Metaverse Marketing: A New Phase in Digital Marketing

Metaverse is certainly a complex Phenomenon. Metaverse is the use of augmented and virtual reality tools to create a 3D virtual and immersive experience for the user. Most of us have recently started listening to the use of the term ‘Metaverse in Digital Marketing’, but this terms dates back to the year 1992. It was first used by Neal Stephenson in his iconic novel ‘Snow Crash’ and since then it has come a long way and has made an entry into fields like gaming and marketing in the most recent times.

The Metaverse

What Exactly Happens in ‘The Metaverse’

In simple terms Metaverse are connected virtual realities where people and communities work, play and communicate with each other. Metaverse space is created by combining the virtual, augmented, and physical realities to create real- time scenarios.

Metaverse is being used as an extension of the real world, where virtual communities and different organizations interact with each other to invest, build and trade various products and services.

How are the Organizations Getting into Metaverse?

Various platforms like Decentraland and Sandbox have been opened up by different organizations to create and host different apps in their own virtual environments. In their respective virtual world these organizations have created Avatars that can be used by people to enter the Metaverse space. Though, the success of Metaverse depends on the speed of adoption of various apps that have been created by these organizations.

The biggest business opportunities created by the Metaverse can be found in Entertainment and Gaming, Real Estate Buying and Selling, Artificial Intelligence (AI), Live Entertainment and Performances, E-Commerce and Retail Sector, and Education Sector.

Gaming

Gaming has changed a lot since the time it came into practice. It started initially with simple games of the 1990’s like Dave and Aladdin, and matured into a full- fledged gaming industry with the introduction of online simulation games. Simulation games were a breakthrough, as this gaming model was used for training purposes in various organizations, where real life corporate situations were used to impart relevant, competitive skills to the employees. This then evolved into what we know as gaming consoles like Xbox and Sony PlayStation.

These consoles are still one of the most popular gaming devices used all across the world, but this kind of gaming has also taken a new Avatar in the form of virtual gaming. Companies like Sony and Meta have come up with various Virtual Reality headsets to create an immersive gaming experience for the wearer.

Apple is also planning to come up with a new Mixed Reality Headset, that is going to be a mix of Virtual reality (VR) and Augmented Reality (AR). Sony PlayStation PSVR2 is already created waves in the gaming market, and definitely there is a lot more to come with more and more technological innovations in the gaming world. Popular games like Fortnite and Animal Crossing show you a real glimpse of the Metaverse world.

Nike has teamed up with Roblox to create a virtual gaming world NIKELAND as a part of its marketing efforts. The players are allowed to choose their own Avatars and they can dress them in various Nike Gear. This strategy is being used by the company to understand and interpret consumer behaviour.

‘Gucci Garden’ on Roblox is another fantastic example in this context.

Entertainment

One of the biggest telecom companies Airtel has launched a Metaverse Multiplex, which is a 20-screen platform. This platform is being targeted to offer content from various OTT partners. Metaverse is being looked as a platform that will bring a strategic shift in the entertainment industry, and this can be observed from the huge success of various virtual events that have been held in the Metaverse.

Metaverse allows users to attend a virtual event from the comfort of their homes, where millions of users can interact with each other. Also, few video games like Epic Games allow the users to pay and dress like their favourite Avatar and attend parties and gigs.

Retail

On the occasion of its 100^th Anniversary Gucci organized a virtual exhibition for its customers. This exhibition targeted at elaborating on the Profitability of Metaverse for the Retail Industry. Products like a virtual handbag worth $4000 were sold during the exhibition, where the visitors were allowed to take on a genderless Avatar which could travel through various exhibition rooms and view the past and new products that were being displayed.

Companies like Adidas, Amazon, and Dyson have already entered the world of Metaverse Marketing, and it is definitely going to be big in the near future.

Education

One of the fastest growing sectors in the market is the education sector. There is always a need for it in the market and companies involved in the education sector have been a pioneer in adopting new technological innovations to make the experience interesting for their key customers. Metaverse has allowed companies to create virtual online classrooms to provide an immersive learning experience to the students.

There are various other sectors that are taking an advantage of the possibilities created by Metaverse Marketing.  The picture is not clear enough, but Metaverse Marketing will definitely bring a strategic shift in the focus of various industries in the market.