The metaverse is a term used to portray a virtual surrounding wherein individuals can utilize digital avatars to work, play and shop. The idea has drawn consideration especially since the parent organization of Facebook last year vowed to spend intensely on building the metaverse and changed its name to Meta Platforms Inc.
The metaverse is poised for rapid growth that will open numerous opportunities for marketers.
If you are wondering – Does the metaverse exist?
Then the answer to the questions is yes (to some extent). There is already a metaverse in gaming and it’s rudimentary. Here’s everything you need to know:
The Metaverse is ubiquitous with opportunities for AR/VR and NFT-savvy brands and marketers across the world. Over the period, the virtual universe will become an important hub for brands.
Imagine your digital avatar walking into a digital electronic shop and talking to another digital avatar electronic expert to get answers to some questions.
Finally, you ordered a product and have it shipped to your physical address.
Welcome to the metaverse, the convergence of our digital and physical realities.
What is Metaverse?
Meta means “beyond”, and verse refers to the “universe.” But there are many definitions (based on sources) and opinions of the metaverse.
Envision, when you start venturing inside a completely advanced digital universe, making your reality in there and blending your encounters & experiences of the actual physical world with it. That is the metaverse for you.
Recent reports published on PwC/Cointelegraph.com predict the metaverse market will grow by over $1,544 billion within 10 years.
Madness Over Metaverse focused marketing
According to Google Trends, lots of people utilized the word ‘metaverse’ in their searches term during the last year.
At the present time, if you add the word ‘metaverse’ in your search on social media like LinkedIn, you will get more than 2700 results that include people’s profile titles, headlines, and posts featuring the exact keywords.
On Instagram, the tag #metaverse had already been used in more than 110k posts.
Twitter has recently recorded an average of 2000+ tweets featuring the word #metaverse every hour.
While searching on Google News, there are more than 200k results for you to explore.
What can Marketers expect from the Metaverse?
Due to the pandemic push of new emerging opportunities and technologies like VR – are quickly moving away from the traditional stigma to the next technology revolution. Mobile technologies are more likely to shape our culture from the first version of the iPhone to now.
As most digital marketers are working to optimize & increase their presence on search engines like Google, Bing, etc. Similarly, we need to analyze how to get visible in Metaverse as well.
Brands such as Gucci, Nike, Disney, Snap, and Facebook are amid creating virtual communities, content, assets, art, experiences, and universe.
Now we can step out of our real world, into the virtual world where we will have a new economy, environment, currency, behaviors, etc.
How are Brands Preparing to Enter the Metaverse?
It seems like VR and AR are the new avenues of digital marketing.
With the help of these technologies, brands are building Vstores, or virtual showrooms designed to allow users & customers to take a tour. Engage with a space or interact with 3D products such as cars, jewelry, or different types of other digital assets.
Augmented reality had enabled customers to tap into Virtual try-on for glasses or makeup and visualize furniture and other products in their homes.
As per Statista, the estimated mobile augmented reality (AR) users worldwide by 2023 will be 2.4 billion.
Selling online digital versions of products in virtual reality is becoming a new revenue opportunity for brands. Brands like Gucci, Nike, and Dior all offer digital goods online that allow personalizing and customizing avatars, whether it be handbags, shoes, hats, or sunglasses; as avatars would need a wardrobe change as well based on events, seasons, moods, etc.
For instance, Nike uses 3D technology to let consumers build/design their products and gain valuable intelligence by allowing fans to build their shoes.
Globally renowned brand Gucci made a case study out of this.
According to Snap (an American camera and social media company): “The shopping AR experience generated positive ROAS, as Snap chatters were purchasing the products from the app! Not bad for a campaign that was only supposed to generate awareness and engagement,”.
The way marketers presently educate themselves about SEO for popular platforms like Google, YouTube, Bing, etc. A similar approach should be followed to become a part of the metaverse discussion. Like for instance, using the keywords - ‘metaverse’ while optimizing your content can help attract the relevant audience via organic search results.
AR Content Strategy – Taking the perks of the metaverse, which is the immersive virtual 3D universe, we can engage with the audience on a deeper level. We can experiment with new types of content.
For example, you are running a travel and tourism business. In blog, you want to promote trips to Malaga, Spain, through content marketing. In traditional marketing, you would probably write a detailed blog with beautiful photos and relevant information about the city or shoot a video showcasing the key spots to visit, landmarks, etc. However, when in the metaverse, you can step up further by walking your audience through a virtual guided tour of the city, or maybe taking them to the different hotels available so that they can choose the one they like best, and more.
Local SEO – Consider having a local restaurant, a small business, or a retail shop? Google can help you through AR/VR technologies create a 3D experience direct from your local listings and more.
Visual Search - Images are a highly effective form of content to engage users. As Google is smart enough to understand the content and quality of images. Augmented Reality (AR) is set to change user’s shopping experiences by allowing them to visualize clothing products in real time environment. 3D and AR platforms can be used to create visual wearable and tradeable digital garments.
Social media on Metaverse - The social network now seems ready to launch from 2D to 3D. Brands like Facebook see their future as a metaverse company. With the help of brands such as Oculus (the hardware), the virtual reality platform Facebook Horizon, and a newly formed Facebook Metaverse executive team are set to step into the social metaverse.
Benefits of Metaverse Marketing
The metaverse is brimming with opportunities for businesses. There are multiple benefits of using Metaverse Marketing for your brands:
Establish your own virtual venue - Team up with AR/VR platforms and designers
Turn your virtual good into an NFT (non-fungible token)
It helps in Increasing brand engagement and recognition
Increased reach and engagement
Suitability for all types of business
Improved customer loyalty and referral
Frequently Asked Questions (FAQs)
When can we expect to see fully developed metaverse?
Tech giant companies have estimated that it could take five to 10 more years before we can see a the fully developed metaverse becomes mainstream. But this virtual world exists now, even if it's not yet accessible to all.
In the future, how Will People Access the Metaverse?
In the earshot future, people will be able to enter the metaverse using only a virtual reality (VR) headset or an augmented reality (AR) headset. VR and AR headsets will most likely to merge into one type of headset that will be able to deliver both virtual realities and augmented realities.
Which companies have invested in the metaverse?
Apart from companies like Microsoft, Sony, and Facebook, the involvement of other names who have invested in developing the metaverse include Nvidia, Niantic, Apple, and Decentraland.
Future of Metaverse – Closing Thoughts
The future seems bright for the metaverse. It’s not a science fiction concept anymore.
The metaverse promises to bring a new altitude of social connectedness, mobility, and collaboration to the world. Soon, we will be looking at the world through AR glasses and leveraging immersive technologies.
We are still waiting to venture into the metaverse of madness.
The possibilities are infinite. And Metaverse is inevitable!!! (Like Thanos)
I am excited to explore it more, are you??
I am happy to answer all your queries, please add them in the comments below. Until next time, Happy Marketing!