Simply put, the Metaverse is the next generation of the internet. The second syllable is a derivative of the ‘universe,’ and compounding it with ‘Meta’ envisions a universe where people live, work, shop, learn and socialize with each other as digital avatars online. This is taking it a step further than today’s digital age, by creating avatars of ourselves that will assume our identities and live lives in the digital space in the manner that we would want to in the real world. This will be an entryway into a whole new digital space. It is assumed that the Metaverse will be a digital ecosystem that will garner different types of 3D technology and software that ensures real-time collaboration and utilizes decentralized finance tools that use blockchain.
We will be able to have multiple avatars based on different aspired and perceived identities and each will probably be part of a different online community. It’s fascinating to think that the aspirations we have for ourselves that cannot become reality will become virtual flesh through our avatars.
Sounds exciting? Scary? Both? Well, the full Metaverse as envisioned above hasn’t come to pass yet. Its implications for us as human beings who are social animals may not be ideal but for the business world, this could be a veritable gold mine.
The Metaverse and marketing
It’s no secret that many famous brands have been purchasing space in the Metaverse market. Among them are Adidas, Samsung and HSBC. PRWeek Asia noted that even the South Korean government recently injected $3.3 million into Metaverse Seoul so that various businesses can reach for more success and also enable government agencies to serve their citizens better. The ideas on which the Metaverse is built would have, no doubt, sprung up on the back of the Covid-19 pandemic and its lockdowns that confined people to their homes without access to various goods and services. With the Metaverse, the need to leave one’s house is eliminated because your avatars can carry our purchases for you in the online universe.
What this does then, is that companies and brands have limitless possibilities to promote and sell their goods and services inside the Metaverse. You are forgiven if you are already feeling incredulous about this. After all, how many people would like to purchase food in a Metaverse? On the other hand, industries like fashion, music and gaming will probably thrive in this type of environment where already Artificial Intelligence (AI) has made a significant impact by producing virtual fashion experiences and music and gaming ideas and collaborations that are yielding great results. In fact, various artists have begun producing their music videos inside the Metaverse, creating a whole new experience for their fans who can view their favourite musicians’ avatars living their best lives in their created space.
The Metaverse is also a favourite now for team collaborations, staff training and knowledge sharing. The education space, by extension, is gaining ground in the Metaverse. This allows teachers and students to meet virtually using augmented and virtual reality tools to learn, so students, wherever they are, have access to the best teachers and resources. So, this will actually remove all imbalances in the dissemination of proper education making the future generation more learned, skilled and ready for the challenges of the future. In fact, virtual games such as Minecraft are being used by teachers to teach lessons on creativity, essay writing, and even Math. For those providing education services, marketing them in the Metaverse will be your next big goal.
Getting there
Marketing your products and services in the Metaverse will be somewhat different to marketing in the physical world, but the fundamentals will more or less, remain the same. Your first step is to determine your goals for the Metaverse, such as how much share of the Metaverse you would want to claim, and whether your primary audiences are there. If your brand is geared towards reaching younger audiences, you can pretty much be guaranteed that your target market is already familiar with the Metaverse.
Knowing which Metaverse platforms they are on will be beneficial. Platforms such as Roblox, Fortnite and Horizon World are already popular among Gen-Z and Gen-Alpha. Thus, brands that envision catering to the next generation can think about launching an event on one of the Metaverse platforms. For example, a setting created within the Pokémon game in the Metaverse that is in collaboration with your brand will certainly attract the young, teen Gen-Alphas who are thrilled with the game.
Major brands like Nike, Forever 21 and Gucci have experimented with sales in the Metaverse. No industry can say that there is no place for them in the Metaverse- really, even restaurants and FMCGs can thrive if they do their research, adopt the proper technology and pave the way for easy access to menus, payments and deliveries. This is where cryptocurrencies come in. Despite many people doubting the longevity of cryptocurrencies, with the expansion of the Metaverse, it is likely that there will be more need for them. Although at the moment, payments can be made in various ways on the Metaverse including via PayPal, Visa and Mastercard, digital currencies will no doubt be the more popular way forward considering ease of use and safety.
To be or not to be…
The debate is still ongoing as to how far the Metaverse can survive, but a large number of stakeholders believe that it is about to become the next big thing. In fact, Forbes says that this virtual universe has grown substantially in the last year or so and this is evident by the progress made on augmented and virtual reality. Statista.com says the Metaverse market size is expected to grow to $55 billion this year. It also says that Metaverse users will reach 1,461 million by 2030. Well, considering the fact that the use of AI grew in leaps and bounds almost overnight; I would say nothing is impossible in this digital age. As a marketer, it is time to prepare to evolve or be left behind.
(Anouk De Silva)