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Digital Marketing in the Metaverse

The Metaverse is not a technology but a concept existing through various technologies. Any virtual space can be metaversal; we need to keep this in mind to understand how it works and how it can be taken advantage of.

We can simply describe the metaverse as a virtual world parallel to the physical world. No need to make it complicated. You can create a virtual character and give it a life in this world. Moreover, you can travel between spaces. Like visiting websites on the internet, you can visit platforms on metaverse. This is why it’s considered an entire new digital world.

This digital world can serve as a video game, a social space or even shops. You can host virtual parties, buy and sell things, meet or work, or simply get social- it’s up to your target and creativity. One can slowly begin to understand that in this new world – there are endless possibilities.

Before we dive into digital marketing in the metaverse, we also need to talk about the technologies used within it to further understand its impact. AR and VR are commonly used to create this world by offering a rich 3D experience. AR (Artificial Reality) mingles and intertwines the digital and physical worlds, while VR (Virtual Reality) goes beyond that and creates an entirely virtual environment that can be accessed through special devices.

Is the Metaverse the New Platform for Digital Marketing?

E So, we can say metaverse is the new platform for digital marketing.

Many virtual conventions, events, and gatherings occur in the digital universe. Especially in COVID-19 conditions, it is attractive for all the people. They can still be together, even if it’s virtually. The changing consumer behaviour and past experiences show that metaverse will stay with us for a long time. It’s just starting and metaverse for digital marketing will be quite interesting.

Because it’s relatively new, even simple ideas still work well for brands. Many brands are already in the game and we know that many others will follow.

For example, Nike bought the next-gen sneakers brand on metaverse and made $3.1 Million in 7 minutes. Louis Vuitton is a brand highly engaged in metaverse marketing as well. They released a digital game for their founder’s 200th birthday: “Louis the Game”. The brand asked users to join Vivienne in collecting 200 birthday candles traveling through multiple worlds. More notably, Mark Zuckerberg presented Facebook’s new brand, called Meta. He is planning to transform Facebook into a metaverse company. Considering the power of Facebook in international marketing, brands will need to adapt to this major change. It will be necessary to develop new digital marketing strategies that include metaverse.

But, how will the metaverse transform digital marketing?

It offers immense opportunities to create marketing strategies that increase conversion. Brands can handle campaigns that are not attractive or easy in the real world.

What are the Digital Marketing Challenges in Metaverse?

Despite all the advantages of metaverse, there are some challenges to consider, such as:

• Intellectual property ownership is one of them. If your content creator is an AI, you may not get intellectual property protection. In this case, you cannot claim the legal rights of your work. 
• The security issues on metaverse need improvements. You may learn more about how the platform will use your data.
• The ownership of digital assets is challenging to verify. Let’s say you made money virtually. You will need to prove that it’s yours.

What are the Opportunities in Metaverse?

On the other hand, the opportunities in metaverse outnumber the challenges. Metaverse for brands is a new blossoming field where your business can plant its seeds.

Build strong bonds

As it is highly interactive, you can build long-term relationships with your target audience on metaverse. They will enjoy playing your games or joining your virtual events. You can create your own space or be a guest in existing ones. Spaces like Roblox are already hosting branded events and campaigns.

The campaigns such as games and events are great chances to build a bridge between brands and customers. Offer them an immersive experience rather than promoting yourself. Then you will get more active users spending time in your space.

Boost your visibility

Metaverse for brands is a popular topic; however, it’s still new. Your name will be known worldwide when you have a slightly exciting idea. Everybody is talking about the campaigns going on here. Even if they are not in the metaverse, you will reach out to more audiences.

We are very excited to see where the future of the Metaverse takes us. If you have any questions or wish to see how your brand can take advantage of new and improving technology, contact us today!