Metaverse is becoming one of the top tech buzzwords of 2022, especially since Mark Zuckerberg renamed Facebook to Meta on October 28, 2021. It combines virtual reality with augmented reality and is still developing and gaining momentum.
The metaverse is a unique experience, different from social media or commonly known online platforms used today. It is a continuously active, digital environment of personalized avatars that represent people immersed in the digital world. Users manipulate their avatars in real-time, engaging with user-generated content.
If you have a hard time wrapping your mind around the metaverse, think of gaming platforms. One recognizable example of a Metaverse is Epic Games’ Fortnite. In this popular virtual reality video game, people choose avatars and play the game, interact and attend events held in that particular metaverse.
One notable event is the Travis Scott Fortnite concert in April 2020, where he debuted a new song at a record-setting live event held virtually in the game. On the night of the debut, over 12 million people logged into the game to watch the virtual event.
The potential market size of the metaverse is expected to reach up to $800 billion by 2024. In the next ten years, this virtual world is projected to have one billion users and generate over one trillion dollars in product sales.
Companies, brands, and influencers are jumping on board quickly. The metaverse is here to stay, and this new world has significant earning potential. Statista reports that as of December 2021, 74% of US adults are considering joining the metaverse.
In addition to the rapidly growing number of users, there are several reasons to consider marketing in the metaverse:
- Costs for marketing are still significantly lower than traditional digital marketing.
- Millennials and Gen Z audiences are a target market with a significant presence in the metaverse.
- Brands and companies can present themselves in new ways, with new ad tech, and use the metaverse as a unique storytelling medium.
How to Start Advertising in the Metaverse
A new world lends itself to many creative approaches for brands and influencer marketing. Here are five ideas for marketing in the metaverse to get your ideas flowing. Remember, the metaverse has no rules or boundaries. Don’t be afraid to try new things
Natively insert your brand in the platform.
Pop-up ads and banners become annoying quickly. Natively inserting your brand in the metaverse allows users to naturally come across your brand like they do in real life. Big brands like Coca-cola and Nike generate billboard ads within video games. Creatively find ways to insert your ads—or even your products themselves—into these environments.
Create an immersive experience.
According to Salesforce, in late 2020, 80% of consumers agree that “the experience a company provides is as important as its product or services.” Immersive experiences in the metaverse are a very effective marketing strategy and include live concerts or interactive events. Examples include the Travis Scott virtual concert with 12.3 million simultaneous viewers and the Gucci Garden Exhibit.
An immersive experience might show off your product lines or act as a public forum for conversation about your products or services.
Take your real-life marketing to the virtual space.
Do what you do in real life and extend it to the virtual space. Provide the service or product you offer in the real world somewhere inside the metaverse. Deliveroos, a British online food delivery company, placed virtual riders inside Animal Crossing, surprising users with a delivery and a discount code for real-life food delivery.
Create digital collectibles using NFTs.
Remember Beanie Babies? A collectible craze from the 1990s fueled by limited time and limited quantity. People love to collect, and in the metaverse, users can find collectibles. Sports memorabilia, fashion, art, cars, tokens, and more are assigned a unique NFT (Non-fungible token). NFTs are ownership certificates and are unchangeable unless sold to someone else.
Establish a virtual store or venue.
You can open up shop in the metaverse, complete with a virtual storefront and merchandise. The metaverse is full of individual avatars and real-time interactions with humans using those avatars inside virtual worlds. If you offer a product or service to people in real life, you can offer it in the metaverse. Several major brands are opening up shop in the metaverse. One of them is Samsung, with a virtual version of their New York City 837 flagship store.
Long story short: it’s always worth it for eCommerce sellers to be on the lookout for new way to connect with customers. So yes, the Metaverse definitely has potential, especially if your brand has the cash-on-hand needed to make a splash and show off your products. But remember: it’s always worth taking a balanced approach to social media as an eCommerce seller.
Always Have Cash-On-Hand For Future Opportunities—On the Metaverse or Elsewhere
Widespread adoption of the Metaverse may seem far off, but it’s important for eCommerce sellers to stay ahead of the curve if they want to take advantage of growth opportunities and maximize profits.
Staying ahead of the curve requires having cash-on-hand in case you need it to take advantage of big opportunities. It can be hard to come by for eCommerce sellers, particularly those with their money stuck in their Amazon account level reserve.
Payability is here to help you speed up your cash cycle and grow your business faster. We’ve provided over $6 billion in financing to sellers using Amazon, Walmart, Etsy, NewEgg, and more. We specialize in providing fast funding and improving cashflow for online retailers.