Metaverse is just everywhere around you. No, we are not referring to ‘the Metaverse’ but to the term and its popularity. No matter what digital platform you use today, everyone is talking about the Metaverse. It is on the web, in the newspapers, on television, signboards, magazines and what not. But what is all the fuss about?
The world is changing and so is everyone around us. No one wants to stay behind in the digital race today. Hence, where Metaverse is making the heads turn, everyone today wants to become part of it. It may surprise you, but not everyone is interested in becoming a part of the Metaverse but they are interested in creating one of their own. Sounds fun, no?
Metaverse is no fun and games as one might think of it. It is something big, something new and something that is expected to stay. Metaverse is a technology that was forecasted way back in 1992 by Neal Stephenson. But it isn’t just the same as it was coined back then. But worry not, this article will help you understand Metaverse and how Metaverse advertising and marketing will work.
What is the Metaverse?
Metaverse is an internet-based unified 3D virtual world that can be accessed by anyone who uses special Metaverse gear. This virtual space is a combination of high-end real-time technology that opens up users to a digital world.
In simple words, the Metaverse is a virtual digital world similar or more advanced than ours which can be accessed over the internet. However, in the upcoming years, there is a lot to expect from it. The Metaverse is expected to unlock limitless possibilities for its users. So who will own the Metaverse and how will it benefit the users?
The answer to this is simple, the Metaverse will not be owned by just one company or tech giants. Rather, multiple companies will work to develop their Metaverse that will at some point overlap each other adding to one big virtual space. But who will benefit from it? You! It is you, me, us, we will benefit from it as users. The Metaverse will be largely populated with avatars of real people. Hence, the virtual world will be much closer to reality.
Having said so, where a real virtual will exist, real virtual problems and needs will grow. Avatars will need evolution, places to live in, places to visit, activities to recreate and all that you require in the real world. To do so, the Metaverse will consist of NFTs. You must now be thinking that what is this NFT? We have the answers for you…
What are NFTs in the Metaverse?
NFTs are non-fungible tokens that are blockchain-based digital assets. NFT in simple words is digital artwork connected to non-fungible tokens, available for sale. These act as a non-duplicable certificate of ownership for specific digital assets. Every NFT consists of a smart contract that is used to secure a digital asset. This code-based contract is permanently published on a blockchain, usually Ethereum. Once someone purchases an NFT, the owner avails the digital right to distribute, resell or license the digital asset. The NFT creators can earn royalties via transactions and reselling.
Many people today are investing in the Metaverse by purchasing NFTs. These can be a solid financial investment but many might purchase NFTs with a sentimental value. People in the Metaverse can have collectables just as they do in real life. However, the only difference will be them being NFTs. So, how do the transaction and reselling thing work?
The NFTs will not be sold as one-to-one value. This means that an NFT that you bought for $1 will not equal $1 while reselling it. Rather, the value of the NFT will differ based on its popularity or exclusiveness. Therefore, your $1 spent to purchase an NFT might get you $4 at the time of resale.
Many brands are now competing in the race of making exclusive NFTs and selling them. Recently, Vodafone sold the first-ever text message NFT for $150,000. Before Vodafone, many retail brands had already made their way into the NFTs owners list. On December 13 2021, Nike acquired RTFKT a sneaker NFT brand, to pave its path into the Metaverse.
Users in the Metaverse will be able to sell and purchase as being part of the virtual 3D space in the shape of NFTs. Whereas, these NFTs will be available for sale worth real-life money. Since the virtual world will consist of similar retail mechanics and even more, the Metaverse will have marketing opportunities. To your surprise, the Metaverse will open a gateway to immersive marketing for real-life brands as well. The Metaverse is the next big marketing channel!
Is Metaverse The Next Big Marketing Channel?
The evolution of media and marketing channels has been crazy! People in the past were solely confined to print mediums for news and marketing which later evolved to electronic mediums. It was not late when soon digital media took over the rest, connecting the world and opening new doors for marketing. Now, after the digital revolution, the world looks forward to the Metaverse!
