Metaverse: A New Age Opportunity for Innovation and Branding
Technology has been advancing and changing quickly. Today, we are seeing developments that were unimaginable in the past. The Metaverse, a distinctive, immersive virtual environment that is swiftly taking over the internet, is one of these developments. The concept of metaverse is permeating the internet fast as technologies around virtual reality (VR), augmented reality (AR), and artificial intelligence / machine learning (AI/ML) continue to grow. The Metaverse appears to provide incomparably valuable benefits as a new computing platform, even though it isn’t exactly what science fiction has imagined it to be.
Metaverse is a virtual world where actual people are represented by avatars. Players have individual autonomy. Metaverse is a self-contained universe that functions flawlessly and is constantly active with user-generated material.
The simplest way to describe the Metaverse is a development of the internet in such a way — something we are involved in as opposed to just looking at. It might fulfill the promise of enormous digital worlds that are similar to our physical one, and hence the name. Metaverse offers marketers a chance to interact with consumers in completely new ways while also advancing internal capabilities and brand creativity. Metaverse offers innovators an opportunity to innovate differently or transform their innovation in an altogether unique way with involvement of the audiences and users in which unique ways that have not otherwise been possible.
Redefining Metaverse Marketing Regulations
Even if customer engagement with the Metaverse is still in its early stages, lessons from successful businesses are already being learned. Essential components of marketing in the Metaverse mimic creating compelling and realistic brand experiences in the real world in certain respects. However, how these components are used in the Metaverse might vary greatly. Consumer interaction for example in the Metaverse will require its own developing formula for success, much like methods for generating value online continue to develop.
Let’s look at the current state of the market and innovation and how businesses should plan their Metaverse innovation and marketing strategy for the future.
Create Your Own Personalized NFT
Making a branded NFT for Metaverse marketing has the benefit of raising brand awareness. According to Statista, consumers across all demographics have a large interest in NFTs from companies like Adidas, Nike, and Taco Bell. Therefore, if top-tier brands are aware of how effective NFTs are, this speaks volumes. To create NFTs, you don’t need to be a tech expert. You can learn more about the process of producing an NFT from a variety of resources. With this strategy, you can give your users something to remember about your Metaverse and brand. It’s a brilliant idea to create distinctive NFTs and tie them up with product launches, just like Nike did with its “CryptoKicks.”
Stake a Claim to Ownership of Metaverse Real Estate
Virtual real estate is similar to physical real estate in 2022 since the digital world is booming. You can host events for your company or rent out your space to other businesses. If this real estate fits with your offerings and your customers’ demands, you can start selling it to them. The virtual gaming world of Axie Infinity demonstrates how profitable digital real estate will be in 2022. Nine land pieces were sold by the Axie Infinity team for an astounding $2.3 million! Yes, you heard right.
Create experiences that target audiences will enjoy
Customers frequently associate brands with innovation in the Metaverse, thus there is a high standard for providing unique experiences. To support the Metaverse, businesses must find the perfect ratio of native advertising, immersive experiences (such as games, virtual shops, events, and sponsorships), and real-world activations. Consider what the skating shop Vans did in the fall of last year when it introduced the virtual skatepark “Vans World” on Roblox. Vans gave users the option to digitally tour skate parks with pals in order to increase brand recognition and appeal to the company’s target audience.
Additionally, visitors can earn points through games that they can use to buy virtual sneakers, clothing, and skateboards that they can customize at a virtual skate shop.
Decide which platforms best fit your brand and offer the biggest opportunity
The current Metaverse games and platforms include Roblox, Fortnite, Decentraland, Minecraft, and Meta’s Horizon Worlds. For a given use, some will be superior to others. There are plenty of opportunities to test out various platforms to determine what works. As an illustration, the upscale label Gucci has carried out a number of brand activations to determine where and how to interact with Gen Z. When it introduced a Metaverse replica of its actual Gucci Garden on Roblox in 2021, it received 19.9 million visits in just two weeks. Additionally, Gucci revealed intentions to develop a virtual world on the blockchain-based platform The Sandbox, collaborated with the fashion-focused Metaverse Zepeto, and produced content for games like The Sims, Pokémon GO, and Animal Crossing.
