As marketers, we naturally began to imagine how digital marketing might look in this new virtual environment.
Although the metaverse may still be a mystery to some, more and more brands are recognising the metaverse as a chance to connect with audiences in ways never before imaginable and create innovative and unique brand experiences.
The metaverse isn’t going away anytime soon, with a market worth $800 billion anticipated by 2024, and the prospects presented by metaverse technology seem limitless.
The metaverse seems to be the internet’s favourite buzzword right now, from memes about Mark Zuckerberg’s avatar to NFTs and virtual concerts. But what exactly is the metaverse?
And how does this relate to digital marketing? In this blog, Social Chameleon will give you the lowdown on metaverse technology, debunk myths, and explain what the metaverse means for your digital marketing approach.
What Is the Metaverse All About?
Simply put, the metaverse is a virtual reality (VR) or augmented reality (AR) online digital world into which users can immerse themselves (AR). Users construct avatars that travel across a 3D world and interact with others and the environment around them in the metaverse.
The approach of a metaverse isn’t new; in fact, the term was first used in science fiction 30 years ago. The novel envisioned the metaverse as a parallel online world that could be visited by users using virtual reality headsets.
The metaverse, according to Facebook (now Meta), is a collection of virtual environments where you may create and explore with individuals who aren’t in the same physical space as you. You’ll be able to socialise with your friends, work, play, learn, shop, and create.”
Platforms like Roblox, Minecraft, and Fortnite, which use virtual reality to create increasingly sophisticated online environments, are the most tangible instances of the metaverse today.
Users can navigate through a virtual world, create avatars, and connect with others on these platforms; they can also buy things and participate in virtual events and activities.
What Is Metaverse Marketing and How Does It Work?
Marketers are always looking for new methods to stay ahead of the curve, so it’s no surprise that metaverse marketing has become a popular topic in the digital marketing world.
The metaverse is expected to become a location where people spend more of their time, experience brands, and even buy virtual things as the barrier between the actual and virtual worlds blurs.
To stay relevant to a millennial or Gen Z demographic, who is believed to be the most enthusiastic consumers of the metaverse, brands are shifting their digital marketing approach to the metaverse.
In the metaverse, Gen Z consumers spend twice as much time socialising as they do in real life. Although many users are young, their spending power and influence will only increase over time.
Examples of Metaverse Marketing Strategies
- Create Virtual Experiences: More and more brands are using metaverse technology to their advantage to drive brand awareness and give audiences a fun and exciting experience.
- Shoe and skateboard brand Vans collaborated with Roblox to create a virtual skate park where users could practice their virtual skateboarding skills, as well as buy Vans products.
- Make Purchases In-World: With 65 percent of Gen Z consumers having spent money on a virtual item that exists only within the constraints of an online environment, the distinctions between actual and virtual transactions are becoming increasingly blurred.By 2025, the market for in-game purchases is expected to be worth $74.4 billion.
- Balenciaga, a high-end fashion house, has teamed up with Fortnite to create virtual apparel and accessories for players’ avatars. In fact, a digital Gucci bag was recently sold for more than $4,100 on Roblox, well exceeding the item’s real-world worth.
- Organize Virtual Events: Virtual events and concerts, which allow fans to interact with celebrities from the comfort of their own homes, have grown in popularity.
At this point in technological evolution, it is critical for brands, companies, and influencers to begin experimenting with virtual reality, augmented reality, and 3D content as soon as possible.
Taking advantage of an early bird advantage in the space can help brands get the exposure they require. Siri, Alexa, and Google are examples of virtual beings in our daily lives. This demonstrates that the metaverse’s brain is already present and just waiting to be turned 3D.
People will easily transition to the virtual world because they can use/own/attend things that they would not be able to have in real life, such as a fancy jacket or a vintage car. This opens up enormous opportunities for marketers to advertise their products more quickly, more effectively, and across geographical boundaries.