Marketing in the Metaverse
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 certainly many opportunities for certain types of organizations to participate in, and benefit from, 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 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 explain some of what is happening today.
What is the “Metaverse”?
In simple terms, the metaverse is the convergence of the physical world with 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, enabling people to experience a digital world. The metaverse will likely give visitors new ways to seek entertainment, shopping, travel, learning and many other daily activities.
Researchers believe the metaverse will be a completely different beast (and arrive sooner than many originally 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.
From a marketing standpoint, the metaverse offers many potential opportunities to find and interact with your customers. Some of the earliest adopters include entertainment, gaming, music, fashion/clothing and even food brands.
How Endorphin Digital Experiences the Metaverse and How We Can Do it for You
Creating a virtual office, store or meeting space to meet with colleagues, clients, vendors and partners is a great gateway for startups and small businesses to enter the metaverse.
Use meetings in the metaverse to your advantage by making meetings feel personal, spontaneous, and powerful. After creating your own space, it's as simple as clicking a link to meet with others. In many applications, there are no apps, downloads, tools to install for others to meet in your space.
Webcam: Use any webcam so others can see you in the metaverse.
Whiteboard: Sketch out ideas collaboratively with peers in real time.
Screen Share: Share your screen inside the meeting room to show anything that you have on your computer.
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, changing its name to Meta and announcing very significant investments into building their own metaverse, 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:
Check out our Marketing in the Metaverse Webinar: