Technology is improving and advancing at an increasingly rapid pace. Virtual Reality (VR) is one of the technologies that has taken the world by storm recently. As a result, the integration and introduction of the Metaverse is almost here, and it’s making waves in both the tech and marketing industries.
It’s said that Metaverse will make marketing more efficient through simplified virtual ownership, greater flexibility to meet current and future market demands, and more options for building a brand’s presence.
This article will explain what the Metaverse is and how marketers can leverage it in the near future. Keep reading to learn more!
What Is the Metaverse?
The Metaverse is a combination of virtual reality, augmented reality, video, and other elements of technology. Users are represented as avatars in this digital universe that merges the virtual world and reality. Some examples of it are Meta of Facebook and video games like Fortnite or Roblox.
Recently, the phrase “Metaverse Marketing” has been going around the internet. This is because brands have realized that an efficient way to reach their target audience is by establishing a market presence in and by utilizing the metaverse.
Opportunities With Metaverse Marketing
Here are some of the benefits of immersive marketing in the Metaverse:
Simplified Virtual Ownership
Certain brands and collectible items have incredible potential for the metaverse. This is a great opportunity for businesses in this type of industry. A few examples of this already put into practice or what’s to come includes; selling digital Gucci bags, NBA collectible items, artwork, virtual real estate/property.
Non-fungible tokens (NFTs)
This new class of digital assets offers unlimited potential in the metaverse. These are digital assets stored using blockchain technology, like crypto, and can be used to put a price on digital items. With Metaverse, brands can now showcase digital versions of
their products and use NFT for pricing. NFT’s are unique in that the owner of the item has the sole rights to its useage, distribution, replication and the original copy. NFT’s are stored on the blockchain, sort of like holding it in a ‘bank account’. It can’t be taken from the holder unless they consent to it or it is stolen virtually.
Identifying Current and Future Demands
People are willing to pay for virtual possessions, like accessories for in-game play, virtual property, or fashion. Through the Metaverse, VR and AR provide more opportunities to incorporate items in the virtual world. This is because more creativity and design variations are supported in games and social apps compared to the real world.
Brands can develop new social interaction methods and offer new in-game wearable items. There are also opportunities to partner with games such as Fortnite, Roblox, and League of Legends. A recent example is Chipotle collaborating with Roblox to create a digital restaurant and maze which provided players with a coupon for a free burrito in the real world.
Building Brand Presence
The internet is utilized by companies for a personalized type of engagement with consumers. In the Metaverse, it would be easier to create your brand, it’s image, and share across the virtual scape.
Digital versions of products can be developed online and offer the option to have them physically claimed. This way, purchases and transactions are able to occur in a simpler manner, and give consumers access to their product in two realities. Users can interact with brands via VR shopping, allowing them to try new clothes or accessories and claim them in the stores if they would like to purchase.
The Metaverse is coming in the near future and offers great opportunities for marketers and brands to expand their reach and potential. This revolutionary technology allows businesses to develop and promote their virtual presence with a multitude of avenues. As with the dot com boom, it’s an inevitable advance in technology and you can start devising a plan of action, or be left in past.