© oneinchpunch | A handful of inches | ShutterstockOne of the most innovative ideas that is gaining momentum is the concept of the metaverse. It's important for marketers to understand what the metaverse is and how it affects how brands promote their products and services.
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What are metaverses?
Think of the science fiction movies of the first half of the 20th century. In these movies, they depict a future of floating cities with millions of cars flying around (for those who can't handle teleportation, of course). Some aspects of this film come true, such as the robot depicted in the 1927 film Metropolis or the video calls shown in the 1968 film 2001: A Space Odyssey . Of course, most current technologies look very different from the original predictions. The same can be said of the metaverse.
While there has been talk of a metaverse for the past decade, most people still don't have a clear idea of what a metaverse is. Part of the problem with defining a metauniverse is that it is still in the early stages of development. The reality is that we don't know what the future metaverse will look like. The Metaverse is actually where science fiction begins to meet reality.
Much of the metaverse advertising content we see today is wishful thinking and does not represent what can be done with current technology. Interestingly, the future is unknown.
Related: Your brand can become part of the meta-universe. Thus.
Metaverse and Web 3.0
While the metaverse will represent a significant development this century, its development is not an isolated event. The development of the metaverse is just one part of a much larger digital transformation. It's hard to imagine a meta-universe built on top of our existing infrastructure. For this reason, many companies are shifting their focus to building and adopting the third iteration of the Internet (called Web3 or Web 3.0).
It is important for marketers to understand the technologies anticipated for Web 3.0, as many of these innovations will be implemented and supported by the metaverse. The first version of the Internet (Web 1.0) focused on simple protocols that could be used to share and transmit information. Web 2.0 went even further, focusing on user-generated content (email, blogs, video content) and peer-to-peer interaction (social media). The evolution to Web 3.0 will transform the Internet into a trusted, permissionless version of the Internet, which means that people will have more control over their data and Internet use.
Web 3.0 will be heavily based on blockchain technology, artificial intelligence, virtual and augmented reality. Web 3.0 will also transition to a more decentralized model where sites, applications, and tools are shared and developed together. These technologies will include decentralized finance platforms (Defi), decentralized applications (dApps), and decentralized autonomous organizations (DOAs).
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How to use metaverse for marketing today
Businesses around the world are beginning to realize that their advertising and marketing efforts can be severely affected by the shift from physical to digital space. The meta-universe industry is currently worth over $61 billion. This is expected to grow rapidly, with some predicting a total market value of more than $400 billion over the next five years. Marketers need to understand how to start taking advantage of new opportunities to promote their products and services on digital platforms. Here are five ways marketers can get started today.
1. Incorporate Metaverse into your marketing strategy
The most important thing marketers can do today is develop a comprehensive strategy for how their business will adapt and move its efforts into the digital space. Since the metaverse is still evolving, resources must be dedicated to monitoring and understanding this new technology. The companies with the best visibility into new technologies and advancements in the space will have a significant advantage. As technology evolves, a reactive approach will be ineffective.
2. Create your digital space
Brands should consider creating their own digital space within existing digital platforms. There are different strategies to create these spaces depending on the type of product or service you sell. Businesses with physical products may want to consider creating a digital version of one of their physical locations. For example, a car manufacturer might create a digital car showroom where users can view the latest models.
3. The immersion experience
Traditional marketing approaches have worked for decades, but the meta-universe setting will require a more immersive experience. For example, a major movie theater brand may create a virtual movie theater where you can visit and watch movies with friends thousands of miles away. Or a Michelin-starred restaurant could invite diners to join them in a digital kitchen to learn how to cook from world-class chefs.
4. Digital collections
In the real world, some companies focus on offering branded items like T-shirts or other collectibles to their huge fans. It could work the same way in the metaverse. Some companies focus on creating and distributing digital collections. Starting with unique icons and ending with skins that can change the appearance of the user's avatar. Disney is a great example of this, allowing Fortnite players to "dress" their in-game characters in Marvel or Star Wars- themed skins. Many of these skins are used to promote upcoming movies or other events.
NFT (non-fungible token) technology can create unique and exclusive collections that can be issued to users.
5. Traditional marketing with a digital twist
While new approaches will be needed throughout the marketing meta-universe, traditional marketing efforts should not be abandoned entirely. The metaverse world can still allow for many types of traditional advertising, such as billboards and digital billboards. We're already seeing this with major companies placing digital ads in digital arenas at popular sports games, just like in real life.
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Metaverse creates unlimited marketing potential
In the short term, there may be some limitations on the types of digital advertising and marketing you can do in the meta-universe. For example, a pastry chef may rely on the smell of freshly baked chocolate chip cookies to sell his product. Sniffing digital cookies is (unfortunately) not an option. Therefore, some companies may need to be more creative in the way they market their products.
However, the metaverse has more flexibility than limitations. For example, a natural history museum might promote a new dinosaur exhibit by inviting young users to spend a day working as a "digital zookeeper," feeding and caring for a virtual baby triceratops.
Ultimately, the most creative and innovative marketing departments will shine in this new digital world.
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