The Future of Advertising on The Metaverse
Facebook owner Mark Zuckerberg is so certain that the future of technology is digital that he's changed the name of his business to Meta, and has poured billions of dollars into developing his vision for this new frontier in the internet world.
In addition, marketers are already announcing the immense opportunities derived from advertisements in the Metaverse world.
Vans even was the sponsor of a skateboarding competition inspired by the Metaverse in the well-known online game Roblox, while Nike is also looking at these opportunities with a keen eye.
Aren't convinced that the Metaverse is the next major thing?
It's true that the Metaverse can be a confusing technology and could be a passing trend. As we shift toward remote work, online shopping, socializing, and internet dating, it appears that the Metaverse is the next logical step.
It is also noted that a lot of brands serious about the Metaverse are those who target the millennial and generation Z market.
With that in mind, it's probably a great idea to get up to scratch with the Metaverse as well as its enormous potential for digital marketers.
The Metaverse: What does it mean?
The term ‘metaverse’ refers to immersive virtual reality-based online worlds.
If you've played a game on the internet in the last few years, you've been in the Metaverse in its present appearance.
Games such as Minecraft, Roblox, Fortnite, or Grand Theft Auto, all play in their self-contained universe.
Metaverse-driven virtual realms, like Decentraland, Sandbox, and Axie Infinity, rapidly increase in popularity and are where most advertising opportunities exist.
The technology behind these games is what creates the Metaverse. If you believe in Mr. Zuckerberg, we'll all likely be interacting with some metaverse-based platform in the coming years.
Mark Zuckerberg invested in Metaverse many years ago. The entire world has been a victim of lockdown in the past, and websites like Zoom or HouseParty have experienced a massive increase in popularity.
It's a mere step to switch from Zoom meetings and to hold metaverse meetings with family, friends, or colleagues.
Does anyone play in Metaverse (beyond the realm of gaming)?
In short, yes!
Various businesses and even public institutions widely accept the Metaverse.
Recent events within the realm of metaphysics include a style show inside the well-known Decentraland game, and an online garden that Gucci arranged.
Then we’ve barely touched upon NFTs, also known as non-Fungible Tokens.
Nike and Adidas have entered the NFT world, crypto-based collectible assets that make sure their brands are visible within the Metaverse. Users can personalize their avatars by adding branded merchandise, purchasing drinks, or attending events like music festivals.
In a nutshell, it's the fact that the Metaverse is growing quickly and is predicted to become a $758 billion industry in 2026. This isn't instant gratification.
AR and VR
The Metaverse doesn't only revolve around games.
Augmented reality is a different method of integrating digital elements into the reality around us without having to be immersed in a virtual world.
Google, as well as Facebook, already incorporate elements of augmented realities in their applications.
Google's Live View, for example, allows users to overlay digital information such as directions or local store information. Facebook also offers ads that use augmented reality.
Of course, there are plenty of games that use AR as well.
The most popular of these is likely Pokémon Go, which got many headlines as it first came out. However, these AR games could be a great avenue for advertising, particularly as they develop and grow.
How does advertising function on the other side of the coin?
There are many ways to promote your brand in the world of meta-media. You don't have to belong to the billion-dollar brands we've previously mentioned to be a part of the action.
Billboards around the globe
Perhaps the most efficient way to gain exposure for your brand in the virtual world is to utilize advertising banners and billboards.
Like reality, well-placed advertisements can be utilized to increase the visibility and popularity of your company.
Metaverse billboards, however, offer the additional benefit of being interactive. Currently, Metaverse billboards are among the most economical option compared to real-world billboards.
Skateboarding and fashion shows like the ones mentioned earlier offer a variety of opportunities for advertising on the other side of the universe.
With celebrities such as Ariana Grande and Snoop Dogg embracing the Metaverse and Metaverse, there's also a chance to promote high-profile events like concerts.
It's also possible that we'll witness corporate events such as webinars, business events, and corporate meetings become part of the realm of metaphysical events. This is a fantastic way to promote your brand by securing event sponsorships.
Consider the cost of promoting an event similar to this on the ground. And probably, for the time-being at most, the cost to advertise in the Metaverse is much less expensive. In reality, your imagination is your only limit when it comes to the Metaverse and events in the Metaverse.
E-Commerce or i-Commerce
Selling items through the Metaverse is a relatively new idea.
Likely, we'll soon discover more opportunities to sell products via the Metaverse for actual use.
If we think about how shopping online works, perhaps very soon, we'll have the opportunity to go to Nike's virtual Nike store to play as our game avatar, try on a pair of trainers and then have them delivered to our homes to wear in real life!
The internet is constantly developing and growing, which is why the Metaverse is an integral part of it.
Advertising is always on the cutting edge of technological advancement.
In examining how social media has dominated our lives and how it has heavily relied on advertising and advertising revenue, it's obvious that the Metaverse, in some way, is likely to be a major ad format.
What are your thoughts on the metaverse?
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