Technology is rapidly changing and growing. Innovations are occurring that were not possible before. The metaverse, a unique and immersive virtual environment that quickly dominates the internet, is one of these innovations. It may have been first seen in science fiction films like Ready Player One and The Matrix, but it is now more than fiction.

Metaverses are gaining ground with the constant rise in virtual reality (VR), and augmented reality. In 2021, it is expected that 85 million people will experience AR and VR at least once per month. Although the Metaverse may not be what sci-fi portrays it to be, it continues to provide unimaginable value for new computing platforms.

One, the top-tier media seem to be all in. Forbes even created a column with Cathy Hackl – a renowned techno futurist and metaverse strategist. There is also an existing fund, the metaverse Investment Fund Metaverse ATF NYSE: META. These all point to the growing importance of metaverses at this time.

Consumers seem to be starting to catch on. Google returns 677,000 results for the keywords “metaverse”. The hashtag #metaverse is popular on Instagram with over 60,000 posts. It is also tweeted more than 500 times an hour on Twitter.

What does this mean for social media, PR, and digital marketing agencies in Miami? We take a deep look into this virtual world.

Understanding the Metaverse

The metaverse is a shared virtual world where users are represented as virtual avatars. Based on the user’s interactions and decisions, these virtual worlds will continue to grow and evolve. This virtual world is similar to the real world in that there is no end. It just continues expanding as more people join.

It’s more than a virtual theme park with a centrally planned design. You can’t just download it from the app store and play at your leisure. Metaverses are virtual worlds that combine reality with the virtual world.

Matthew Ball has provided a list of key characteristics for metaverses if you still have a hard time understanding the concept.

• Always active. Metaverses don’t pause or end when you leave them. They continue indefinitely.

• Exists in real-time. The metaverse uses synchronized timing to match real-world time.

• Each player has their agency. You can have two or more players at once. One player could be static in a corner, while the others interact with one another.

• Fully functioning, self-contained universe. Metaverse allows users to create and own universes, as well as sell them. The metaverse allows users to be recognized and rewarded for the work they do.

• You can mix and match different platforms. Multiple platforms can be used together in the metaverse. In the case of video games, for example, you should be capable of moving items between games.

• User-generated content. Metaverses offer more than just a place for users to hang out. Other users can enjoy the content created by users.

Marketing in the Metaverse

Digital marketers must keep up-to-date with technological advancements. This includes understanding and utilizing the full potential of the metaverse. Marketers need to realize that the metaverse isn’t just a trending new thing. It seems like it is here for a while and will continue to grow in popularity.

How can marketers adapt to this expanding metaverse?

Marketers must first consider the potential value of Gen Zers and millennials as target audience. These generations also enjoy using some forms of metaverses such as Roblox or technologies like VR. Let’s now look at how marketing can happen in the metaverse.

Marketing in real-life: Parallel metaverse marketing

Marketing experiences should be tied in with real-world experience or reflect what your brand does in real life. In June, Stella Artois, AB InBev’s beer brand, collaborated with Zed Run to create a Tamagotchi-like experience that was paired with the Kentucky Derby. This was because Stella Artois, AB InBev’s beer brand, is big on sponsoring horse races. It seems that creating an online platform for non-fungible token horses (NFT), trading, racing, and breeding seems like a natural entry point.

Immersive experiences are key 

Virtual advertising can be offered in the metaverse. Bidstack is an example of a virtual advertising company that works in the metaverse.

You can do more than virtual billboards. Metaverses are immersive and experiential. It’s a good idea to use this opportunity with your marketing efforts and ads. Instead of just placing ads, create interactive installations and events for your brand.

Early movers have offered immersive experiences to users like the Lil Nas X concert at Roblox, the Gucci Garden visit visits, and the virtual representation of Washington Heights as part of Warner Bros.’s promotion of In the Heights. Recent collaborations between the Roblox metaverse and other metaverses have provided new revenue streams for brands.

Make collectibles available

People love to collect things and the metaverse allows them to show off their passions. Metaverse users can have the same experience by selling assets and limited-edition items they can only find in the metaverse.

You can find the Gucci Garden experience in Roblox’s The Collector’s Room. This allows you to collect limited Gucci items from the metaverse. Gucci earned 286,000,000 Robux in the first sales of collectible items.

