The world is changing right before our eyes. People are spending millions on monkey pictures. Latin American countries are accepting Bitcoin as legal tender. Roblox has a market cap of more than $27 billion. Facebook isn’t even Facebook anymore. If you feel overwhelmed – or maybe just flat out confused – we promise you are not alone. Don’t worry; you’re not late to the Metaverse party. If the project’s current trajectory tells us anything, the Metaverse is just in its infancy, and there is plenty of time to prepare your brand.
So, don’t put on your VR headset just yet. Instead, read on for a deep dive into the Metaverse and learn more about the future of digital marketing.
What Is the Metaverse?
There is no need to be scared by the term Metaverse. It sounds technical and futuristic, but, in the simplest definition, the Metaverse is another word for the internet. However, the reason for the new terminology is the prospect of change.
The Metaverse contains all of the same elements of the internet now, with different means of interaction. For example, the Metaverse offers avatars, games, commerce, communication, and business. This isn’t too different than what we have now. Instead of profile pictures, the Metaverse has skins. Rather than clicking to add an item to a cart, you can physically place it into a virtual basket.
The most distinguishable feature of the Metaverse is that you can go anywhere with just a set of VR goggles. As soon as you put them on, reality disappears, and you’re inside of a new world. This will prove to be valuable for businesses, as they will be able to offer immersive marketing experiences.
Why Is the Metaverse Important for Businesses?
At this point, you might be thinking, “Why do we need the Metaverse?” There are two factors pushing for its growth: the evolution of technology and people’s desire for the next big thing. As far as history goes back, suppliers have adapted to consumer wants, and the Metaverse is no different. There is a market to fill and a huge opportunity for businesses.
For some, the Metaverse offers an improved internet experience. Instead of sitting in on Zoom meetings with your colleagues, the Metaverse offers virtual conference rooms for you to walk around and interact with your team. It has the same interactive element of being in person, without having to leave your home. For others, the gaming experience is more life-like and enjoyable. Instead of staring at a television, you’re completely in the game. Regardless of the reasons people want to experience the Metaverse, businesses can and should consider offering their services to consumers.
For example, a retail clothing brand can open up a virtual store in the Metaverse. Consumers can shop, and augmented reality will show how the clothes would look on them. Then, they can purchase and have the items shipped to them in real life. It’s a similar overall process to in-person shopping or current eCommerce shopping, but the experience is brand new. In addition, businesses can be more accessible in the Metaverse as opposed to physical stores. Virtual stores create a reality anywhere, at any time. The sky is the limit.
How Can Brands Prepare for the Metaverse?
Because the Metaverse is so young, there are many ways that businesses can grow into this space long-term. As of now, there is no standout digital brand marketing strategy, but we have narrowed down a few ways to market in the Metaverse.
Advertise in a Virtual World
If there are virtual worlds, are there virtual billboards? Yes. Advertising in the Metaverse is not much different from current digital marketing strategies. In the Metaverse, businesses pay to have their advertisements shown to users and target groups, while receiving real-time analytics. Companies like Bidstack have been running in-game advertisements for years now. It is likely that we see the breakout of Metaverse companies and the development of similar marketing strategies.
Purchase Real Estate in an Existing World
In addition to offering virtual advertisements, you can own virtual property in the Metaverse. Feel free to get as creative as you want with this space. You can put up a store, a game, or even rent the space out to earn passive income. The possibilities are endless. However, you should know that prime real estate can be expensive. As of Q1 2022, the cheapest parcel of land in The Sandbox, one of the most popular Metaverse worlds, costs over $14,000. Prices could appreciate, but you should know that venturing into the Metaverse will definitely take some capital investment.
Mint Branded NFTs
Don’t get turned off just yet by the term. NFT stands for non-fungible token. This is an item that exists on a blockchain, and each is unique. The blockchain is essentially an encrypted public spreadsheet recording who owns what. So, what does this mean for your company, and how does it relate to the Metaverse? You can actually create your own NFTs, and sell them as requirements to do things in the Metaverse. For example, you can sell an NFT as a “ticket” to unlock games, concerts, and more in the Metaverse. Because it is on the blockchain, this ticket cannot be replicated, and therefore it is valuable.
What’s Next for the Your Business in the Metaverse?
As the Metaverse continues to evolve so will digital marketing trends, so it’s a good idea to stay up to date with digital marketing in 2022 through a free resource center. If you think your business is ready to take the leap into the Metaverse, consult with the premier digital marketing agency in CT: Zero Gravity Marketing. The digital marketing experts at ZGM can share how to join the Metaverse and what you should know about the Metaverse. Connect today and take the next steps for your business’s digital marketing efforts.