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All about Metaverse and why is metaverse important for brands?

Hey there! Welcome back again. Wondering what exactly Metaverse is? Is it a video game? Or is it just another deeply uncomfortable extension of Zoom? I’m sure you must be aware that Facebook is now called Meta. To describe its vision for working and playing in a virtual world, Meta is now helping to build the most awaited Metaverse. Let us deep dive and understand what exactly it is and why it matters for brands.

Metaverse is Mark Zuckerberg’s latest big idea that brands can genuinely take advantage of. Did you know that Metaverse is projected to become an $800 billion market by 2024? If you are reading this article, you probably would want to know more or even are already thinking about joining the metaverse. In simple terms, the metaverse doesn’t refer to one singular type of technology but rather it is a group of technologies that will forever change the way we interact online. The internet that we love and embrace today is social media, live streams, apps, and E-commerce is known as the web2. On the other hand, the metaverse is part of web3 which is nothing but the next iteration of the internet.

Web3 is challenging for people to wrap their heads around because it is complex and comes with its own set of jargon such as Blockchain, Crypto, and NFTs. Surprisingly, instead of tech giants like Google or Apple controlling the internet, everyday users will be able to own, operate and contribute. Metaverse sounds exactly like the early days of the internet and social media. Who knew social media would become an integral part of culture and business? Didn’t it turn out to be something bigger than all our imaginations? It is predicted that Metaverse will be much bigger than this. Experts believe that users will be able to buy and sell real estate, and goods, host parties, educate scholars and even get married.

Now that we have a general idea of the metaverse, let us dive deeper and understand the future of metaverse marketing.

It has been observed that marketers are early metaverse adopters and are more eager than customers. Marketers seem to be more excited than consumers to anticipate the metaverse and another emerging tech, playing a crucial role.

Wondering how different will metaverse marketing be?

Metaverse marketing will allow marketers to tap into a niche audience, expand the brand’s reach, and allow brands to sell products in a new arena. More than two-thirds of marketers anticipate investing at least a quarter of their budget into metaverse over the next 12 months, while 33% of marketers believe that their brands are well ahead of the curve for implementing AR/VR into their social strategy.

The gaming industry was the first industry to take massive advantage. The famous Fortnite and Roblox are some of the largest metaverses, providing an opportunity for impactful collaboration, especially for those who target millennials and Gen Z. Even though marketers are all set and ready for the next big thing in tech, it is crucial to maintain a balance between meeting customers where they are and communicating effectively what lies ahead in the future.

  1. Coca-Cola:
    • The soft drink giant merged the metaverse and the physical world with its limited-edition flavor, Coca-Cola zero sugar byte which was inspired by the digital space and gaming.
    • The soda can is completely pixel laden, with designs forming the shape of the iconic Coca-Cola logo.
    • Coca-Cola zero sugar byte was exclusively available online in the US, with retail launches at some international locations too.
    • Pixel point, another space on Fortnite allows players to experience the drink in the metaverse by playing mini-games.
  2. Gucci:
    • The luxury fashion house has successfully executed several activations in the metaverse in the last two years.
    • We can all agree on the fact that Gucci’s clothing is not the only part of the brand that is fashion-forward.
    • In early 2021, the brand released its Gucci Virtual 25 which is a digital sneaker that can be easily worn in AR (Augmented Reality) through apps like VRChat and Roblox.
    • The brand also launched its latest metaverse activation called the Gucci town in June. Gucci town is a permanent space where players can who are keen can learn more about the brand. Moreover, they can also express their style through virtual outfits.

The biggest advantage for marketers is that the world of metaverse doesn’t sleep. It exists 24/7 continuously looping information and interaction. However, the metaverse will not replace the ongoing marketing strategies but complement them brilliantly.

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Thus, to conclude, technology has been shifting rapidly. We are now getting to experience innovations that were previously unimaginable. One of them is metaverse, a unique, immersive virtual environment that has quickly taken over the internet to which consumers seem to be catching on. The keyword metaverse yields nearly 677,000 results on Google.

The hashtag #metaverse has more than 60,000 posts and is widely used on Instagram. It is also tweeted more than 500 times per hour on Twitter. Impressive right?

Digital marketing needs attractive interaction too, and metaverse will provide this platform. We can without any doubt say that metaverse will be the new platform for digital marketing. The changes in consumer behavior and past experiences predict that the metaverse will stay for a long time and, especially metaverse for digital marketing will be quite an interesting one.

Still not convinced? Metaverse will offer immense opportunities to create attractive digital marketing strategies focusing more on conversions. In simple terms, metaverse marketing will let you be bold and creative.

Now is the best time for brainstorming activities and coming out with some great campaigns. If you are also interested to create interactive campaigns or engaging content, you can check out EduPristine’s digital marketing course. The digital marketing certification course can be done by freshers as well as working professionals. To know more about the digital marketing course in India, feel free to get in touch with our counsellors who would be more than happy to assist you. All the best and happy learning!