In 2021, Facebook rebranded itself into ‘Meta’ and announced that the metaverse would be its new focus going forward, and Mark Zuckerberg stated that he intended to build a metaverse that would become ‘the next internet’.
As marketing experts, of course, we began to speculate on what digital marketing would look like in the new virtual world.
While the concept of the metaverse may still seem mysterious to some, more and more brands are seeing the opportunity the metaverse presents to connect with audiences in ways never before possible and provide exciting and memorable brand experiences.
With a metaverse that is destined to become an $ 800 billion market by 2024it will certainly not disappear soon, and the possibilities offered by metaverse technology are seemingly endless.
From memes about Mark Zuckerberg’s avatar to NFT and virtual concerts, metaverse seems to be the favorite word on the internet right now. But what exactly is a metaverse?
And what does that have to do with digital marketing? In this blog, Social Chameleon will give you a brief overview of the metaverse technology, separating facts from fiction and explaining what the metaverse means for your digital marketing strategy.
Simply put, the metaverse is an online digital world that users can immerse themselves in using virtual reality (VR) or augmented reality (AR). In the metaverse, users create avatars that move through the 3D world where they can interact with others and the environment around them.
The concept of the metaverse is not new, and the term was actually coined in the world of science fiction 30 years ago. The eerily accurate novel described the metaverse as a parallel online world, accessible to users wearing VR headphones.
So far, so science fiction, right? Well, the metaverse will soon become a reality, and some claim it is already here.
U Media ReleaseFacebook (now Meta) described the metaverse as a set of virtual spaces where you can create and explore with other people who are not in the same physical space as you. You will be able to hang out with friends, work, play, study, shop, create and more. ”
When we talk about the metaverse today, the most tangible examples are platforms like Roblox, Minecraft and Fortnite that use virtual reality to create increasingly sophisticated online worlds.
On these platforms, users move through the virtual world, create avatars and communicate with others; they can even buy products and attend virtual events and experiences.
Even if you haven’t heard of them yet, there’s a huge potential market in this area, and Robox boasts 202 million active users in April 2021.
Separating fact from science fiction and defining what the metaverse means is a difficult task, in part because companies like Facebook (Meta) and Microsoft are working on creating their own versions, meaning the term is fluid and constantly changing.
While the definition of a metaverse may seem like a loose and consistent interpretation, many people agree on a number of key factors that make something a metaverse. Venture capitalist Matthew Ball outlined some of the key characteristics of metaverses:
- Fully functional online world. Users should be able to move and communicate with the environment in a similar way as they would in real life, with opportunities to create, sell and interact with others.
- It exists in real time. There is a metaverse the concept of time which coincides with the real world.
- Always active. Unlike a game where options are limited and there is a certain beginning, middle and end, the metaverse should be endless and it is not possible to ‘complete’ the metaverse. When users leave them, they do not stop and last indefinitely.
- Users have individual agencies. They can choose what they want to do in the metaverse and can do separate things at the same time. Users can also create their own content that they and other users can enjoy.
What is Metaverse Marketing?
Marketing professionals are always striving to keep up with the latest technological advances, so it’s no wonder that metaverse marketing has become a hot topic in the world of digital marketing.
As the line between real and virtual worlds becomes increasingly blurred, the metaverse will become a place where people spend more time, experience brands, and even buy virtual products.
Brands are turning their digital marketing strategy toward the metaverse to stay relevant to millennial or Generation Z audiences, who are considered to be the most enthusiastic adopters of the metaverse.
Generation Z consumers spend twice as much time in social interaction in the metaverse than in real life. Although many users may be young, their influence and purchasing power will only grow over time.
Examples of Metaverse Marketing Strategies
Create virtual experiences
More and more brands are using metaverse technology to their advantage to increase brand awareness and provide the audience with a fun and exciting experience.
The Vance shoe and skateboard brand collaborated with Roblox to create a virtual skate park where users could practice their virtual skateboarding skills as well as buy Vans products.
Offer purchases worldwide
An increasing number of consumers are blurring the boundaries between real-world and virtual shopping, with 65% of Generation Z consumers spending money on a virtual item that exists only within the boundaries of the online environment.
In fact, the in-game shopping market should be worth $ 74.4 billion by 2025.
Luxury fashion retailer Balenciaga has partnered with Fortnite to design virtual clothing and accessories that users can purchase for their avatars.
In fact, the digital Gucci bag recently sold at Roblox for more than $ 4,100, which is more than the actual value of the item.
Run virtual events
Virtual events and concerts that bring together fans with stars from the comfort of their homes have become increasingly popular in the metaverse: over 33 million people have seen Lil Nas X’s virtual concert at Roblox.
Meet the Social Chameleon
For brands, metaverse creates a unique opportunity to reach the audience in ways that have never been possible before – allowing the audience to experience brands from the comfort of their own home.
While current iterations of the metaverse may feel aimed at younger audiences, investments by some of the world’s largest technology companies suggest that the impact of the metaverse will be as revolutionary as the invention of the internet or social media.
Social chameleon is a full service digital marketing agency. Their team of digital marketing experts can help you understand how to take advantage of the latest digital marketing trends and what they mean for your business.
To learn more about the latest insights into the industry, visit theirs blogwhere they share hints and tips on the latest digital marketing trends.