Imagine your avatar walking into a digital wine shop and talking to an avatar wine expert to get some questions answered.
You order the wine and have it shipped to your physical address.
Welcome to the metaverse, the intersection of our digital and physical realities.
Is your brand future-proof ready for NFTs, the metaverse, and web 3.0?
In this column, we’ll talk about a few terms you’ll need to know, current opportunities for brands in the metaverse, and how to get started.
You’ll find tips, examples, and plenty of resources along the way to help you develop your own metaverse marketing strategy.
Important Terms To Know For Meta Marketing
First, let’s get clear on what it is we’re talking about.
Depending on the source, there are many definitions and opinions of the metaverse.
Oxford Dictionary defines it as “a virtual-reality space in which users can interact with a computer-generated environment and other users.”
Mark Zuckerberg said at Connect 2021 that the metaverse is “a virtual reality construct intended to supplant the internet, merge virtual life with real-life and create endless new playgrounds for everyone — you’re going to able to do almost anything you can imagine.”
An NFT is a non-fungible token; an intangible digital asset in the form of images, video, or gaming items.
These virtual assets come with certificates that show ownership and are influencing the growth of the metaverse.
NFTs are bought and sold using cryptocurrency such as Bitcoin.
Web3 or Web 3.0, the third generation of the Internet, is a decentralized version of the Internet eliminating the reliance on Google, Facebook, or Twitter.
It’s considered the next tech revolution as it combines machine learning with big data and is predicted to offer a personalized and private experience.
Recent reports predict the metaverse market will grow to over $1,544 billion in less than ten years.
This is a significant shift in the digital world that looks and feels reminiscent of the social media revolution back in 2007.
One catch to this tech growth spurt is that it’s happening much quicker and is far more intense.
If it feels like the wild, wild west for marketers, welcome to the new reality.
Prepare for new opportunities to immerse your brand into worlds where content creators rule, 3D is the norm, and life as marketers have known getting a meta makeover.
“The similarities between where social media was 17+ years ago and where we are now with the emerging metaverse is wild,” Lindsey McInerney, former Global Head of Technology & Innovation at Anheuser-Busch InBev, noted in a LinkedIn comment.
How Are Brands Entering The Metaverse?
It seems that VR and AR are the new digital marketing.
Brands are building Vstores or virtual showrooms designed to allow customers to take a tour, interact with a space or interact with 3D products such as cars, jewelry, or any digital asset.
Virtual try-on will enable customers to tap into augmented reality, try on glasses or makeup, and visualize furniture and other products in their homes.
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Innovative marketers are taking concerts, art festivals, and sporting events and transferring them into digital experiences.
Avatars need a fashion budget.
Selling digital versions of products in virtual reality is becoming a new revenue opportunity.
Gucci, Nike, and Dior all offer digital goods that allow personalizing and customizing avatars, whether handbags, shoes, hats, or sunglasses, as avatars now need a wardrobe change based on events, seasons, and moods.
Going direct to the avatar (D2A) is the business model where brands are selling directly to digital identities.
Designing, creating, and selling in a digital world means no shipping or supply chain issues. Individuals can explore identities with their digital self.
Brands hit play, game on. It’s meta branding.
Sponsoring events in the physical world has proven ROI, and this traditional marketing practice is easily transferred to the metaverse.
Adding more creativity to the competition is gamifying commerce.
For example, Louis Vuitton created a video game to reach a younger audience and gamified with branded NFT collectibles.
Nike uses 3D technology to let consumers build/design their products and gain valuable intelligence by allowing fans to build their shoes.
Virtual pop-ups allow engagement at a distance.
Leveraging virtual worlds and brand placement creates a creative and customizable opportunity, especially in post-pandemic times.
One collaboration curating fashion, lifestyle, and art included Coach, Disney, and Keith Haring.
The three made a virtual pop-up for visitors to discover and shop for special edition physical and digital gifts.
The digital shop showcased items to buy such as Mickey’s ears, shearling jackets, totes, and sweatshirts printed with Haring’s signature artwork, as well as AR filters and a bespoke Spotify playlist.
Technology is moving at lightning speed, rapid change is happening every day, and consumers are more adaptable than ever.
Future-proof your marketing or get left in the digital dust!