Make everything about gaming
To create a Metaverse, you don’t have to run a gaming studio. But you must make your user experience more game-like. Users must be encouraged to engage in conversation in your Metaverse. To do this, gamification is a fantastic strategy. Create a number of mini-games and reward players for gaining points. Avatar-related virtual goods, building supplies, and unlocking reward tiers with the possibility of a grand prize at the top are some examples of potential rewards.
Offer Avatars digital goods to purchase
We just discussed gamifying Metaverse marketing by giving avatars digital prizes. You can, however, also market special goods. Over 90% of consumers agree that they want to create their virtual avatars, according to VogueBusiness. Numerous well-known firms have also employed this tactic and really benefited. Gucci sold a virtual bag on the Roblox platform for $4115, while Digital Coutour sold a dress (also digital) for $9500.
Meta Horizons (Facebook)
Mark Zuckerberg, the creator of Facebook, changed the name of his firm to Meta to express how crucial he believed the idea of the Metaverse will be to the development of digital communication, social interaction, and daily life. The outcome has produced a number of projects thus far, including the virtual world’s platform Horizon Worlds, the events platform Horizon Venues, and the workspaces platform Horizon Workrooms (virtual office).
In order to explore and communicate with other users, users can create avatars on any of these interconnected sites. One intriguing aspect of Horizon is that it makes us consider whether we prefer a decentralized, more distributed model of ownership and governance or a Metaverse where ownership is consolidated under a corporate owner. These incredibly astounding numbers demonstrate how willing customers are to spend money on digital things, even if your brand isn’t as well-known as Gucci or Digital Couture.
Before Facebook (let alone Meta) even existed, Linden Labs founded Second Life in 2003. There is some disagreement over whether it actually qualifies as a Metaverse. One explanation for this is that, as the name implies, it’s designed to let users live an alternate life as an alter-ego rather than upload their current offline existence on the internet. According to certain perspectives, it was indeed the first widely used online Metaverse environment. Even while it might not meet all the criteria, it offers a useful illustration of an online community with millions of participants and an engaging user interface.
Decentraland provides a browser-based 3D platform using the Ethereum blockchain. Users can purchase NFTs, real estate, and digital goods like face masks, apparel, and accessories. Decentraland offers customers the chance to make money playing mini-games to keep them interested. These users have the ability to buy and sell virtual goods and digital property. Decentraland was also the first one to organize Metaverse wedding. Although it was clear that this network was relatively young, users from all around the world eagerly anticipated seeing a Metaverse wedding.
Over the past few months, talk of the Metaverse has been pervasive. The number of internet searches for the phrase rose by 7,200% in 2021. Facebook changed its name to Meta in December, and CEO Mark Zuckerberg stated that it was his goal to “help bring the Metaverse to life.” A month later, Microsoft claimed that the “building blocks for the Metaverse” were provided by its proposed acquisition of gaming behemoth Activision.
Private capital is also rapidly flooding in, so it’s not just chatter. According to reports, companies involved in the Metaverse raised upwards of $10 billion in 2021, more than twice as much as they did the year before. Epic Games, the creator of Fortnite, has raised $3 billion over the past 12 months to support its long-term ambition for the Metaverse and has also announced a partnership with LEGO to create a Metaverse specifically for children. The potential for trillion-dollar global value creation from the Metaverse exists.
A cutting-edge strategy for giving potential customers an immersive experience is Metaverse marketing. Businesses can raise their brand awareness while charging extravagant fees for digital goods and NFTs. There are various difficulties with Metaverse marketing. Think about this before creating a Metaverse for your brand.
Nike, Balenciaga, and Facebook, all multimillion dollar companies, have all gotten on the Metaverse marketing bandwagon. This is due to the Metaverse’s substantial potential for financial gain. Additionally, brands can fully immerse customers in their goods.