Facebook CEO Mark Zuckerberg spent considerable time discussing the metaverse during his quarterly earnings call in late July. “It’s a virtual environment where you can be present with people in digital spaces, ”he said. “You can kind of think of this as an embodied Internet that you are in rather than just watching. We believe it will be the successor to mobile Internet.
It may sound too familiar if you think back to the much-heralded second life platform, which failed to gain traction. But because of the pandemic and the general public getting used to doing everything digitally, the metaverse will be a whole different beast. All signs point to huge potential and possibilities, including the possibility of completely redefining the way we interact with consumers.
Isabel Perry, chief technology officer at Byte (which is part of the department) noted, “The metavers are teeming with innovative marketing potential (ranging from live shopping to virtual stores, fashion shows, product launches, content production, live flagship events, enhanced social media, Zoom and NFT call enhancement paving the way for real savings). The possibilities offered by this hybrid digital / physical world are almost endless. This‘It’s time for avant-garde brands to get involved.
The metaverse is the next marketing channel
The metaverse signals an evolution beyond traditional advertising towards creating more engaging, exciting, and less invasive brand experiences than what we experience with digital advertising today.
Conventional offline and online advertising methods such as flagship stores, large billboards and other types of traditional offline and internet advertising are becoming a thing of the past. All age groups, from the youngest to the oldest, are interested in new innovations, from contextual targeted ads to Instagram influencers to platforms such as Twitch, TikTok, Fortnite and Roblox.
For those looking to build a relationship with today’s new generation of consumers, the phrase “in real life” has taken on a whole new meaning. Digital alone is not enough; it must also be interesting, meaningful and immersive. And that’s precisely what the Metaverse will accomplish for brands in the near future.
For example, Balenciaga launched its dystopian game Afterworld, showcasing its futuristic clothing line. Fortnite, a player-versus-player game played by hundreds of millions in the Gen Z age group, collaborated with Nike to promote their new Jordan sneakers and teamed up with rapper Travis Scott for a virtual concert in front of an audience of over 10 million people. And the hugely popular esports game League of Legends collaborated with Louis Vuitton for its last world championship.
Among other examples, Nike has materialized virtual stores for its Air Max 720, calling physical lines on shopping streets as: “so 2k18. Meanwhile, ComplexLand recently got an interesting take on the metaverse by creating a free, open, and purchasable virtual destination. And non-traditional games like Axie Infinity even take these new virtual worlds and blend them with the real world economy, allowing many people to make them their primary source of income.
New technologies give a boost
Hardware is getting more compact, faster and smarter. Thanks to 5G, almost everywhere now has fast and reliable connectivity. In the metaverse, computer vision becomes smarter, allowing visual and audio assistance. All this contributes to the immersion of the experience, making the transfer of knowledge and experience more enriching and human.
Paul Doyle, director of product management for Unreal Engine at Epic Games said it best: “Just as the Internet and mobile technology have been major transformations and major technical ages, we‘re about to reach a virtual age. And that‘it’s going to be awesome.
This is essential for businesses that want to put their customers first. And the metaverse is quickly becoming the focal center of all this activity.
Non-fungible tokens signal a new frontier for the digital economy
Thanks to NFTs, the metaverse paved the way for real savings. DFTs are about the ownership of something unique that cannot be replaced by anything else. They create a unique and unique property for the taste of digital art, musical performance or digital asset.
This means that brands have access to a whole new world for engaging people and doing business with them, just as they would in the physical realm. This‘It is entirely possible that in the future these metaverse will overtake the economics of the physical universe and open the door to limitless possibilities of owning equity in the digital universe.
Now is the time to act
If you‘If you are a marketer blown away by the possibilities offered by a nascent sphere like this, you might ask, “What should I do with my brand in the metaverse? The answer is to start with the basics: study what’s out there, take a close look at your brand’s DNA, and find what works best for you.
put on‘Remember, the Metaverse is still ultimately populated by (real) people who give your brand new way to grow and stand out. So stay in the loop and don’t‘I wake up one day wondering where everyone has been.
See you in the metaverse!