Some call it In-world marketing and some refer to it as Immersive marketing, but the truth is that the Metaverse will change marketing for the world. The virtual space will consist of innovative and immersive marketing opportunities for brands, restaurants, games, events and much much more. Limitless marketing opportunities and strategies will be introduced in the Metaverse. This virtual 3D world is expected to have virtual stores where avatars can try and purchase relevant NFTs. Virtual fashion shows will be a thing, people from all over the world will be able to attend them in the Metaverse.
Moreover, the world will witness exclusive product launch events where innovation will see no boundary. Grand concerts will take place in the Metaverse, where people from various countries will be able to join in by using their avatars. Recently, Ariana Grande performed at a live Fortnite concert. The concert was a great example of how the concert might take place in the Metaverse. The artists performed in a 3D game as an avatar, where players from all over the world joined in and enjoyed.
Besides, corporate Zoom calls are also expected to shape into 3D virtual meetings in the Metaverse. This means no more travelling to the other end of the world, just avatars will now enable marketers to pitch in ideas where required. There are infinite possibilities in the Metaverse to market, but what about advertising? Here are the developments in the world of advertising in the Metaverse:
How will Advertising work in the Metaverse?
Advertising in the Metaverse will work in similar ways as the real world. The difference is just that all real-world strategies will be replicated into the virtual world by using tools and platforms. As the Metaverse will be no different to the real world but just an extension into the virtual space, it will require similar advertising measures.
The Metaverse will consist of flagship stores that will display and market products in the virtual environment. Real-life items are expected to be placed as virtual products in the form of exclusive NFTs. Avatars will not just be able to see those but will also be able to try them virtually.
As similar to the real world, Metaverse will also consist of a fine mix of Above the Line and Below the Line marketing strategies. This means that Metaverse will consist of billboards that will market for advertisers in similar ways as the real world. Following the lead, influencer marketing will also flourish in the Metaverse. However, influencer marketing will evolve beyond the interface of just a smartphone. Advertisers will hire influencers (avatars) to market their products in the Metaverse.
All these strategies will be used to market, not just the NFTs but will also actively market real-life products. It is expected that the Metaverse will become advertisers’ favourite medium to advertise. A user will be served real-life ads in the Metaverse. But how will this work? Here is the answer…
Few companies are already working on bringing in-world ads to life. In-world ads are all about providing an immersive experience in the Metaverse. To make this possible, ConsoliAds has launched the Immersive Ads. These ads are specially developed to turn real-life out-of-home advertising campaigns into gaming environments. An initiative to enable the Metaverse with Immersive Ads, ConsoliAds has innovatively changed the face of in-game advertising.
The Immersive Ads are adaptive, highly scalable ads that can be controlled and placed on any 3D in-game object. These ads are designed to seamlessly replicate real-life advertising campaigns into 3D virtual environments without causing any disturbance in the user experience. The Immersive Ads can be placed on any in-game object via drag n drop, this means no nasty pieces of coding. Advertisers can fully control the Immersive Ads by selecting their placement, size and media type. One Immersive placeholder can serve both static and video ads without any hassle. These are without doubt the future of gaming in the Metaverse.
Such programmatic advertising tools are working day and night to develop critical solutions for advertising in the Metaverse. The next NFT might just be the very first billboard in the Metaverse, you never know!
Advertising in the Metaverse is as diverse as the Metaverse itself. Multiple opportunities to open multiple avenues of revenue generation via creativity. Just remember, in the end, it is all about an immersive experience that is close to reality.
The world is going crazy for Metaverse and the NFTs! The hype is real and it is the need of the hour. The Metaverse will bring endless opportunities for the users as well as for the marketers. In the Metaverse, they will find leisure, activities to recreate, games, gatherings and much much more. Where the pandemic had put socializing at a halt, the Metaverse is smoothly crumbling down all boundaries.