Metaverse — a big technology platform that attracts online game makers, social networks, and other tech developers. It has the potential to change how we perceive marketing. Here, we are going to look at what metaverse is and how marketers can benefit from it.

What is Metaverse?

Metaverse is a virtual space shared through VR/AR and the internet where users can interact with each other. People are represented by virtual avatars and able to participate in social activities, games and entertainment like never before. The metaverse, which combines our physical reality with augmented, virtual reality, and mixed reality, offers new ways of reaching consumers and exploring a potential revenue stream. 

Predictions lie that the metaverse may be worth $800 billion by 2024, growing in the gaming world to become a $400 billion business by 2025 while opportunities in live entertainment and social network make up the remainder.

What are the opportunities in Metaverse for marketers?

There is a shift in business mindset from considering a virtual reality beyond just gaming to using VR to create, explore, collaborate, and socialize. 

The metaverse offers a realistic virtual experience, so without a doubt entering into the platform is a logical next step for the gaming industry. It can help increase game engagement, virality, and monetization. Currently, there are 3.4 billion users that play metaverse-based games.

By entering the metaverse now, brands in various business verticals will have the first-mover advantage. The platform offers plenty of room for experimentation: you can create virtual communities and content, run a live event or other virtual experiences, test your brand approaches in the new environment, etc.

As for a target market, Gen Z and millennials dominate the metaverse. Brands and marketers should value them as customers as they have a spending power of $143 billion.

Although Metaverse is relatively new, brands and marketers can get started with these simple ideas.

1. Build strong relationships with your target audience. You can create your own space via the Roblox platform, for example, or participate in existing ones. Users could be engaged by playing your game or joining your virtual events. You can also partner with users who have already gained some credits in the metaverse — metaverse influencers — so you can get traction for your brand.
2. Run virtual campaigns parallel to campaigns in real life. For example, in the case of an e-commerce brand, you can invite your potential customers into a virtual shop — a 3D shop where they can virtually walk around, check out the products, and interact with other users. Or you can run a virtual live event and share a promo code that users can activate in real life. These activities can benefit your brand engagement and awareness.
3. Find your way into games. You can start with in-game product placements that are non-intrusive. Pick the products that can be blended within the game environment and use in-game tokens, NFT items, or real-world promo codes to give incentives to users.

The metaverse offers a lot of room for experimentation. Effective practices and strategies have yet to be properly established. Don’t hesitate and begin to think about the best way of engaging with the metaverse: team up with other platforms, create your own virtual venue, build the community, engage and test various approaches.

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