LET’S GET STARTED
- 1 What Is Web 3.0?
- 2 What Is Metaverse?
- 3 Relation Between NFT, VR & Blockchain
- 4 What Is Metaverse Marketing?
- 5 Brands Entering Into Metaverse Marketing
- 6 Challenges In Metaverse
- 7 Conclusion Of Metaverse
The passage of time brings change. Technology that is cutting-edge now may become old-fashioned tomorrow.
That’s true. Of course, everything has the potential to be upgraded.
But, have you heard about an upgraded version of the internet?
Yes, there is an updated version of the internet, which is known as the web 3.0.
I’m sure you’ve heard of this term since Mark Zuckerberg’s revelation about the metaverse.
And, of course, the entire globe was buzzing with the new word, web 3.0.
Don’t worry! In this blog, I’ll tell you about this new version of the internet and how it will change our lives, particularly the marketing sector.
So, put your reading glasses on and get started to dive into the analysis of this virtual world.
Let’s understand this concept with the definition of the web 3.0.
What Is Web 3.0?
You can take web 3.0 as an updated version of the internet i.e., web 2.0. Within this updated version of the internet, metaverse will be the new dimensions which will include the virtual world for games, films, concerts and simulation-based training.
You can take it as a third generation of the internet.
As per the recent statistics, the metaverse marketing industry will reach $1,544 billion in less than 10 years.
To make it more clear to you, let me show you a picture that will speak a thousand words.
I hope this image was enough to clear your doubts about web 3.0 and its relation with metaverse.
If you want to know about web 3.0 in detail, you can visit the blog, An Ultimate Guide To NFT Marketing
What Is Metaverse?
Mark Zuckerberg himself says that it’s an “internet where you feel like you’re there and you’re present with people and in other places.”
I hope you have got the point that Mark Zuckerberg was saying still if you didn’t catch the point. I am here to assist you.
Basically, Mark Zuckerberg has created real-time rendered 3D worlds and simulations where you just have to wear your headset or goggles and you can become a part of virtual reality.
It is a kind of hypothetical version of the internet that allows users to interact with online 3-D virtual settings.
For more clear understanding, you can watch the video,
Do you have any idea that there are some parts of the metaverse that exist currently?
There are metaverse games like Roblox and Fortnite that serve as the foundation for the metaverse’s future.
The avatars of users on Facebook are another illustration of the metaverse.
We can see that ‘Facebook For Business’ has been developing a metaverse marketing for years in this fashion.
Remember the facebook shops that you used to see while scrolling down through facebook?
It was just a trial by facebook for a metaverse marketing strategy.
Don’t worry!! This virtual world will not make you cut off from the real world.
As recently a comment made by Vishal Shah, Vice President of Metaverse Facebook, ‘Metaverse not a replacement of physical experiences, but a new way to experience the Internet’
Metaverse can also help you personalize the experience of the virtual world.
In fact, according to Matthew Ball’s Metaverse Fund, the metaverse might be regarded as the successor-state to today’s internet, much as today’s largest mobile internet was constructed on top of fixed broadband internet in the 1990s and early 2000s.
Let me show you the data for VR and AR and you will be shocked to know that it started before the announcement from metaverse Facebook.
Relation Between NFT, VR & Blockchain
The metaverse is defined as a three-dimensional virtual reality space, Virtual Reality, Blockchain, and NFT (Non-Fungible Token) as mentioned by Mark Zuckerberg.
Now, we will discuss each in brief.
It is a form of digital token that is one-of-a-kind and rare. An NFT is basically one-of-a-kind evidence of ownership of anything, most commonly a digital asset.
NFTs are digital reproductions of actual collector’s objects, and no two NFTs are alike.
Then comes VR which stands for virtual reality, it’s an experience that is simulated and utterly different from the world around us.
VR necessitates the experience of a software-generated environment using technology such as a VR headset.
Metaverse Blockchain is a kind of ‘digital ledger’ that comprises an ever-growing list of entries (or blocks) that are linked together using metaverse crypto techniques.
