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Metaverse in marketing and advertising

The tremendous volume of rapid technological advancement has surely provided numerous new opportunities. Metaverse is most likely the best example of technological innovation aimed at changing the way people engage with one another and use digital platforms.

The metaverse is more than a 3D version of the internet since it is a shared, persistent, and open threedimensional world where individuals may communicate as digital avatars and explore diverse virtual areas. The use of the metaverse for advertising has been one of the top goals for businesses looking for new methods to gain from the metaverse.

However, it is natural to worry about the potential of metaverse advertising and whether it will evolve into something valuable in the future. Are businesses ready to use the metaverse to sell their brands to specific customer bases? Only by considering the various advertising opportunities in the metaverse can you find the answer. The following discussion will assist you in discovering all of the various use cases of metaverse in advertising that can provide value to current organizations. With the support of real-world examples, you may assess the likelihood of metaverse adoption in various marketing use cases.

The metaverse is likely to reshape marketing and advertising by providing new and innovative ways for companies to engage with their customers and promote their products and services. Some potential Metaverse use cases in marketing and advertising include virtual product demonstrations, virtual events, virtual brand experiences, and virtual influencer marketing. For example, a company could use the metaverse to host a virtual trade show, allowing attendees from around the world to interact with their products and brand in a more immersive and interactive way. One potential application of the metaverse in marketing and advertising is the creation of immersive, interactive brand experiences for consumers. Brands could use the metaverse to design virtual storefronts, event spaces, or product demonstrations that allow users to engage with products in a more interactive and engaging way. Each metaverse development company and metaverse developers offers different and a wide range of metaverse development services to help businesses create immersive virtual experiences to achieve their marketing goals.

Marketing's Evolution

Source: TechTarget

The practice of promoting and selling a company's products or services is known as marketing. It includes the four P's of marketing: price, product, promotion, and location. Marketing and advertising in the metaverse can provide new places to shop and new avenues for promotion.

In the metaverse, the four Ps of the marketing mix are critical.

Marketing evolves in tandem with improvements on the internet. The purpose of marketing in web 1.0 was to establish a website with contact information for a business. Then Web 2.0 began linking people and collecting their search history in order to tailor the user's experience. According to Griffin LaFleur, senior marketing operations manager at Swing Education and a B2B marketing consultant, Web 3.0 now provides a more immersive experience.

According to a LinkedIn research from Metaversed, a consultancy firm, 400 million unique and active users access a metaverse site monthly. Companies must follow their generational audiences to the metaverse in order to reach these users.

The Metaverse's Importance in Marketing

If you want to grasp how the metaverse will effect marketing, you must first understand how the metaverse fits perfectly with marketing. To begin with, the metaverse is more of a parallel virtual world with several interconnected virtual places. People might enter the metaverse as digital avatars and interact with it. Shopping, trading assets, networking, and creating experiences and objects are among the activities available in the metaverse.

A fully operating metaverse, albeit still a few years away, would incorporate a variety of technologies, including 3D avatars, AR, VR, and audiovisual features. Online games like Fortnite, Minecraft, Animal Crossing, and Roblox have indications of the metaverse. Other prominent examples, such as Decentraland and Sandbox, also show promising prospects for the metaverse's future. So, the metaverse currently includes a lot of games and may add more in the future. How does it aid in marketing?

Source : CoinMarketCap

To find the solution, consider the basic characteristics of the metaverse that serve as the optimal foundation for marketing. Indeed, the metaverse's characteristics demonstrate that it is more than just virtual theme parks.

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What Role Does the Metaverse Play in Advertising?

The following metaverse characteristics can demonstrate why metaverse advertising is a good idea.

Constantly operational
When you leave the platform, the metaverse stays operational, and the persistent environment does not pause. All platform activities continue indefinitely.
Real-time Functions
The metaverse integrates with the real world's time, providing a direct channel of communication with the intended audience.
There are no restrictions.
The pledge of unlimited freedom is one of the most prominent features in metaverse advertising samples. Participants are not bound to walled gardens and are free to explore many other virtual areas in the metaverse. As a result, marketers have a larger playground for advertising on the metaverse.
The Creator Economy
Many assets can be created, owned, and traded in the metaverse's totally autonomous and selfcontained reality. Users can also find ways to earn prizes for their contributions to the metaverse.
User-Generated Content (UGC)
Most importantly, with increased options for user-generated content, the usage of the metaverse for advertising becomes increasingly relevant. The metaverse provides users with more than simply virtual locations to hang out in. Users might generate content and experiences for other users, and marketers could use this feature to broaden their advertising reach.

