People are increasingly convinced that the metaverse is just around the corner and that the internet has already begun to undergo a paradigm shift. In situations where businesses invest in a location and the media proclaims a moment, it makes sense to stop and think about whether reality can match the hype.
If this is the “meta” moment, many businesses are likely to be unsure about what the metaverse is and whether they should participate. Additionally, businesses may need help knowing where to begin when considering how to enter this new market.
What is Metaverse?
At their core, metaverses are straightforward concepts. The term metaverse generally refers to any online experience that takes place permanently, immersively, in 3D, and virtually (online rather than in real life. As a metaverse user, you can play, work, connect, and purchase merchandise which can be either physical or virtual.
Metaverses are called metaverses because they are not one, interconnected, or even interoperable universe. As each virtual world company has its own access, membership, and monetization rights, as well as ways for artists to express themselves, the technological and financial requirements differ. There has never been an environment as large, immersive, and open as the metaverse. A larger, more immersive environment encompasses a variety of experiences and realms.
Incorporating the Metaverse into Industries
Only a few organizations are shaping the landscape in the entertainment and gaming industries. Playing and interacting with others in virtual environments has become normalized in the major console and PC games, such as Epic Games’ Fortnite. In addition, users can frequently monetize immersive environments created by newer gaming systems, such as Roblox.
Using Ethereum blockchain technology, users can build virtual buildings like theme parks and galleries and charge others to visit them in Decentraland, a fully immersive 3D virtual environment. In addition, companies like MetaVRse and Unity are developing engines to support brand and game studios and speed up AR and VR content production.
How can brands use the metaverse?
Brands may connect with consumers in various ways by using the metaverse. The following are some of the simplest methods to begin participating:
- Making NFTs that are representative of your brand or business
- Supporting metaverse events like gaming competitions or music festivals
- Establishing online workspaces for workers to collaborate
- Setting online shops or venues for shopping
Tips for brands looking to enter the metaverse in 2022
Pick your goal
Take into account the amount of time your target markets and consumers spend in the metaverse before you launch your assault. Younger demographic brands, for instance, aren’t usually able to stay away from the metaverse for very long. Therefore, in order to enter the metaverse quickly, you need to determine who your target audience is and what their current behaviors are.
Observe the competition
Introduce examples of similar businesses that have made use of the metaverse, such as exhibiting at a leadership conference, to get the discussion started. Many aspects of this space might seem scary, particularly when it comes to NFTs or blockchain, which seem impossible.
Look for participation options for your brand
Finding chances for your brand to engage in the metaverse requires understanding what it is and how it may help your company. This can include funding activities, setting up online platforms or offices, and more.
A digital experience that is gradually gaining in popularity is the metaverse. Brands may participate in various ways, so it’s crucial to start planning your entry into this dynamic new market right now. Everything from entertainment, gaming, and shopping to how we work and interact socially and professionally might alter due to metaverses. So be sure to monitor this technology’s rapid development!
Your business may be able to advance long-term objectives or purposes with the metaverse, such as sustainability, which is ideal for many metaverse applications. Many CMOs have already made public commitments to ESGs related to sustainability or will do so in the near future. We will soon be able to quantify these commitments as well.
Make an entrance plan
Request that your agency team starts developing a position on how and when your brand should appear in the metaverse. Asking holding businesses and independent agencies what they see throughout their client roster is a terrific opportunity since they closely observe mass media habits and upcoming trends. What tests might they set up to make it easy for you to expose your brand to the metaverse?
Maintain your stance
Be prepared for the risks and rewards that come with every new environment; manage in a way that accounts for the possibility of extreme unpredictability and a lack of norms. We are fortunate that the recent epidemic has increased our collective agility dramatically.
Experiments will fail. Several years ago, Second Life offered the promise of the metaverse but failed to gain traction. The danger to participating companies was neither tremendous nor long-lasting. You should make plans to arrive as soon as you determine the appropriate time.
Why brands invest in the metaverse
Let’s face it, both consumers and businesses find a 4D immersive world appealing. So brands aren’t just selling a product or service but also a futuristic experience. The metaverse, which is a cornerstone of Web3, promises technical developments that will go beyond the limits of the physical and digital worlds, decentralize the Internet, and alter the way society functions as we know it.
Over two-thirds of marketers plan to devote at least a quarter of their budget to metaverse techniques over the course of the next 12 months, according to surveys. Moreover, according to 33% of marketers, their companies have already used augmented reality (AR) or virtual reality (VR) in their social media strategy. As a result, brands are more inclined to join the bandwagon than customers who have yet to reach that point.
Even the most likely generations—Generation Z and Millennials—to anticipate interacting with companies via AR, VR, or extended reality (XR) in the future—at 46% each—remain the minority. Adoption will rise as the metaverse expands and becomes more readily available to users.
Metaverses provide people with a whole new way to interact with one another, play games, work, and even shop. Even though consumers have taken longer to adapt, social media has dramatically increased enthusiasm for this new technology. From January 10 to March 10, 2022, there was a 102% rise in talks regarding the metaverse on Twitter, with an optimistic mood of 91%, according to Sprout Social’s Metaverse listening data.
Additionally, many well-known companies have already started using the metaverse as a marketing tool to build brand activations and keep one step ahead of the competition. Brands entering the metaverse want to be early adopters who take measured risks and profit, much to how social media first emerged.
We can only anticipate further innovation and growth in the Web3 community and, therefore, the Metaverse as we go toward 2022. Brands will want to be a part of the discussion and disruption of what was the internet as the number of users for NFT marketplaces rises. For instance, Coinbase, which claims to have 43 million users, intends to launch its own NFT platform in the next year. This does not imply that, as marketers, we should hastily enter the fray; instead, we should consider how to strategically integrate our brands into this digital renaissance in a manner that is true to our brands.