What is the Metaverse and Why is it Important for Marketing?
If you’re up-to-date on the latest marketing trends on major brands, you would have probably noticed that major corporations are getting into the Metaverse. From Wendy’s creating a restaurant you can visit to BMW incorporating blockchain technology, the titans of the industry are all finding innovative ways to utilize the next stage of technology.
What is the Metaverse?
Simply put, the metaverse is a 3D version of the internet. The metaverse is a virtual space that is created by virtual reality (VR), augmented reality (AR), and other digital technologies. The metaverse is not one single platform or app but refers to all the different platforms and ways people can access the virtual world.
In most science fiction movies and shows, virtual worlds are accessed through a VR headset, but that is not only always the case. VR headsets create a truly immersive experience, which Meta is at the forefront of with the Oculus headset and Meta’s metaverse Horizon Worlds. But the metaverse as a whole can also be accessed through a computer or smartphone.
The metaverse is built on Web 3.0.
What is Web 3.0?
For context, Web 1.0 (1991-2004) was a “read-only” decentralized source of knowledge. Users could not add their thoughts or ideas, and no regulatory body existed. Web 2.0 (2005-current) is a “read and write” space that is centralized. This means users can add their own thoughts, such as blogs, videos, comments, etc., and is controlled by cental organizations (e.x. Meta, Google) that own your data in exchange for “free” access.
Web 3.0’s aim, in some opinions, is “read, write, and own” with a level of autonomy. Instead of exchanging personal data, people can exchange labor for tokens, for example, to access the platforms.
Web 3.0 is an individualized experience built upon AI, smart applications, user behavior, and the Semantic Web, which creates machine-interpretable metadata (think of how eerily specific Siri can be when you ask her a question. She isn’t just inputting data but is actually understanding your words.)
Owning crypto, NFTs, and tokens is an attempt to reclaim power and identify from the Big Tech Companies.
The obtainability of decentralization, where the members of each community vote on policies and procedures without any CEOs or presidents, is uncertain.
Why Should Brands Care About the Metaverse?
“The Metaverse has become the newest macro-goal for many of the world’s tech giants” – Matthew Ball, EpyllionCo
More people are going to the metaverse and spending time and money there. Out of all users, Gen Z, who now have consumer buying power, spends the most time in the metaverse. While Gen Z may still be growing into their roles as consumers, by marketing early, corporations are creating a new loyal base early.
Massive corporations are heavily investing in the metaverse. Mark Zuckerberg renaming Facebook to Meta wasn’t enough indication that the company is banking on the metaverse. The company purchased the virtual reality headset company Oculus in 2014 and has invested $10M into a creator fund alone.
Other companies such as Apple, Amazon, Microsoft, and Google have also invested their own money, time, and resources into the metaverse. The first creators on a new social media platform, like YouTube or TikTok, tend to grow the fastest and largest as the market is not over-saturated. The metaverse is no different.
The metaverse offers fun and creative ways to interact and engage with consumers. We are currently in what is known as The Experience Economy, where people are more interested in the experience that comes along with the products they love. A study done by Khoros showed that 73% of consumers are willing to spend more on a brand they love.
What Can Your Brand Do in The Metaverse?
The possibilities are truly endless for how your brand can utilize the metaverse for marketing and revenue. Brands can create virtual stores that consumers from anywhere in the world can access to digital collectables, hosting virtual events and concerts to support groups and mixers, are power avenues for brands to foster relationships with consumers.
At B3 Media Solutions, we constantly educate ourselves on the latest trends and technologies that impact social media marketing. We’d love to help you develop a strategy to bring your company to the forefront of marketing technology.
If the metaverse sounds exciting for your brand but you’re unsure how to begin, we offer 30-minute free consultations for enterprise-level businesses. We’d love to help you develop a strategy to bring your company to the forefront of marketing technology.
What We’re Reading:
- Can you sign up for Google’s new Bard AI search tool? What to know – Mashable
- Elon Musk Says That Twitter Will Continue to Offer Free API Access to Good Bot Accounts – Social Media Today
- Meta Asks Many Managers to Get Back to Making Things or Leave – Bloomberg
- How to Protect Twitter Account Now that Text Verification is a Paid Service
- The impact of ChatGPT and Google Bart on SEO and Social Media Marketing
- 5 Black Entrepreneurs in the Metaverse
- BuzzFeed & Meta Partnership