In 2021, Facebook relaunched as ‘Meta’ and stated that the metaverse would be its primary emphasis. Mark Zuckerberg expressed his aim to construct a metaverse that would become ‘the future internet.’
As marketers, we naturally began to wonder what digital marketing would look like in a new virtual environment. Although the notion of the metaverse may remain enigmatic to some, more and more businesses recognize the metaverse as a chance to interact with consumers in previously unimaginable ways and create interesting and unique marketing experiences.
The metaverse isn’t going away anytime soon, with an $800 billion industry expected by 2024, and the prospects given by metaverse technology appear to be limitless.
The metaverse appears to be the internet’s favourite phrase right now, from parodies about Mark Zuckerberg’s avatar to NFTs and virtual concerts. But what precisely is the metaverse?
And how does it relate to digital marketing?
What Exactly Is the Metaverse?
Simply put, the metaverse is an online digital environment in which users may immerse themselves via the use of virtual reality (VR) or augmented reality (AR) (AR). Users in the metaverse construct avatars that travel around a 3D world where they may interact with others and their surroundings.
The notion of a metaverse is not new, and the phrase was first used in science fiction 30 years ago. The eerily realistic story envisioned the metaverse as a parallel internet world that VR headset users might explore.
So far, so science fiction. The metaverse is poised to become a reality, and others claim it is already here.
Facebook (now Meta) characterized the metaverse in a news release as “a series of virtual environments where you may create and explore with other individuals who aren’t in the same physical space as you. “You’ll be able to socialize with your pals, work, play, study, shop, create, and do other things.”
Today, the most visible instances of the metaverse are platforms like Roblox, Minecraft, and Fortnite, which integrate virtual reality to construct more sophisticated online environments.
Users walk around a virtual environment, create avatars, and connect with others on these platforms; they may even buy things and attend virtual events and activities.
Even if you haven’t heard of them, these industries have a massive potential market, with Robox reporting 202 million active users in April 2021.
Explaining the Metaverse
Separating actuality from science fantasy possibilities and defining what the metaverse implies is a problematic undertaking, partially because corporations like Facebook (Meta) and Microsoft are working on their versions, making the phrase fluid and ever-changing.
Although the metaverse concept might feel hazy and up to interpretation, many individuals agree on some fundamental elements that define anything as a metaverse. Matthew Ball, a venture capitalist, has identified some of the main qualities of metaverses.
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What Exactly Is Metaverse Marketing?
Marketers are constantly striving to stay current with technology changes, so it’s no surprise that the idea of metaverse marketing has become a hot issue in the digital marketing field.
As the barrier between the real and virtual worlds becomes increasingly blurred, the metaverse is poised to become a location where consumers spend more time, interact with companies, and even purchase virtual goods.
Brands are shifting their digital marketing approach toward the metaverse to remain relevant to millennial or Gen Z audiences, who are seen as the most enthusiastic metaverse users.
Gen Z consumers spend twice as much time socializing in the metaverse as in real life. Although many users are young, their spending power and influence will only expand with time.
Metaverse Marketing Strategies Examples-
Make Virtual Reality Experiences:
More and more businesses are leveraging metaverse technology to increase brand recognition and provide viewers with a pleasant and entertaining experience.
Vans teamed with Roblox to build a virtual skate park where users could practise their virtual skating abilities and purchase Vans merchandise.
Provide In-World Purchases:
With 65 per cent of Gen Z customers having spent money on a virtual item that lives solely inside the constraints of an online environment, a growing number of consumers are blurring the borders between actual and virtual purchases.
In reality, the industry for in-game purchases is expected to be worth $74.4 billion by 2025.
Balenciaga, a luxury fashion brand, has collaborated with Fortnite to create virtual apparel and accessories that fans can purchase for their avatars. A digital Gucci bag was recently sold on Roblox for more than $4,100, outbidding the item’s actual worth.
Organize Virtual Events:
Virtual events and concerts that connect fans with celebrities from the comfort of their own homes have grown in popularity in the metaverse: over 33 million people saw Lil Nas X’s virtual performance on Roblox.
The metaverse provides marketers with a one-of-a-kind chance to reach audiences in ways never previously feasible — allowing audiences to experience brands from their own homes.
Although current forms of the metaverse appear to be aimed at a younger audience, investment from some of the world’s largest tech companies implies that the metaverse’s impact will be as revolutionary as the creation of the internet or social media.