5 Advertising Opportunities in The Metaverse
“The metaverse is here, and it’s not only transforming how we see the world but how we participate in it – from the factory floor to the meeting room.”
Satya Nadella, Microsoft
What Is The Metaverse?
The Metaverse is a collection of virtual reality and virtual reality environments that can be accessed by a browser or headset and allow for real-time interactions and experiences over distance.
Imagine a virtual world where billions of people may live, work, shop, learn, and connect while yet remaining at home on their couches.
The computer displays we use in our world to access the worldwide web have developed into a tangible, three-dimensional virtual world that is like real life but better and more expansive. Avatars, which are digital versions of ourselves, are free to move from one experience to another while retaining our identities and financial assets.
When Facebook changed its corporate name to Meta in October 2021 and declared plans to invest at least $10 billion in the idea that year, “Metaverse” became a household term. Along with Meta, other major technology players including Google, Microsoft, Nvidia, and Qualcomm are investing billions of dollars in the idea.
The term is currently used by businesses to denote a variety of better online environments. These range from virtual changing rooms and virtual operating rooms to nascent virtual workplaces. Some examples of these are-
- Microsoft’s Mesh or Meta’s Horizon Workrooms
- Online video games like Fortnite.
The present iteration of the metaverse is taking the form of a multiverse rather than a single common virtual space. Several distinct metaverses with limited interoperability as businesses compete for dominance.
Advertising Opportunities in The Metaverse
Now and then, something fresh happens that rocks the world of media and marketing. the year 2004 saw the launch of Facebook. the 2007 release of the iPhone AR’s emergence in 2016 thanks to Pokémon GO These and other paradigm-shifting occasions significantly altered how brands consider their go-to-market strategies. The metaverse seems to be well-positioned to join that illustrious list as the next “great thing” in the modern era if we are to trust the hype (and the billions upon billions of investor money driving the movement).
The metaverse is currently one of the most notable developments in the world of digital advertising, and with good reason. Here are a few strategies on how your companies can make use of the metaverse’s advertising prospects.
Imagine billboards, signage, and posters on buses from the actual world, but in the metaverse. It’s not difficult to imagine. Brands have long been promoted in videogame titles like NBA 2K and Grand Theft Auto.
Brands can include their products in experiences that are appropriate for their audience in the metaverse, similar to how product placements in real life are depicted by Garth Elgar below.
For instance, Hasbro and Roblox collaborated to make Nerf guns a reality in the metaverse.
Roblox and Gucci collaborated to introduce a Gucci-themed environment in their metaverse.
Players get access to the game’s world and can purchase in-game goods with real money. One gamer paid a stunning $4,115 for a limited edition virtual Gucci handbag!
Instead of collaborating with already-existing metaverses, that might only expose you to a particular type of audience, design your metaverse to meet specific goals.
For instance, InSpace assists commercial real estate developers in marketing and off-the-plan sales of their properties.
Brands are looking toward non-fungible tokens (NFTs), that may be acquired through cryptocurrency exchanges or in the metaverse. For instance, Nike is only starting to release virtual versions of its sneakers and clothing lines.
Building an inclusive metaverse ad experience
The metaverse holds a lot of potentials. People are optimistic that this communal, engaging, immersive, and incredibly realistic online environment will alter the internet. According to Goldman Sachs, there is a potential $8 trillion opportunity in the metaverse.
One promise of the metaverse is that it provides a chance to correct some of Web 2.0’s flaws, particularly the inability of social media platforms to secure and defend marginalized and underrepresented persons from hostile online behavior.
Businesses who wish to make sure their metaverse activities are inclusive can get ideas from the “design justice” movement in the design world. Design justice practitioners start by determining which communities will be impacted and centering those communities’ voices before problem-solving for a project or selling anything. They aim for non-exploitative solutions and feel that lived experiences are relevant to the design process. They also make sure that outcomes are sustainable, community-led, and regulated.
New possibilities for how we work, play, engage with brands, and much more will be provided by the metaverse. Companies that intend to take part in the metaverse have a chance and a duty to create a welcoming environment where everyone is represented and feels a sense of belonging.