Imagine one day, with just a few clicks, we can change our hairstyle and outfit, teleport to the stage of our favorite artist or meet friends from our bedroom. . The scenes in the movie “Ready Player One” were once a pipe dream that existed only in fantasy, but now they have become reality. So is Metaverse a possibility or a new avenue for the marketing community? Let’s discuss it with Tech Town through this article.
How does Metaverse relate to advertising?
Virtual reality, augmented reality, and the Internet make up the Metaverse. It is a virtual shared sphere created by virtually augmented physical reality, where everyone will have their avatar to play, create, explore or socialize in a virtual 3D experience.
“Metaverse” is not a new term coined by Meta (formerly Facebook). It first appeared in Neal Stephenson’s 1992 science fiction novel “Snow Crash,” which depicts a fantasy world with humans as avatars interacting in a 3D environment to escape an outdated reality. . It wouldn’t be surprising if Metaverse becomes our next future, with accelerated digital transformation, such as 5G, artificial intelligence, cryptocurrencies evolving over the past decade.
According to Tim Sweeney, CEO of Epic Games Inc., Metaverse has the potential to become a multi-billion dollar part of the global economy over the next decades, unlocking the potential for all businesses and trademark.
Looking back to Q1 2021, the Oculus Quest 2 VR headset developed by Meta was credited with a cumulative shipment record of 4.6 million for any given model. If the “Metaverse” grows exponentially in the new era, it will certainly be one of the future main playing fields for the digital advertising industry. “Meta ads” is likely to attract higher engagement from the audience, due to its fully immersive digital experience.
What opportunities for marketing in Metaverse
Virtual reality will be a vehicle for creating, discovering, defining, expressing, connecting and socializing, transforming business and marketing thinking.
In 2021, brands globally are experimenting with virtual and augmented marketing campaigns ranging from digital clothing, concerts, galleries and collectibles. Big brands like Walmart, Nike, Disney, Microsoft, and Facebook are creating virtual communities that encompass content, properties, fashion, art, experiences, and the world. Our physical and virtual worlds can coexist in a new economy, environment, currency, and behavior.
Think of it as a new billboard for marketers that tells their stories without boundaries. Here are some of the latest examples of how brands are entering the metaverse.
At the end of 2021, Nike announced a new project called “Nikeland”, a virtual world created on Roblox’s online gaming platform. It includes Nike buildings, fields, arenas, and sports venues for players to compete in sports minigames. There is also a digital gallery for user avatars to wear Nike and view their latest real-life collections. Nike CFO Matt Friend said: “Digital is increasingly becoming a part of everyone’s shopping journey, and we’re well positioned to achieve our vision of a digitally owned business. own 40% by fiscal year 2025”.
Virtual events, exhibitions, music shows
Massive interactive live events/experiences (MILEs) that include interactive elements such as VR, games, live shows, etc. provide a rich medium for people to connect and enhance interaction. .
Gucci Garden is a 2-week virtual collection exhibition on the Roblox platform that has attracted more than 19 million visitors. The Gallery allows users to collect limited Gucci items, then have them display the Gucci collection as avatar outfits in the Metaverse.
Besides brand activities, celebrities are also starting to participate in the virtual world.
In November 2021, Justin Bieber performed his first interactive and immersive live show as a performing avatar in the Metaverse. It allows audiences to interact with the star with digital reactions, such as likes, supportive emojis, and more.
Meta-influencer: The image that represents the brand
The goal of influencer marketing in the metaverse is purpose-driven and community-led, with the key being to engage consumers in supercommunities.
Fashion brands like Prada, Puma, and Yoox create their model avatars. Last year, Yoox launched her new avatar model Daisy on Instagram. To make the clothes “more familiar and personal” for their fans, Daisy was created with features gathered from Yoox user data and customer preferences. Prada also partnered with Lil Miquela – a virtual influencer created by LA-based Brud. Lil took over Prada’s Instagram account at Milan Fashion Week Fall/Winter 2018 to post behind-the-scenes videos and photos.
Display ads in the game
Brands have also moved from real-world outdoor advertising to virtual in-game billboards in sports venues or event venues. By going beyond in-game billboards, brands today can also set up digital booths with service to serve customers at those digital events/shows.
New Brand Assets
NFTs and metaverse are interconnected. In the metaverse, users can display and trade artworks and digital assets using blockchain-powered NFT, which makes the metaverse a new marketing dimension for brands. to develop their digital assets.
Coca-Cola has announced its first series of Ethereum-based NFT loot boxes, including a wearable metallic red bubble jacket inspired by its old delivery uniform. There are also digital versions of old Coca-Cola trading cards and some vintage Coca-Cola signature packs. The company also created avatars and other virtual content, such as a pixelated version of Coke’s 1956 traditional vending machine.
Virtual brand character
Some brands have also built brand characters and in-game online events to interact closely with their fans.
For example, in the game “Animal Crossing”, Sentosa Development Corporation created a Sentosa Island and invited fans to socialize. Delivery service company Deliveroo has delivered virtual food in the game, along with a promo code to order food in real life.
What to consider before mining the metaverse?
To the question: Is Metaverse for all brands? Then the first people to participate in the virtual field will be brands and industries such as: auto, luxury, F&B, travel, hotel, real estate and aviation will have more potential to develop. Here are a few key ingredients brands need to consider before tapping into Metaverse.
- First mover: Brands built with solid digital foundations or familiar with audience work, data, social, and e-commerce applications.
- Gen Z & millennials: Leverage AR & VR advertising for the visual generation.
- Solid Community: A community-driven virtual arena that will benefit brands with an active, passionate, engaged, and repeat audience.
- Learn from leading creators and NFTs: they lead the way for Metaverse through different creative approaches than traditional brands.
- Partnerships: Cross-brand collaborations or partnerships with influencers.
What should brands keep in mind when learning about Metaverse?
As brands dive into marketing in the Metaverse, there are a few things to keep in mind. Brands need to find ways to protect their image and reputation. Because in Metaverse, everyone can access the platform and do whatever they want. Any instant digital crisis is possible when scammers or hackers appear on the platform. In addition, privacy and data security are also a challenge for brands. With new technology being developed, more new security measures need to be implemented and developed in the event of a leak of corporate data. Finally, brands and content creators should also anticipate new measurements of digital content’s copywriting problem.
Hopefully the information Tech Town brings above will be useful for businesses.
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