Metaverse opportunities: Marketing in the Metaverse

 Imagine you own a shoe brand, but then you have the opportunity to sell your shoes in a metaverse, in the Metaverse. You have a virtual store in the metaverse where users could stop by with their avatars to get new shoes for themselves and pay you with crypto that could be converted to real life currency.

The concept of the Metaverse is one that is yet to attain its full potential, in this post, we look at some marketing potentials of the metaverse and how it could help boost sales for you as a marketer. 

The Metaverse is a 3D version of the internet enabled by different technologies. Today, we have different metaverses already such as Decentraland, Sandbox, but the Metaverse, that one virtual world, is yet to happen. 

What Metaverse moment are we in? 

There's no definite answer for that, because the Metaverse is still a concept of the future. The definition for the Metaverse is still being shaped. We have had a shift from the Web1 which connected people to information, to the Web2 which connected people to people. Now we are currently in Web3, which connects people, places and things.

The Metaverse is still being built, it's not here yet. 

The Metaverse ecosystem

The Metaverse ecosystem continues to change, its components are interconnected in some sort of a web. That interconnection, or collaboration is what remains constant. Creators in the universe collaborating to create a beautiful virtual world.

Some creators are out there making digital arts for the metaverse, others like Krista Kim of Techism are making digital houses for the metaverse. 

Then there are collectors, those who buy and invest in the Metaverse. The constant collaboration between creators and interaction with collectors will sustain the Metaverse ecosystem.

Marketing in the Metaverse

• Virtual worlds and virtual goods

On 9th of February 2022, Gucci announced that it would be setting up a virtual store in the metaverse, Sandbox. Gucci announced that users could buy their merchandise from a Gucci Garden in the Sandbox metaverse.

Nike also collaborated with Roblox to set up a virtual store where users in the Roblox metaverse could beautify their avatars with a virtual collection of Nike merch.

A virtual world is an ecosystem in the Metaverse where people can come together. Inside these virtual worlds, which are nonphysical objects that users spend real money on to enhance their user experience.

The concept of virtual worlds and virtual goods presents an opportunity for marketers to give their brand greater exposure.

• Augmented Reality

In a bid to bring the digital world into the physical world, Augmented Reality presents itself as a powerful commerce tool.

According to Google's 2019 AR survey, 66% of people are interested in using AR to make purchasing decisions.

Augmented Reality presents people with an opportunity to try on products without even having to be at the store. This way, engagement time on commerce sites are extended. Good news for the brands and its marketers.

• Avatars

Avatars are our digital representative in the Metaverse. 

Marketers can exploit the concept of Metaverse avatars by understanding how consumers use them.

Avatars in the Metaverse could be personalized by users, this presents brands, especially fashion brands, to be able to present their customers with various merchandise options in the merchandise. Brands will therefore have to understand how customers use their avatars in the metaverse.

The Metaverse is the successor of today's mobile internet, it will open a portal to a lot of opportunities and potential in many aspects of the economy. The Metaverse will change the future of marketing and it is right that you exploit it as a marketer.

Deep research into the Metaverse is key for marketers, the Metaverse holds a lot of opportunities for your brand. Seize it.

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