Get involved with communities already in existence

People are generally opposed to advertising. As brands attempt to enter the metaverse, it is important not to annoy those who are already there. These users will need your positive reception if you want to market to them.

You can’t simply enter a new platform and not consider the format. Roblox is an example of a platform where brands can gain more attention by partnering with Roblox developers to create items and experiences. Similar to O2, who partnered with Fortnite experts when they hosted a concert,

This is what you would call influencer campaigns. Community members are integral to the execution of your campaigns.

Continuously experiment

This is a very exciting time for marketers. Although some guidelines can guide marketers in what strategies and tactics they should use, the metaverse is still a new platform that allows for plenty of experimentation. There are still many best practices to follow, and no complete and well-constructed paradigms. Marketers have plenty of freedom to experiment with new approaches and be innovative.

Other Unique Metaverse Examples

• Dimension Studio generated $6.5 million in revenue from their experiments with metaverses to support fashion brands. A virtual production setup was created that allows users to walk onto a platform and be scanned by 106 cameras. Then they can drop into virtual worlds to try out different garments. Their most notable work is on Balenciaga’s Afterworld game for Fall/Winter 2021.

• Grand Theft Auto V is an open-world sandbox video game that released clothing options similar to those worn by protesters in Hong Kong. Hong Kong protesters were able to join many artists who repurpose virtual worlds to express their political views and take their fight in the real world to the metaverse.

• Houzz, a home decor company, allows customers to create digital photo collections that include their furniture and other household items. Houzz gets a commission every time someone buys items using their service. They added a 3D viewer in 2017 that allows users to view 3D items directly through their camera and visually integrates them into their physical space.

• Google Maps has demoed an AR feature in their walking directions feature. This AR feature provides precise visual instructions and arrows to help users find their destination. Simply point your camera in the direction you need directions, and the AR feature will direct you.

The Future is in Metaverses

Many companies now invest in metaverses. It is not only for entertainment but also for business purposes.

Facebook is the largest social media platform and sees itself as a metaverse business in the future. Mark Zuckerberg’s focus is on Oculus, Facebook’s AR and VR technologies, and building social metaverses. Zuckerberg created a work metaverse on Oculus in August 2021. This allows people to collaborate, meet in a conference room, and interact like they were in an office. This announcement comes at a time when more offices are switching to work-from-home arrangements.

Silicon Valley and have been betting heavily on metaverses being the next generation of the internet. Many games incorporate metaverse-like elements into their platforms. Fortnite, Animal Crossing, and others allow for concerts to be included in their games.

On top of that, HTC is working its way towards business-based–instead of consumer-based–VR technology. This is a sign VR technology is becoming more than entertainment.

If you are still not convinced by the above, this might be: People are purchasing real estate in the metaverse, especially on Earth2. This is a strong indicator that tech is here to stay.

The Metaverse’s Challenges

Although the metaverse promises a bright future for brands there are still challenges to be overcome.

One, metaverses are growing in popularity but they still need more traffic. Accessibility is a problem due to the technical requirements of metaverses. Access to high-end VR lenses and computers is not possible for everyone. This severely limits the market potential for brands and hampers mass marketing efforts.

Metaverses are also a challenge for brands. To avoid alienating other players, seamless integration is essential. The technology is still new so brands may have difficulty finding their place in the metaverse. This could lead to them being too blunt with their messaging. Placements should be planned carefully and naturally integrated into the metaverse.

Metaverses are still subject to many misunderstandings. They are often seen as a game for kids. Brands may not be taken seriously for their efforts to establish a presence on these platforms because they don’t understand the value of metaverses.

Security and data privacy remain a problem in the metaverse. New technology means that security measures must be more sophisticated. This means that there are new ways to protect and preserve data privacy. Personal verification, for example, might increase data privacy risks by requiring more information from users.

Brands need to protect their image, as metaverses are open to all. Your brand may appear alongside questionable content if you have more control over it. You also run the risk that users might disrespect your placements or vandalize them. It’s crucial to be consistent, mindful, and specific in your marketing strategies, so users feel comfortable sharing your virtual space and engaging with you there.

Metaverses are a promising future for the internet and computing. They offer a lot of potential for innovation for both marketers and advertisers. These challenges are not insurmountable. However, they offer the chance to experiment, create an immersive experience and achieve innovative successes.