The new goal of Marketing: the Metaverse

The technology sector doesn’t stop growing and with it the emergence of new technologies. First we talked about robotics or the Internet of Things, after that came cryptocurrencies and blockchain. Now the buzzword for 2022 is the metaverse.

The Metaverse is defined as a concept of a persistent online 3D universe that combines multiple different virtual spaces. The metaverse will allow users to work, meet, play and socialize together in these 3D spaces. We recommend you our article “What is the metaverse?” to learn more about this concept.

The reality is that this sector is growing exponentially. More and more brands are landing in the Metaverse and therefore experimenting and exploring new opportunities.

In addition, the Metaverse is becoming one of the best channels for brands to approach Millennials and Z generations. Although the long-term value of investing in the metaverse cannot yet be quantified, we do already have some success cases.

How is Marketing in the Metaverse?

There are several options and ideas that can be taken by brands that want to develop a marketing focused on the Metaverse. We explain some of them below:

• Change in corporate culture

First of all, before carrying a marketing campaign in the metaverse, your brand will need to have a team that is expert on this subject and the necessary technological tools. The metaverse is a complex concept that is linked to other complex concepts such as blockchain and cryptocurrencies.

Likewise, it is important that the rest of the company that is not involved in this project have some basic notions and can understand what the metaverse is and what the purpose and target of the campaign are.

• Transfer a real experience to the virtual world

A first step for many companies is to move the experiences they already offer in the real world, to the virtual world. For example, the fashion firm H&M held a fashion show in the metaverse with avatars created even live at the event.

• Advertising in the metaverse

In this case, we can also transfer the advertising that the company traditionally carries out, to the metaverse. For example, Bidstack, a video game ad tech company, went from working on real-world outdoor advertising to placing ads on virtual billboards.

• NFTs

Non Fungible Tokens (NFT) are digital assets created using blockchain technology. These are unique, owned and collectible tokens.

Many brands and artists have already released their own NFTs for metaverse users to use or simply collect. For example, Barbie and Balmain have released three unique NFTs for unique Barbie and Ken avatars that can be used in the metaverse. Another example is Ferrari, which has signed a multi-year agreement with the Swiss technology company Velas Network to create digital content for the metaverse.

• Partnerships with existing platforms

To have a successful launch in the metaverse, it will be essential to make a partnership with already developed platforms and with a certain reputation as well as with collaborators who already have some experience in this platform.

For example, many avatar plugin brands enter through a partnership with Roblox. Roblox is an online gaming platform that in 2021 had 43.2 million daily active users and was valued at $38 billion.

Similarly, O2 also held a concert in Fortnite last year partnering with creators who were already experts on the Fortnite platform.

• Massive Interactive Live Events (MILES)

MILEs are virtual events that use a single simulation to bring together a large number of users who interact and influence an event or game in real time.

In the music industry, Travis Scott held a live concert in Fortnite for 12.3 million players. On the other hand, Balenciaga designed a video game, Afterworld, to present its fall 2021 collection.

• Search Engine Optimization (SEO)

There is not much known yet about how search engine optimization will look like in the metaverse. Although it is true that, one the metaverse is more developed, this will be a mandatory topic to look into.

Some rumors suggest that Google could take a more immersive approach and offer a search engine where web pages can be visited through Virtual Reality.

More real examples

• Vans World

Vans launched together with Roblox, the Vans World. In this virtual world, users can explore different skate spots, learn new tricks, and collect waffle coins to unlock gear. In the same way, they can create their own custom Vans shoes.

• Gucci

Gucci released a pair of exclusive digital sneakers in March 2021 called The Gucci Virtual 25. These can be worn in augmented reality (AR) or associated apps like Roblox and VRChat.

Subsequently, in May 2021, Gucci opened the Gucci Garden on Roblox. This is a virtual experience to complement a real-world installation called Gucci Garden Archetypes, which took place in Florence, Italy.

• Coca Cola

Coca-Cola released an NFT collection in July 2021 that fetched $575,000 at an online auction. The token is a vending machine from 1956. It includes a metallic red bubble jacket inspired by the old company uniforms.

The future of the metaverse

As we have seen in the previous examples, more and more brands are entering the metaverse. The Virtual Reality (VR) and Augmented Reality (AR) sectors continue to grow and increase their business opportunities.

On the other hand, not only commercial brands are betting on the metaverse. Other types of organizations, such as public organizations, are exploring their possibilities in the virtual world. The city of Seoul announced in November 2021 that it will spend $3.3 billion to become the first city in the world to be in the metaverse.

The metaverse is definitely a very good line of marketing to explore. Still, the entrance must be careful and well planned. The technology is still very new. Brands need to take into account the need of having good advice to avoid legal, technological or financial problems.