Marketing in the Metaverse

If you’re a Marvel fan or an animation enthusiast, you’ve probably already watched Spider-Man: Into the Spider-Verse. However, have you heard of the follow-up Spider-Man: Marketing in the Metaverse?

If you haven’t, it’s probably because that movie doesn’t actually exist — yet the concepts of both marketing and the metaverse do. As it currently stands, the concept of marketing in the metaverse is still largely unexplored.

This can be owed to the fact that while marketing (along with all its forms, like content marketing, digital marketing, event marketing, and association marketing) is already familiar territory for any business, the metaverse is still in its infancy. Confusion is the main reaction towards discussion revolving around it, but everyone’s looking to get a piece of the pie that’s said to be the future of business. So, how can you do that?

What Is the Metaverse?

Whether you’re a marketing professional, event organizer, or association professional, you’ll probably have the same initial question when presented with the idea of marketing in the metaverse — what is it, exactly?

You’re not alone. Part of the confusion surrounding the concept is that it’s hard to pin down a definition that everyone agrees on because the metaverse itself is amorphous by nature. At the base level, you can think of it as a “digital universe” that users can “live” in, through the use of multiple elements of technology like virtual reality, augmented reality, or video. Its visionaries imagine a world where people can interact with each other and engage in various activities like games, business meetings, or shopping, entirely online.

Calling it “the” metaverse can be a bit misleading, as there is no central metaverse platform — video games like Fortnite, Minecraft, and Roblox technically count as metaverses. However, when people discuss the metaverse, they typically refer to platforms like Decentraland or The Sandbox which allow users to buy virtual plots of land as NFTs with cryptocurrency.

How Does One Market in It?

As mentioned, there are platforms like Decentraland and Sandbox that allow users to buy virtual land. They also allow users to do anything they want with that land, including advertising. Billboards are the most straightforward method, but also the most boring — if you’re advertising in a virtual 3D world you might as well take full advantage of it.

The fashion industry is a good example of the possibilities of marketing in the metaverse. Many brands have started to explore selling virtual versions of their physical products, with some amusing results. When the Gucci Dionysus Bag was released as a limited-edition item in Roblox, it was originally sold for 475 Robux or $6, but due to its limited-edition status and some reseller shenanigans, one user ended up paying 350,000 Robux or $4,115 for it. How much was it in real life? $3,400.

Aside from selling virtual items, hosting virtual events is another exciting possibility in the metaverse — popular celebrities like Ariana Grande and Travis Scott have previously held concerts in the game Fortnite, drawing in crowds of millions of users.

 

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What Will Event Marketing Look Like Inside?

The virtual 3D environment of the metaverse lends itself well to event marketing. It offers the immersive experience of an in-person event without limiting attendance to people in the local area or those willing to make the trip. The metaverse gives you the space to be up close and personal with even more customers than before, and while it might sound intimidating to plan events within a space you’re not experienced in, it’s well worth the effort.

For ideas, you can look towards past or upcoming events — like the Metaverse Fashion Week on Decentraland starting March 24. The ambitious four-day virtual event packed with showrooms, stores, talks, and events, is meant to allow visitors to watch virtual fashion shows, buy and wear digital clothing from the catwalk, and participate in live music sessions at brand after-parties.

How Will Content Marketing Change in the Metaverse?

Content marketing, as one of the best forms of digital marketing, puts an emphasis on creating and distributing quality content. That’s something it has in common with users in the metaverse. People who engage with the virtual platforms are looking for something new and exciting, and that’s what you should aim for when looking to develop content marketing strategies in the metaverse.

Don’t just write a blog post and call it a day — think about the ways you can transform your content so that people want to interact with it in the virtual world. Livestreams streamed directly into the platform and 3D tours are two popular ways for capturing attention in the metaverse.  The latter may be worrying for those without a team of experienced 3D artists at hand, but  AI-powered 3D design software like Unreal Engine 5 and the built-in 3D design tools within most metaverse platforms can help.

Should We Be Frightened or Ecstatic for What’s Coming?

Change is always frightening, especially if it’s change you don’t fully understand yet. However, you shouldn’t let fear stop you from moving forward, especially if your competitors are also making the journey.

Some may see the metaverse as just another tech buzzword, but the opportunities it may provide are exciting all the same. Who hasn’t watched shows or movies set in virtual reality and gotten amazed at all the bells and whistles of the technology?

The world, as it is, may still be far from the full-dive experience that science fiction has dreamt up, but that doesn’t mean it’s impossible. Sure, you might not get to see it in your lifetime (which would truthfully be a bit disheartening) but you can still participate in its building blocks by doing your digital marketing in the metaverse. Be ecstatic about what the metaverse could mean for your business — marketing your products and connecting with your customers can take place in a whole new world.

Sources:

https://www.thewrap.com/what-is-metaverse-explained/

https://www.usatoday.com/story/tech/2021/11/10/metaverse-what-is-it-explained-facebook-microsoft-meta-vr/6337635001/

https://www.thedrum.com/opinion/2022/01/18/we-spent-week-decentraland-and-here-s-what-we-found

https://www.nme.com/en_asia/news/gaming-news/gucci-bag-sold-in-roblox-more-than-real-world-value-2963981

https://www.vogue.com/article/what-fashion-week-looks-like-in-the-metaverse

https://curatti.com/content-marketing-in-the-metaverse-and-beyond/

https://startupnation.com/grow-your-business/marketing-sales-technology/content-marketing-metaverse-bishop/

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