Metaverse Marketing: What’s the Deal? MARION VESPREY- August 2022
Many marketers are beginning to accept the rise of the metaverse as a lucrative opportunity to be on the forefront of change. Although the metaverse is still a relatively new development, it has become a buzzword that elicits both unease and excitement in the marketing world.
Some have been quick to label the metaverse as a “marketing fad.” Meanwhile, those with a stake in the metaverse predict that value creation could be well in the trillions, contending that the metaverse is, in fact, here to stay.
Success for Marketers in the Metaverse
Brands have already begun to experience large success in building awareness and making their presence felt within the metaverse. Interestingly, the success afforded by these brands do not seem to be determined by the industries they belong to e.g., ecommerce, entertainment, retail, tech. Brands like Nike, Coca-Cola, Amazon, Disney, and Balenciaga are a few of the many household names to have attracted a great deal of attention in the metaverse.
Thanks to metaverse platforms such as Roblox, Fortnite, and Horizon Worlds, hundreds of brands have found a way to engage with a predominantly Gen Z and Millennial consumer base. One success story follows the brand, Vans, which attracted 48 millions of visitors from this cohort upon launching a virtual skateboard called “Vans World” on Roblox. The marketing appeal of the metaverse does not end with the ability to reach a young demographic, however.
Brands are brimming with innovation made possible by the metaverse. Forever 21, Gucci, and Nike are among brands that sell virtual goods which capture their share of a market worth $54 billion. On Roblox, a digital version of a Gucci bag sold for over $4,000. Such displays of consumer willingness to exchange real money for digital assets have proved to benefit brands through increased engagement and brand recognition.
High sales and brand awareness have also been achieved through other marketing means—native ad placements, virtual influencers, interactive events, product placements, and non-fungible tokens (NFTs). The nature of these sales highlight the extreme potential for metaverse marketers to create an immersive experience for consumers in a way never seen before.
What’s Next for Metaverse Marketing?
The uncertainty underlying the metaverse can be likened to the history of the dot-com-crash; conversely, the metaverse may be dreamed of by some as the next Internet revolution. But for all we do know or think we know about the metaverse, there is still so much to learn.
Regardless of the role marketers choose to play in this developing space, it is clear that the ‘winners’ in this space will be those who continue to experiment with unparalleled levels of innovation.
Sources:
https://www.mckinsey.com/business-functions/growth-marketing-and-sales/our-insights/value-creation-in-the-metaverse
https://www.mobilestreams.com/blog/most-effective-metaverse-marketing-trends-in-2022-so-far
https://peertopeermarketing.co/metaverse-marketing/
