the most tangible examples are platforms such as Roblox, Minecraft, and Fortnite that use virtual reality to create increasingly sophisticated online worlds.
On these platforms, users move through a virtual world, create avatars and interact with others; they can even buy products and attend virtual events and experiences.
Even if you haven’t heard about them yet, a huge potential market exists in these spaces, with Robox boasting 202 million active users in April 2021.
The Metaverse Explained
Separating the fact from the science fiction possibilities and defining what the metaverse means is a tricky VP Engineering Email Lists task, partly because companies such as Facebook (Meta) and Microsoft are working to build their own versions, meaning that the term is fluid and ever-changing.
Although the definition of the metaverse can feel loose and up to interpretation, many people agree on a number of key factors that make something a metaverse. Venture capitalist Matthew Ball has outlined some of the key characteristics of metaverses:
- A fully functioning online world. Users should be able to move around and interact with an environment in a similar way that they would in real-life, with opportunities to create, sell, and interact with others.
- Exists in real-time. The metaverse has a concept of time that matches up with the real world.
- Always active. Unlike a game where options are limited and there is a set beginning, middle, and end, the metaverse should be never-ending, and it isn’t possible to ‘complete’ the metaverse. When users leave them, they do not end and they go on indefinitely.
- Users have individual agencies. They can choose what they want to do in the metaverse and can be doing separate things at the same time. Users can also create their own content that they and other users can enjoy.
What Is Metaverse Marketing?
Marketers always strive to be up to date with the latest technological advancements, so it’s no wonder that the prospect of metaverse marketing has become a hot topic in the digital marketing world.
As the line between the real and virtual world is increasingly blurred, the metaverse is set to become a place where people spend more of their time, experience brands and even buy virtual products.
Brands are turning their digital marketing strategy towards the metaverse to stay relevant to a millennial or Gen Z audience, who are considered to be the most enthusiastic adopters of the metaverse.
Gen Z consumers spend twice as much time socially interacting in the metaverse as they do in real life.
Examples of Metaverse Marketing Strategies
Create Virtual Experiences When We Talk
More and more brands are using metaverse technology to their advantage to drive brand awareness and give audiences a fun and exciting experience.
Shoe and skateboard brand Vans collaborated with Roblox to create a virtual skate park where users could practice their virtual skateboarding skills, as well as buy Vans products.
Offer In-World Purchases When We Talk
An increasing number of consumers are blurring the lines between purchases in the real and virtual world, with 65% of Gen Z consumers having spent money on a virtual item that exists only within the confines of an online environment.
Luxury fashion retailer Balenciaga has partnered with Fortnite to design virtual clothing and accessories that users can purchase for their avatars.
Host Virtual Events When We Talk
Virtual events and concerts that bring fans together with stars from the comfort of their own homes have become increasingly popular in the metaverse: over 33 million people saw Lil Nas X’s virtual concert on Roblox.
Meet Social Chameleon
For brands, the metaverse produces a unique opportunity to reach audiences in ways that were never possible before – allowing audiences to experience brands from the comfort of their own homes.
Although current iterations of the metaverse can feel geared towards a younger audience, investment from some of the world’s biggest tech companies suggests that the influence of the metaverse will be as groundbreaking as the invention of the internet or social media.
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