What is the Metaverse and How Can it Help Market Your Business?
If you’ve been reading the news or browsing social media, odds are you have seen information on the metaverse. Many popular fashion brands have begun to engage with the metaverse, including Balenciaga, Dolce & Gabbana, and Gucci, to name a few. Likewise, Hollywood recently tapped into the metaverse with celebrities like Justin Bieber and Shawn Mendez, creating virtual avatars to exist in this evolving digital space. So, what exactly is the metaverse? How is it good for marketing a business? This blog has everything you need to know.
The Metaverse Explained
The metaverse is a shared virtual space. It is immersive, interactive, collaborative, and made of various connected virtual worlds. For example, video games such as Fortnite and Minecraft occupy virtual worlds that make up the metaverse. The metaverse will soon become a platform that isn’t connected to a digital or physical space. Rather, it will become a space where goods and identities can transcend one virtual world to another.
Some of the technologies that make up the metaverse include virtual and augmented reality; however, more common devices like video game consoles and cellphones can also be used to access these virtual worlds. The metaverse is to virtual worlds as the Internet is to websites in simpler terms. Additionally, users have agency within the metaverse, meaning they can produce user-generated content that others can enjoy.
The metaverse is still a new concept. It continues to expand, and there are many visions for what the virtual universe will entail in the future. Soon we may see virtual meeting rooms where new hires are trained and coworkers can meet and chat. The economy within the metaverse will also continue to grow as users produce, sell, buy, and invest in virtual goods.
What the Metaverse Means for Marketing
Marketing professionals should stay up to date with the latest trends and technologies, so understanding the metaverse and how it works is paramount. Brands and businesses can use the metaverse similar to how they use the physical world when marketing and advertising goods and services. Using the metaverse, marketers can create virtual experiences that connect or parallel reality. For example, Stella Artois created a virtual Kentucky Derby in which users could bet on, trade, and breed their horses. This was an appropriate entry point into the metaverse for the popular beer brand, as they commonly sponsor sporting events in the real world.
Marketers can also advertise and implement ad campaigns in the metaverse. They can place ads on virtual billboards and host or sponsor virtual events. For instance, Lil Nas X hosted a virtual concert using Roblox, a popular video game. Similarly, Warner Bros promoted their new film In the Heights by creating a virtual rendition of the Washington Heights neighborhood. The metaverse also presents opportunities for brands to offer limited-edition items that are only available for purchase in the virtual realm. For example, Gucci designed the Gucci Garden Experience to collect Gucci items in the metaverse. Ultimately, the metaverse is another space for businesses and organizations to connect with and expand their brand identity and communities.
The metaverse is continuously evolving, and it will take a while before it becomes mainstream. However, it is important to keep ahead of marketing trends and experiment with new technology so that your business continues to grow and reach new audiences. If you’re interested in partnering with a team that can assist with elevated marketing techniques, look no further than TriSpark Media. Reach out to our team of talented advertisers and marketers who can work with you to help your business stand out among the rest.