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Metaverse - New Trend

The metaverse is a fictitious version of the Internet that exists as a single, ubiquitous, and immersive virtual environment enabled by virtual reality (VR) and augmented reality (AR) headgear. A metaverse, in common parlance, is a network of 3D virtual environments centred on social interaction. The percentage of VR users that visit the metaverse on a daily basis has risen significantly to 23% in 2021. Only 15% of these VR users used the technology on a daily basis in 2018. Last year, 20% of respondents said they used VR on a monthly basis, while 31% said they used it on a weekly basis. Since 2015 AR has attracted 1.07B users, with 74% of adults in US considering to join metaverse. As per Gartner report, 25% of people will be spending an hour per day in 2026 for shopping, education, work etc. Bloomberg reported $478.7B worth with CAGR of 13.1% and it is expected to grow $800B by 2024.

Digital marketers must keep up with the most recent technology advancements. Understanding the metaverse and its full potential is part of this. What marketers need to realise is that the metaverse isn't simply a fad; it appears to be here to stay and on its way to becoming the next big thing.

What strategies may marketers use to adapt as the metaverse grows?

First and foremost, marketers must remember the importance of millennials and Gen Zers as a target demographic. Some sorts of metaverses, such as games like Roblox and technology like VR, are also popular among these generations. Let's look at how marketing can be done in the metaverse with that in mind.

Parallel metaverse marketing within real-life marketing

Create marketing experiences that connect in with real-life events or that are similar to what your company already does in the real world. In June, for example, AB InBev's beer brand Stella Artois collaborated with Zed Run to create a Tamagotchi-inspired Kentucky Derby experience. They did so because Stella Artois, a brand of AB InBev, is known for supporting athletic events, particularly horse racing. As a result, developing an online platform where non-fungible token (NFT) horses may be sold, raced, and bred appears to be a natural next step for them.

Immersive experience is key

In the metaverse, you may sell virtual advertising. Bidstack, a video game ad tech business, for example, shifted from real-world outdoor advertising to virtual billboard advertising. However, virtual billboards aren't the only option. Because metaverses are engaging and immersive by nature, it's ideal to capitalise on this by providing a similar immersive experience with your commercials and marketing efforts. Instead of merely posting advertising, provide branded installations and events that people may interact with.

We've seen early adopters provide immersive experiences to their consumers, such as a Lil Nas X performance in Roblox, Gucci Garden experience visits, and Warner Bros.' marketing of In the Heights with a virtual replica of the Washington Heights area. Collaborations with the Roblox metaverse and other metaverses have lately shown new income sources for brands.

Make collectibles available

People enjoy collecting stuff, and the metaverse provides them with yet another platform to do so. You may replicate the experience in the metaverse by providing assets or limited-edition products that can only be obtained in the metaverse.

The Collector's Room, for example, is available in the Gucci Garden Roblox experience. In the metaverse, it allows consumers to gather limited-edition Gucci products. Gucci made a total of 286,000,000 Robux from the game's initial sales of collector products. 

Continuously experiment

Marketers are living in an exciting moment. While there are certain guiding principles that can help marketers choose what techniques and methods to use, the metaverse is still a relatively young platform with lots of potential for experimentation. Best practices are still being defined, and paradigms are still being developed in their entirety. This provides marketers a lot of leeway to explore new things and be unique in their methods.

Other examples, Dimension Studio's work with metaverses for fashion labels brought in $6.5 million in income. They created a virtual production set-up that lets users to go onto a platform, get scanned by 106 cameras, and then be placed into virtual worlds to try on clothes and other products. They are well recognized for their work on Balenciaga's Autumn/Winter 2021 Afterworld game.

Finally, metaverses hold promise for the future of computers and the internet. They also provide lots of room for marketers and advertising to come up with new ideas. Despite these obstacles, the potential to be inventive, experimental, and give an immersive experience triumphs.