its complete potential. The thing that marketers need to know is that metaverse isn’t simply a new trend. It seems that it’s in the making and on its way to becoming the next major thing.
What can marketers do to adapt their strategies to the changing metaverse?
Marketing professionals must first be aware of the importance of Gen Zers and millennials as a market to target. They are also avid users of certain kinds of metaverses including Roblox, games Roblox and other technologies such as VR. With this in mind, let’s look at how marketing can be carried out in the metaverse.
Parallel metaverse marketing inside real-life marketing
Create marketing campaigns that are tied with real-world experiences or mirror what your brand does in real-life. For instance, AB InBev Stella Artois worked with Zed Run in June to develop an experience reminiscent of Tamagotchi that was paired with the Kentucky Derby. They chose to do this because the AB InBev brand Stella Artois is big on supporting sporting events, and specifically horse races. Therefore, establishing an online platform which allows non-fungible tokens (NFT) horses to be raced, traded and bred appears to be an obvious entry point for the horses.
Immersive experiences are essential.
It is possible to offer virtual advertisements in the metaverse. For instance, Bidstack, a video game ad tech firm was able to shift from working advertisements in outdoor spaces to advertising on billboards in virtual reality.
But, you’re able to expand beyond billboards that are virtual. Since metaverses are both experiential and immersive It is best to benefit by providing the same experience in your advertising and marketing efforts. Provide branded installations and events that visitors can participate in instead of posting ads that are simple.
We’ve seen early movers offer an immersive experience to their users, such as the Lil Nas X concert in Roblox as well as Roblox’s Gucci Garden experience visits, and the virtual representation of Washington Heights neighborhood as part of Warner Bros.’ promotion of In the Heights. Recently, brands discovered an array of new income streams via cooperation with Roblox metaverse as well as other metaverses.
Make collectibles available
People love collecting things and the metaverse provides another place to display their passions. You can make this similar experience accessible in the metaverse by providing objects or items with limited edition which they can only get within the realm of metaspace.
For instance, Roblox’s Gucci Garden game on Roblox provides A Collector’s Room. It lets people acquire restricted Gucci items from the metaverse. Gucci in their first selling of the collectibles has collected 286 million Robux in the course of the game.
Engage with communities already in existence
Most people are against advertising. As brands try to get into the metaverse it is important not to be seen as a nuisance to people already in the metaverse. Additionally it is important to have their approval as you attempt to sell to them.
Be aware that you cannot join a new platform without taking the new format into consideration. In Roblox as an example brands are more popular by partnering with the Roblox community to develop things and experiences. Similar to when O2 hosted a concert on Fortnite it partnered with developers who were experienced with playing on the Fortnite platform.
Think of it as influencer marketing. Content created by users is crucial and, as such, community members are an integral part of the implementation for your campaign.
Continue to experiment….
It’s a thrilling moment for marketers. While there are certain principles that will guide the kind of strategies and strategies marketers should employ, the metaverse is still a relatively new platform with ample opportunities for experiments. The best practices are yet to be established and paradigms need to be fully and thoroughly established. This leaves marketers with plenty of opportunity to become distinctive and innovative in their approach.