In 2016, we discussed how marketers could use virtual reality. Is it too early to start thinking about metaverse marketing for your average business with all the talk about the metaverse?
is a digital marketing agency that loves all things digital. Let’s now take a look at metaverse marketing to see if it is feasible for businesses to venture into this new area.
METAVERSE MARKETING AND YOUR DIGITAL STRATEGY
First, metaverse universes must be interactive and highly visual. These worlds are highly interactive and visually-rich environments. Although the age range of users can vary, the majority of them are currently dominated by Gen Z and Millennials.
Metaverse marketing with VR. Lux Interaction, Unsplash.
We’ve created a beginner-friendly article on the metaverse to help you understand the basics of it. The metaverse can be described as a 3D version, interactive, persistent, of the internet.
It’s important to keep up to date with current marketing trends to ensure your business is successful. Each technology should be evaluated for its potential, especially with the rise in popularity of Web 3.0, Blockchain Technology, and NFTs. While not all of these technologies will work for you, you must be open-minded to explore new trends and technologies to find opportunities and openings.
Grayscale reports that users have spent more than $200 million on items within the metaverse, even though it is still in its infancy. NFTs also saw a $2.5 Billion increase during the peak pandemic. These technologies are still in their early stages of life, but users are spending a lot of time and money in these areas.
MARKETING OPPORTUNITY FOR BUSINESSES WITHIN METAVERSE WORLDS
Advertising your product, service, or business in the metaverse is not limited by limitations in real life. This opens up a world of creative possibilities for metaverse advertising and marketing in virtual worlds and metaverse experiences.
Metaverse VR worlds may be the future of interactive marketing.
Metaverse experiences will likely become more commonplace
Instead of looking at an advertisement for a sporting event on a 2-D surface such as a TV or computer monitor, you can be transported through a virtual portal to a VR Experience which allows you to interact with venues and other areas. In the future, fans will have unprecedented access to interactive experiences.
The following are some things to think about for a business that is looking to become involved in the fashion and jewelry industry.
Businesses could create digital versions of their products in the future. This will allow them to sell real-world products within the metaverse and then ship them to their real-world addresses. In the future, this augmentation of physical and meta-commerce could become more popular.
In the entertainment industry, there are movie trailers that offer interactive small-scale areas that allow users to enter the world and create immersive experiences. There are so many possibilities.
It all depends on the metaverse you are using. Some metaverse experiences are more focused on social elements while others offer more of a gaming-oriented metaverse. Meta and other companies that invest in these experiences are going to be up against the fierce competition.
THE METAVERSE, DIGITAL REAL ESTATE, AND NFTS
We all know how expensive real estate can be in highly sought-after locations in big cities. To see the changes in property values over time, you can simply look at New York.
Like those who invested in property decades back, a digital real estate is now a viable option for many entrepreneurs and businesses.
WHAT IS DIGITAL REAL ESTATE?
Open-minded investors began to invest online in digital assets and locations.
Domain names, web space and websites are all examples of digital real estate and digital assets. How does this relate to metaverse experiences and the purchase of digital land?
Digital real estate is not just domains and webspace. It is changing how we view physical real estate, including property and land. Metaverse worlds will see land and property becoming just as valuable in metaverse worlds. This will likely lead to the need for metaverse advertising, which includes metaverse search engines. This is the art of optimizing digital worlds to enable users to locate real estate and other digital assets.
These metaverse worlds, which are still in their early stages, will open the door to more advanced experiences in the future. It will be the foundation for richer experiences. It is similar to the invention of fiber optics in the 1970s or the construction of roads and motorways for the first time. It is a solid foundation that allows life-changing experiences to be built on relatively primitive platforms.
METAVERSE REAL Estate, Advertising, and Marketing
The metaverse is just like the physical world. Many factors influence the pricing of land and property.
someone paid $450,000 for the position of neighbor to Snoop Dogg at the end of 2021. This shows how high-demand some areas are. Users who buy digital land are effectively purchasing an NFT that is tied to a particular location. You can then build your digital home and have the option of reselling it later.
There are many similarities between the physical and metaverse worlds. You can also purchase advertising space to promote your products, services, or business. These can be purchased through the purchase or an NFT, depending on where they are located. This is sometimes referred to as world advertising. It has the same appeal and appeal as traditional advertising in physical spaces.
It makes sense to advertise if a space receives a lot of traffic, especially from a relevant demographic.
Many investors are uncertain about what the future holds for Web 3.0 technologies or NFTs. Most investors are beginning to embrace the idea of being involved so that they don’t miss any opportunities.
Although you don’t need to agree with the idea, it’s a smart thing to have a ‘horse-in-the-race’ to not miss out.
Digital land is now becoming as affordable as securing your domain name in the late 1990s or early 2000s. You should consider investing in digital land and securing advertising space when it is affordable.
It is an indicator of the direction that the space is headed with Meta marketing’s new experience, Horizon Worlds. Silicon Valley’s tech giants continue to invest in VR, and the metaverse. This means that things will only get better for end-users.
CONCLUSION: THE NFT CONTROVERSY & THE FUTURE METAVERSE-MARKETING CONCLUSION
Many potential investors are put off by the negative reputation that NFTs have in certain industries and spaces.
A few gaming studios have attempted to implement NFTs and blockchain-based games in the industry. However, gaming platform Steam said they wouldn’t allow them on their platform.
Many believe that NFTs are being used to exploit buyers and their ignorance. A piece of artwork can be sold for 3.4 million with NFT images such as the Bored Ape Series. These NFTs are still in high demand, but there is a lot of interest.
NFTs are now synonymous with this kind of utilization. However, NFTs can also be used to buy up land or advertise within metaverse worlds. It is unclear if metaverse marketing and metaverse advertising will grow beyond the use of NFTs. Or if some of the controversies around NFTs may diminish over time.