Did you know that virtual reality will soon be adopted globally? Did you also know that Metaverse is one of the most impactful blockchain projects for virtual reality and augmented reality?
It is true that Metaverse is not as well known as other blockchain projects. However, its potential to change the world of digital marketing deserves attention!
In this blog post, we explore the impact of Metaverse on the future of digital marketing. Keep reading to find out more!
Before discussing the impact of Metaverse on digital marketing, we must first understand what Metaverse is.
A metaverse is a proposed future extension of the Internet where users can interact with each other and create a virtual world. The term was coined by Neal Stephenson in his science fiction novel Snow Crash. It is not just a buzzword but a link between the physical and online worlds that is believed to create a lot of value for businesses.
Giant brands like Google, Facebook and many more have started exploring the Metaverse. Mark Zuckerburg created the buzz by presenting the company Meta. Similarly, Google has invested billions in Metaverse projects. There has been a battle between giants like Apple, Microsoft, Google, and Facebook to build their metaverse projects.
Is it worth it? Totally.
For marketers who can successfully reach this audience and take risks in this cutting-edge virtual playground, the metaverse presents a significant opportunity.
Metaverse is an online virtual world that allows users to interact with each other in different ways. The virtual world is made up of a series of interconnected worlds, each with its own theme and environment. Users can explore these worlds, meet new people, and participate in a variety of activities.
The Metaverse is also home to a variety of businesses and organizations that use the virtual world to promote their products and services.
The Metaverse is an ever-changing world, with new content and features added regularly. The virtual world is also home to a variety of events that users can participate in. These events can range from concerts and performances to conferences and seminars. The metaverse is also home to a variety of educational institutions, which use the virtual world to teach a variety of subjects.
The Metaverse is also home to a number of different virtual currencies, which can be used to purchase items in the virtual world. These virtual currencies can also be used to play in virtual casinos located in the Metaverse.
Let’s look at some numbers:
- The “next big thing”, Metaverse, is expected to reach a Market size of USD 678.8 billion by 2030. Due to growing demand from end-use industries, the CAGR of Metaverse is expected to be 39.4% by 2030.
- According to game analytics firm App Annie, Metaverse gaming apps will generate more 3 billions in turnover by 2022.
- In 2021, $501 million was spent on metaverse real estate.
- The valuation of Web 2.0 metaverse companies is $14.8 trillion.
- There are several metaverses, but key metaverses include Google, Meta, Microsoft, Nvidia, Roblox, Snap, and Adobe Systems which invest majority of the amount in Metaverse.
Isn’t it surprising? More surprising is the change that Metaverse will bring to the digital marketing landscape. Let’s see how Metaverse will impact digital marketing:
1. Metaverse and customer experience
Businesses will now be able to leverage the metaverse to deliver virtual experiences to their customers. Customers will be able to share digital space, repair or exchange products with the help of customer service agents in the metaverse.
This will help provide better customer service because if a customer gets stuck with something, a virtual assistant will be available to instruct the customer.
The Metaverse can create and deliver almost any type of experience, whether it be on the top of Mount Everest or enjoying a beach house in the Maldives, which has led to the rise in popularity of the Metaverse.
By leveraging this feature, digital marketers can create seamless experiences for their users. They can create strong metaverse digital marketing campaigns that can fascinate and delight the target audience. For example, a station can create a virtual guide for visitors, providing a personal, real-time experience for users. This can be useful for tour operators, where they can attract target customers to new destinations. Alternatively, shopping experiences can be created to provide a better user experience.
Likewise, Metaverse can be used for educational purposes. For example, if you want learn digital marketingprivate servers can be created by educators, and their students can connect to these servers to follow virtual digital marketing training sessions, just like in real scenarios.
2. Advertising in the meta-world
Organizations can leverage the metaverse for advertising their offerings. A number of brands have already gotten into it, including Nike, Burberry, Gucci, and more. Fashion brands can create virtual fashion shows and show their new collections, i.e. advertise their products in the metaverse. Ads can be made through established VR settings. Brands can take advantage of game platforms and other platforms on the metaverse to advertise their products. Much like how events unfold in the natural world, it can be done in the meta-world.
3. Target younger generations
The Metaverse is attracting a lot of interest from the younger generation, especially those who love games and social media. According Deloittethe younger generation embraces the metaverse as if living their life in another world.
It’s an opportunity for those looking to market their gaming and social media products to keep pace with younger consumers. We’ve already seen the best world in gaming hold larger-than-life events in the Metaverse. Around the world, games are used to meet the social and emotional needs of their users, which can be an opportunity for marketers.
The world’s most popular metaverse gaming company, Roblox, was launched in 2006 and has around 200 million monthly active users. 67% of its users are under the age of 16, which shows its popularity among the younger generation.
4. Redefine billboard marketing digitally
One of the best ways to do digital marketing in Metaverse is to use virtual billboards in games and events. Several companies have done so, including Samsung, Coca-cola and Volkswagen. These ads also enhance the realism of games and events that lead to increased sales.
When creating these virtual billboards, choose the target audience and the right platform. Imagine, you are playing a game in Metaverse and all of a sudden you see a flickering billboard above that says “Get 12% Off Netflix Subscription”. Sign up now!”. This is how it can transform digital marketing in the years to come.
5. Influencer marketing in the metaverse
Interacting with others in the meta world is similar to how it is done in the real world. The difference is simply that you won’t be physically available and your avatar will be there on your behalf instead. Businesses can partner with expert influencers in their space to create a boost for the business. The appeal of influencers is huge, and many people follow influencers to make their purchasing decisions.
6. Use collectibles
People like to collect different things or make collections of specific things. One way to use digital marketing effectively is to use collectibles in the metaverse. Collectibles in the metaverse are virtual items that can be collected and traded by users. They may be used to promote or market products and services to consumers and businesses.
Some examples of collectibles in the metaverse include virtual pets, virtual currency, virtual clothing, and virtual art. Collectibles in the Metaverse can be used to promote or market products and services to consumers and businesses. For example, a company could use a virtual pet to promote its products or services to consumers. A virtual pet could be used to market a product or service to businesses. A company could use virtual currency to promote its products or services to consumers. Virtual currency could be used to market a product or service to businesses.
7. Metaverse Social Media Marketing
Traditional social media channels can be integrated into the metaverse and tactics can still be used, but in the virtual world using VR technology and 3D dimensions. Avatars and 3D images will be used by users to browse websites and make purchases. Some tips on how to market effectively in Metaverse include creating engaging and interactive content, building a strong presence on popular social media platforms, and using social media to connect with potential customers and build relationships. relationships.
Although the metaverse has a great impact on digital marketing in a positive sense, it is not free from challenges. Developing revolutionary technology has always been a challenge and a risky bet. On top of that, the Metaverse is still at a stage of development that could pose security risks. Despite these risks, Metaverse is a great opportunity that brands don’t want to waste. While giant brands have started using Metaverse, others don’t want to be left behind.
Akriti Galav is content strategist at Great learning and has over 7 years of content marketing experience. She has a deep understanding of digital marketing, management, and other topics that create a lasting impact on audiences. She is a passionate researcher and has a knack for finding the latest studies, reports, original research and up-to-date information to include in her content.