Advertising Opportunities in the Metaverse

The metaverse's various characteristics demonstrate that it is an excellent choice for advertising. The metaverse is always online, runs in real-time, has an independent, autonomous creative economy, and, most importantly, is user-driven. For obvious reasons, many people would wonder, "Can you advertise in the metaverse?"

The question focuses on the practical ramifications of metaverse advertising. In principle, everything about the metaverse appears to be beneficial to brand marketing. On the other side, you may be wondering how to get started with metaverse advertising and what the best practices are. Here are some examples of how brands could use the metaverse for marketing.

Characters and Branded Virtual Real Estate
Many brands have established branded avatars and venues or reproduced their services within online game virtual settings. Interestingly, rather than disturbing gamers' experiences, brands have blended in seamlessly with game surroundings. Fortnite and Animal Crossing are the two most popular online games for brand insertions right now.
Verizon is a famous example of metaverse advertising. The brand gave players the opportunity to meet NFL player avatars by bringing the Super Bowl stadium to Fortnite. Venus, a Procter & Gamble women's razor brand, has produced skin types for different avatars in Animal Crossing that seem more lifelike.
Unilever is another well-known brand that uses the metaverse for advertising. Hellmann's mayonnaise brand created its own branded island in the Animal Crossing video game. You can plainly see how marketers can employ metaverse virtual real estate and personalities for organic advertising that resonates with the intended demographic.
Avatar Digital Offerings
Avatars are an essential component of the metaverse, and they will play an important part in many metaverse advertising use cases. When you initially started using the internet, you must have come across avatars. They are the virtual representations of our physical identities and may provide the ideal chance for businesses to establish their presence in the metaverse.
Brands might offer virtual versions of practically every product marketed in the real world and profit from the metaverse's advertising potential. Gucci was one of the first businesses to capitalize on this trend, presenting a digital line of its distinctive garments on Roblox. Gucci has cooperated with avatar developer Zepeto, as well as integrating the SDK of another avatar builder, Genies, into its app. Many more wellknown luxury labels, including Balenciaga and Louis Vuitton, are generating digital assets for in-game sales. In addition, they are developing their own branded in-game worlds and releasing limited-edition NFT collections.
Without a doubt, the examples of high-end businesses researching prospects for advertising in the metaverse provide a good answer to the question "Can you promote in the metaverse?" In the future, we may see brands give their new collections to customers virtually before they are released. It is easy to see the dual benefit of having avatars as tools for allowing customers to test things.
Massively Participatory Live Events
Events are the next big thing that will provide marketing chances in the metaverse. Massive Interactive Live Events, or MILEs, employ a single simulation to bring together many participants on a single platform.
MILEs can be a real-time event or game that engages enormous audiences.
Events are another significant focus for answering the question "How will the metaverse effect marketing?" with some successful instances. Travis Scott, an American rapper, performed in front of around 12.3 million Fortnite players in a live event. Balenciaga, the renowned fashion house, showed its fall 2021 collection on Afterworld, a computer game built on Epic Games' Unreal Engine.
Diversity and Inclusion
Finally, inclusivity and diversity are the most significant factors driving the prospects for metaverse advertising examples. Almost 71% of customers believe that firms should promote diversity and inclusion through their online advertising. At the same time, nearly 54% of consumers believe that online advertisements lack complete portrayal.
The metaverse, on the other hand, may enable businesses to break down such barriers by allowing customers to construct their own experiences. Brands may naturally enter consumers' metaverse experiences, making them feel included. Consumers, for example, would be more than happy to try on a new clothes collection rather than seeing an online commercial with a celebrity wearing them.
The examples of AR experiences on social media clearly demonstrate the future potential for exploiting the metaverse for advertising. However, it is equally critical for firms to have a head start on taking advantage of the metaverse's advertising prospects.

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Conclusion

For brands all across the world, the metaverse provides a unique marketing channel. As individuals interact, network, and trade experiences and digital assets in virtual places, marketers might investigate organic ways to contact customers. The metaverse is still evolving, despite the fact that many existing platforms play an important role in driving advertising opportunities.

However, each new marketing medium or technology brings its own set of obstacles. For starters, the metaverse is not fully operating. As a result, you should proceed with extreme caution when it comes to metaverse advertising. The metaverse's learning curve and the technological transition required for firms to adapt to metaverse marketing can be challenging. Begin learning more about the capabilities of the metaverse for marketing right away.

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