Every metaverse blockchain will have a metaverse crypto hash or mathematical formula characterizing the preceding block on the chain to make the data end-to-end encrypted.
The metaverse blockchain underpins metaverse crypto such as bitcoin, would enable the purchase and smooth movement of virtual products and identities across numerous metaverse platforms.
What Is Metaverse Marketing?
Let me start this with the quote of a legend of the century, the one and only, founder of Tesla Motors, Elon Musk.
Elon Musk has recently made a comment on metaverse i.e., “The metaverse is just marketing jargon at this stage”
Basically, he called metaverse a “marketing buzzword”
In the tweet, the Tesla chief said, “I’m not suggesting web3 is real – seems more marketing buzzword than reality right now – just wondering what the future will be like in 10, 20, or 30 years. 2051 sounds crazy futuristic!”
Basically, metaverse and marketing will go hand in hand.
If the brilliant mind of the century is saying, that means, Metaverse is going to affect the marketing for sure, let’s see how:
Branding Through Metaverse Marketing
You will be shocked to know that Gucci has already got in the game before any other brands could even think.
The reports from verge say that a luxury brand Gucci released an exclusive digital pair of sneakers in March 2021 and called The Gucci Virtual 25 that “can be ‘worn’ in augmented reality (AR) or used in partnered apps like Roblox and VRChat.”
And then in May 2021, Gucci opened the Gucci Garden on metaverse Roblox, a virtual experience to complement a real-world installation called the Gucci Garden Archetypes, which took place in Florence, Italy.
Vogue Business revealed that people could, “mingle with others exploring the space and can buy digital pieces created in collaboration with metaverse Roblox creator Rook Vanguard.”
This is the best example of a brand being digitally creative in the space and that’s how it is going to help businesses build a strong brand image.
Another example of branding in the virtual world is lenskart.
Have you heard of Lenskart virtual try-on, where you can simply put on and test several tints of glasses in 3D to determine which one is ideal for you?
This is exactly how your shopping patterns and branding are going to be changed.
This is how people will shop virtually in the near future.
I’m sure you’re aware that virtual reality is not a new concept. And of course, why not?
Because we all have seen how the gaming world has dominated virtual reality. It is one of the best examples of virtual reality.
But now I am going to tell you how does virtual reality work.
The thing is, it existed decades ago and of course, it advanced by leaps and bounds recently and will continue to do so in the future.
Virtual reality allows you to draw your clients into the fold in a variety of ways, from product creation to the selling of existing items or services. They can participate actively at all phases of the process.
And the big thing is, the upcoming generations will feel more at home in such surroundings than any other generation.
Have you ever played the game Pokemon Go, in which players used their phones to capture imaginary Pokemon that did not exist in real life?
Even if you didn’t play the game, I believe you must have heard about that.
And of course not? It was quite popular some years back.
And you will have to believe me when I say augmented reality is something like that. Basically, it takes over your vision and adds some extra elements to it.
If you know even a little bit about the game Pokemon Go, then you have an idea of how it used to take data from our surrounding environment.
Like, players used to roam around taking their cellphones in their hands and catch imagery Pokemon.
This is exactly what will happen in augmented reality.
It will create an imagery environment around us, we just need to put our Oculus headset on and tadddaaa…
Our virtual world is ready.
But now the question here arises, How is it going to help in marketing strategies?
Believe me when I say marketing is directly related to augmented reality. Remember the lenskart example I gave?
It was one of the best examples of augmented reality I could give you. It’s a kind of a different version of the world where virtual things can be seen which don’t actually exist in real life.
Marketers will be able to market their businesses and brands without even the existence of the actual product like what lenskart and Gucci did.
And this is exactly how does virtual reality work.
Virtual Metaverse Advertising
Have you seen the popups and virtual billboards on the website?
I am sure you must have seen that. After all, the whole internet is filled up with them.
