Marketing in the Metaverse 
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Should you be Marketing in the Metaverse?  

While the metaverse is still developing and likely won’t reach its fullest potential for some time, there are many opportunities for certain types of organizations to take advantage of this brave new world.

 

More and more people and organizations are talking about the metaverse and experimenting with new ways to use the latest digital frontier to reach their customers and deliver unique brand experiences. 

The question on everyone’s mind is, should we be marketing in the metaverse? And, if so, how would we go about doing this? 

First, let’s provide some background on the metaverse and show you some of what is happening today. 

What is the “Metaverse”?  

In simple terms, the metaverse is the convergence of physical, augmented reality, and virtual reality. The word metaverse translates to “beyond universe". This glimpse of the Internet's future suggests the connecting of a physical persona with a digital persona, which enables you to live in a digital world. The metaverse will likely give visitors another way to seek entertainment, shopping, travel and many other daily activities.  

Researchers believe the metaverse will be a completely different beast (and arrive sooner than many thought) due to the 2020 pandemic. This is because of the social distancing and isolation caused by lockdowns and other counter-pandemic measures. Many people ended up spending more time online and living more of their everyday lives connected via digital means. 

What Marketing Opportunities Does the Metaverse Represent?

From a marketing standpoint, the metaverse opens many doors of potential opportunities to find and interact with your customers. Some of the earliest adopters include entertainment, gaming, art, music, education, fashion/clothing and food brands.

 

For example, Nike has made big investments into the metaverse, including acquiring a "virtual sneaker designer." It turns out there is significant money to be made today already in offering digital only clothing in the metaverse. Ralph Lauren opened its first stores in the metaverse in December 2021, while Gucci and Balenciaga are also already there. 

Facebook gives a glimpse of metaverse, its planned virtual reality world 

Some of the biggest metaverses today: 

As in the early days of the Internet (or World Wide Web), there is not one single dominant platform for the metaverse. However, just like the Internet, we expect there to be one or two winners in the longer term. While Facebook may have made the first move by changing its name to Meta, many industry watchers suggest the metaverse will hit the big-time only after Apple jumps in.   

Some of the most popular metaverse worlds today include: SuperWorld, Somnium Space, Cryptovoxels, Upland, the Sandbox, Decentraland, and soon Atari

What is an NFT and why is it important to the metaverse?  

NFT’s (Non-Fungible Tokens) are crucial in connecting the digital and physical worlds by giving avatars or digital goods a unique identity. An avatar or location, for example, created with an NFT, is not a generic item which can be copied or replicated but a verifiably singular item which can be owned, bought and sold.  

This unique, identifiable item now has value and ownership. This is why items in the metaverse can have value, scarcity and ownership. This is where things start to get interesting! 

From a business point of view, this means that marketers have access to an entirely new universe for communicating with customers and conducting business, just as in the physical world.   

Resources & Additional Reading:

Here are some fascinating resources on the metaverse, how they are being used and more: 

Read our new blog post about the Metaverse.

Investors Snap Up Metaverse Real Estate in a Virtual Land Boom - The New York Times (nytimes.com)

 

Virtual Real Estate: Buying a Piece of the Metaverse - Deeds.com 

Crypto fashion: why people pay real money for virtual clothes | Reuters 

The ‘metaverse’ bet: crypto-rich investors snap up virtual real estate | Reuters

Why most definitions of “non-fungible” are incorrect. - NonFungible.com | NonFungible.com 

Play Decentraland - Quick Tutorial: Set up Metamask / Wallet and create your character and play! - YouTube 

Contact us with any questions about the metaverse or digital marketing.