Metaverse Marketing: Digital Opportunities and Challenges RevealedVenkatesh C.R
While far from the simulated realities that were first dreamed up in 1940s science fiction, the metaverse stands out on its own as a completely different virtual world. Much like The Matrix, it’s a self-contained universe. With that in mind, as any Digital Marketing Agency will advise you, Metaverse Marketing is an entirely different beast.
The Metaverse Defined
The metaverse is basically a version of the Internet that is slowly becoming more sophisticated. What began as text-based interactions transitioned to media-based, which, in turn, evolved to become the three-dimensional “metaverse” that has been creating a lot of buzz at present.
We’ve been hearing plenty of talk about how VR/AR and AI trends have been gaining traction in recent years. The metaverse’s creation wouldn’t have come about without these catalysts. It promises deeper immersion into a virtual world that exists along with the physical one we inhabit, where you can exist as an avatar.
At best, though, the metaverse in its present form is still in its infancy. It can even be argued that it doesn’t really exist yet. That doesn’t mean that there are no marketing opportunities in the metaverse.
As it exists today, it has the following uses and characteristics:
- It doesn’t ever “stop”, as it exists simultaneously with the real world. You can freely interact with other people in it any time you want.
- Being self-contained means you pretty much assume a metaverse identity. Your activities and their corresponding rewards and recognition are limited to the virtual world.
- It can be a collection of different platforms. For instance, think of a group of games that are interconnected, to the point that you can transfer and use items and transact from one game to another.
- There’s a focus on user-generated content.
Where do the metaverse and Metaverse Marketing stand in these present times? Will it become the norm? Take a look at these stats and judge for yourself:
- According to Statista, the metaverse’s global market size is over $38 billion in 2021. This is expected to grow to $47 billion in 2022.
- The metaverse market is expected to become an $800 billion industry by 2024.
Why the Metaverse Is a New Fertile Ground for Marketers?
Big-name brands like Nike, Meta, and Disney are marketing in the metaverse. Fortnite and Roblox, major metaverses themselves, have their doors open to companies seeking to promote their brands to their players, often, to great success and to the un.
What’s behind the pull? Well, it’s a combination of newness and convenience. Fresh experiences mixed with fast connections are nothing to brush off.
Of course, where there’s an influx of traffic (mostly Millenials, Gen X, and Gen Z), there’s opportunity. All these factors combined together are music to the marketer’s ear.
How Can Businesses Start Metaverse Marketing?
To get into Metaverse Marketing, you need to be well aware of the key aspects that make the metaverse a favorable place for the said purpose. There’s still a lot of testing to be done since we’re still largely in the dark with the fundamental metrics.
- Virtual reality is obviously at the forefront, so having a firm grasp of VR Marketing is necessary.
- You should also familiarize yourself with the virtual reality market and pinpoint promising trends.
- These new waters encourage you to exercise your creativity to the fullest since the metaverse offers boundless marketing opportunities and equally formidable marketing challenges.
With all that said, thinking out of the box and comprehensively becomes the most important mindset to adopt.
Metaverse Opportunities to Seize
Early Bird Advantage
As we write this, not a lot of brands are still relying on Metaverse Marketing. Even so, its framework is already set up as evidenced by the ads we see in games and how brands are actively engaging with established communities. The best time to experiment is now.
Real-world advertising is mixed with VR advertising. The same goes for events that occur simultaneously in the real world and the metaverse. Think of the highly engaging experiences these can bring about.
One thing’s clear: not building an audience in the metaverse is slowly becoming a big blunder.
Market Your Brand In The Metaverse
Our digital marketing services that can help you establish your company in the metaverse, which is ripe with opportunities for profit. Our high-talented team will assist you to navigate this brand-new and exciting territory and find success in these undiscovered waters.
Fantastical Possibilities and Experiences
How can you possibly compete with a marketing strategy for virtual reality, where you let people fly, assume avatars that appeal to them, and take part in other out-of-this-world others we only dream about in our waking lives? An advanced marketing strategy fueled by limitless imagination (i.e. every marketer’s unspoken dream comes true).
Augmented reality marketing and marketing in the metaverse are still fairly low-cost in general. Still, your campaign’s scale and goals always dictate your expenses. Building a world from the ground up costs a lot compared to advertising on in-game digital billboards.
Target Younger Generations
The young are enamoured by the promising experiences to be had in the metaverse. We can see this in how brands are reaching out exclusively to them in games like Fortnite and Roblox. Gen Z and millennials are toe-to-toe when it comes to spending the most time playing these games.
Goes Beyond the Sky’s Limit
There’s really no apter word to use than “limitless” when describing the scale of events and audiences you can target in the metaverse. We’re talking about millions of players that you can reach out to and who are hungry for newer experiences and ways to satisfy their needs.
Challenges that May Hold You Back
We have a saying, “too much of a good thing.” It applies to the lightning-fast internet speed that characterizes the metaverse. Meta-activities that you can perform with specialized equipment you can acquire in the blink of an eye will need equally agile and able companies able to deliver them and keep track of real-time transactions.
When the internet transitioned to the metaverse, it lost the unifying advantage of the HTML protocol. The same protocol needs to be introduced to the metaverse in order to heighten user convenience when transferring from one metaverse to another.
The metaverse is not exempt from security challenges that plague the internet, regardless of its version. Since it’s still in its infancy stage, this is understandable.
Rethink Narratives in Three Dimensions
Marketers will have to adopt “metaverse think” if they plan to use it to the fullest. Oftentimes, this also means creating 3D assets from scratch that costs a lot.
How Companies Can Optimally Utilize It
The metaverse has to have inherent value for marketing to become mainstream. At present, since we’re still groping in the dark and discovering ways to engage, promote, and deliver through it, most efforts should be focused on the discovery of effective marketing techniques.
Costly Content Creation
It can cost up to $300,000 to create metaverse real estate. That’s not practical if there are still viable, more economical alternatives available when creating content that can engage people.
On the whole, the metaverse is indeed the great, new digital frontier. Take care, though, for it’s both a battleground and breeding ground, replete with brand challenges and opportunities. Ultimately, it may well be the best place for digital marketing and innovation to marry in order to attain heights it has never ever achieved before.