Such pop-ups on the website will give you a big opportunity to share your brand on a larger scale.
But in the virtual world of the metaverse, you will have a whole virtual world of opportunities to network, advertise and sell your products and services.
Just imagine, how many people would be able to see the pop-ups and metaverse advertising of your brand through the Oculus.
Your metaverse advertising will be visible to your target audience regardless of where they are or what they are doing.
Hence, a virtual popup helps you to reach a larger audience.
What I mean to say is, you need to switch to Metaverse marketing from digital marketing in the near future because your marketing will need a virtual touch.
I believe that It will be difficult to take these metaverse advertising to the next level by including them in Metaverse marketing but sooner or later you will have to do that.
You will be shocked to know that “This year, Dimension Studio made $6.5 million in revenue from making metaverse technology for fashion brands. This technology included tools to create virtual advertisements.”
And above all these things, Many major corporations, like Google, Disney, Microsoft, and Meta, are using metaverse advertising in their marketing strategies.
See… how fast the world is moving towards metaverse marketing.
Isn’t this incredible?
Content Creation In Metaverse
You will be shocked to know that metaverse allows you to create content in it.
Yes, you heard that right.
The metaverse will have many features for bloggers to use in their posts. There will be a key feature in the metaverse which will allow you to write blogs and publish pictures and videos in it.
The Metaverse is a virtual world constructed on top of the internet.
In order to create content in the Metaverse, you need to use metaverse Roblox and show your content to the whole virtual world.
Or, you can go with melon.ooo. You can sell your social media postings as NFT here.
Metaverse is one such technology that will help the content creators to create animations and simulations for a better user experience.
Brands Entering Into Metaverse Marketing
Just like the other developers create their own worlds, some of the other brands have also created their own metaverse world for marketing to give the sense of belonging and excitement in the virtual world.
So let’s see how some of the brands entered into the metaverse.
Let’s start with your favourite of all time,
Metaverse is actually valuable to the legacy business as it provides a new approach to brands for marketing.
This is exactly what Coca-Cola has done.
The company reintroduced the pixelated replica of their vintage 1956 vending machine.
This time Coca-Cola came up with the “friendship box” which was meant to resemble a “treasure box”.
And there were 3 more multi sensory NFTs within the loot box: a bespoke Coca-Cola bubble jacket developed for the Decentraland 3D platform, a sound visualizer that plays recognised audio samples while you sip or pour the drink, and a Coca-Cola Friendship Card with redesigned artwork from the 1940s.
And the winner of this auction will get a real cooler filled with the coke.
Coca-Cola smartly played the game.
Balenciaga is another luxurious brand taking footsteps into the metaverse in partnership with epic games, the developers of fortnite.
The collaboration was announced in september, 2021 and brought luxurious fashion in the gaming world.
The overall experience covers both the virtual and actual world along with the clothes available online and offline.
Players can dress up with some of the most recognisable characters with Balenciaga clothing from prior collections.
In december 2020, balenciaga unveiled its collection from its own game, named Afterworld: the Age of Tomorrow.
And Balenciaga was the first to tap into the fortnite community to create the sphere where players could use balenciaga’s design elements.
Challenges In Metaverse
Metaverse holds a bright future for marketing and brands but there are some challenges that need to be overcome.
One of the biggest challenges that can occur is accessibility. The thing is not everybody will have access to the devices to access the metaverse like, higher-end computers and VR glasses.
This can be one of the biggest challenges in the world of the Metaverse.
Another major problem that companies may encounter is locating their correct place in the metaverse environment. It is possible as a result of modern technologies.
Conclusion Of Metaverse
Metaverse marketing is the future of marketing. Sooner or later it is going to replace the internet in the future so you need to get ready for this extraordinary journey. It is going to be a kind of hypothetical version of the internet that allows users to interact with online 3-D virtual settings.
But here, you also need to be more careful with the upcoming challenges of the metaverse. If you don’t change with the technology, the technology will change you for sure.
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