MetaverseAdvertising Pioneers,Get Ready!
Making the Dreams Tangible
The concept of virtual worlds is not a new one.
The idea of immersion in shared digital spaces stems from science fiction stories in an era where computers initialized a consumer-centric journey for business and personal use – a time when the Internet was taking its first steps with a slowly growing user base. These ideas about our virtual future seemed abstract, but we slowly grew into them. Written inspiration, visual culture, and imagination paved the way for our incoming digital generations and technological advancements in connecting the entire world by building communities’ social networks and creating the first digital worlds in multiplayer gaming.
Mysterious Buzzword in Digital Advertising
Simply explained, Metaverse is a digital 3D world in which users can immerse themselves using virtual/augmented reality gear and devices.
In this shared space, everyone has their virtual avatars and the capability to explore the virtual world and interact with the environment and other users. These spaces are constantly growing based on the users’ decisions and interactions, merging reality and virtual worlds into a new experience.
There is no one central metaverse, but many metaverses – a universe of digital worlds with their user communities. And endless opportunities to create, sell, invest, and advertise.
Metaverse is a fully functioning online world, that exists in real-time and is always active without pausing. Differentiating from games, users are free to pursue different activities across the Metaverse. Everyone can create content that others enjoy, while some platforms enable bringing items from one virtual world to another. For now, Metaverses seem like many virtual islands (worlds) with their own growing community – but the final goal that everyone is striving for, is to connect and assure virtual travel between Metaverses, for users with their avatars and owned scalable 3D content.
Advertising has the same capability to transfer its goals and execution from real world into virtual
New Frontiers for Digital Advertising – Building Virtual Experiences
Where does the advertising stand in these virtual worlds where users can spend time with friends, work, play, learn, shop, create, and more?
Firstly, we need to understand that the consumers in all these worlds are willing to purchase and pay for novel items or virtual experiences and are eager to immerse themselves in new venues or events. Including shopping for 3D content that may help their avatars, virtual lands, and created spaces towards being part of online virtual concerts, themed events, and joint activities. Advertising has the same capability to transfer its goals and execution from the real world to the virtual. Metaverse offers new and creative opportunities. Some general examples are below:
In-world purchases of virtual goods
In numbers, direct-to-avatar sales of virtual goods are already a $54 billion market. Brands willing to pioneer in the new frontiers are perceived as innovative by the Metaverse consumers. Such brands are finding ways to create digital representations of their products, sometimes surpassing the value of physical versions. Some executions connect virtual values with real-world rewards in stores or purchases.
Virtual hosted events
In the comfort of the home, consumers may become part of virtual events or collaborative spaces, allowing avatars to write notes, look at each other, speak and personalize looks. Brands or agencies can design specific spaces and personalize the rooms according to brand/products or campaigns, with accompanying storytelling events, interactive hosting, and presentations.
Targeting younger demographics
Among Millenials and GenZ, Metaverse is the next big thing – a top interest since they were the early adopters and the most familiar generation with online worlds and multiplayer gaming. That creates opportunities for gaming, fashion labels, entertainment industry, and tech companies.
Virtual spaces for consumers open new inventive locations for billboard advertising. It is enough to imagine walking in the virtual world and seeing carefully placed ads as a part of the complete experience. One of the vital points is finding the right concept and virtual execution to support storytelling, brand, and product values.
The new form of storytelling
User experience-oriented marketing is crafting new forms of storytelling within the Metaverse, where the users are immersed in the virtual experiences through dynamically crafted events. Storytelling merging with virtual surroundings, allowing advertising to correspond with the virtual 3D space – is driving consumers to become part of the story. To experience and live within it.
Tips for Advertisers Pioneering in Metaverse
In the initial phase, brands should assess the required skills and expertise, identifying what they have internally while collaborating with specialized agencies and specialists to lead the development and execution of a coherent strategy to capture the value.
The most important goal is to create a seamless integration of the campaign within Metaverse to avoid alienating consumers from the brand and its value. The Key is to effectively plan the virtual world placement that feels well-integrated and natural. Just like in the regular digital advertising process, we cannot avoid establishing base rules of engagement, detailed policies, and enforcement practices for customer experience, intellectual property management, user safety, data, and misinformation.
In the initial moments, brands need to discuss three main points: defining Metaverse marketing goals, identifying platforms (choose a Metaverse) on which to provide the best opportunity (brand fit), and finally, designing experiences appealing to the target audience.
Brands that make serious efforts at establishing a presence within these platforms will be ahead of others.
Where does this Journey Lead us from here?
Metaverses, as the next step in the development of virtual networking technologies are step-by-step offering new spaces for innovative marketers and advertisers. There is much to discover, execute and try as metaverse is placing consumers in virtual physical space with full-blown experiences – leading advertising to blend in. Brands that make serious efforts at establishing a presence within these platforms – may write triumphant pioneering stories that could reach new audiences.
Metaverse Advertising / Honorable Mentions
- Nike – Latest acquisition RTFKT studio used to sell real sneakers paired with virtual ones (as NFTs), selling 600 pairs in six minutes and netting over $3.1million
- The – Gucci brand has created a fashion and art-inspired realm in Roblox. A space conceived as the virtual counterpart of the real-world installation – Gucci Garden Archetypes in Florence, Italy. Digital visitors, upon entering the virtual space, would become neutral mannequins, and while wandering through different surreal rooms, their avatar would absorb elements of the visited spaces. At the end of the journey, their avatar would become a one-of-a-kind creation, reflecting the ideas of individuality and uniqueness.
- Warner – Bros. Pictures hosted a virtual party on Roblox to promote a summer movie called “In The Heights”. Bringing movie-relevant music, dance, and culture of Latin America entices visitors to explore virtual space, contribute to wall art, watch behind the scenes, try dance tutorials, find virtual items and participate in scavenger hunts.
- Bidstack – A video game ad-tech company transitioned from working off in real-world outdoor advertising to placing ads on virtual billboards in Metaverse.
- Domino’s – Launched an ordering kiosk in Metaverse (Decentraland), where the users can order their favorite pizza virtually and have it delivered to their homes. Burger King created a campaign with their meal boxes, including QR codes leading customers to acquire NFT tokens and win digital 3D collectibles or signed merchandise.
The numbers seem incredible, check them out!
- Meta company invested $50 million in non-profit funding groups to help the metaverse grow responsibly
- Metaverse may be worth $800 billion by 2024 due to a surge in interest during the pandemic. $47 billion was in 2020.
- The Global AR, VR, and MR market will roughly reach $300 billion by 2024
- VR gear sales are estimated to generate $10 billion in revenue by 2022
- By 2024 there will be over 34 million VR headsets installations worldwide
- 1.7 billion mobile AR worldwide users are expected by 2024