In October 2021, Facebook rebranded to ‘Meta’ and announced that the Metaverse would be its new focus as it moves forward into the technological future.
With Mark Zuckerberg stating his intention to build a Metaverse that would become ‘the next internet,’ it pens the questions will digital marketing soon shift its focus towards the virtual world?
Many of course began to speculate what digital marketing would look like in a virtual world. Would it consist of banners and video commercials? Perhaps entire virtual experiences like interactive destinations one can visit as shown in the film Ready Player One?
Although the concept of the Metaverse may still feel mysterious to some, big brands are already seeing its potential and recognising that they can connect with audiences in ways that were never possible before and provide exciting and memorable brand experiences.
While Facebook’s Metaverse is the talk of the town, multiple Metaverse‘s are currently under development including Metapolis, the new virtual world built using Zilliqa’s powerful blockchain.
With the Metaverse predicted to become an $800 billion market by 2024, it certainly isn’t going away anytime soon, and the opportunities presented by Metaverse technology are seemingly endless.
What Is the Metaverse?
Put simply, it is an online digital world which users can immerse themselves using virtual reality (VR) or augmented reality (AR). In the Metaverse, users can create avatars that move through a 3D world where they can interact with others and the environment around them.
Digital Marketing In The Metaverse
When considering effective marketing strategies, emerging technologies should always be considered, so it’s no wonder that the prospect of metaverse marketing has become a hot topic in the digital marketing world.
The Metaverse is set to become a place where people spend more of their time, experience brands and even buy virtual products, so it’s no wonder Gen Z consumers spend twice as much time socially interacting in the Metaverse as they do in real life. Although many users may be young, their influence and purchasing power are only set to grow over time.
Brands such as Adidas and Nike have already adopted blockchain technology, offering NFT (non-fungible tokens) products that users can purchase to gain entry to exclusive online events and even change the look of their online avatar with the freshest clothing and sneakers.
Although current iterations of the Metaverse can feel geared towards a younger audience, investment from some of the world’s biggest tech companies suggests that the influence of the Metaverse will be as groundbreaking as the invention of the internet or social media and certainly confirms there are some exciting times ahead for marketing business online.