With Elon Musk buying Twitter for 44 billion dollars, anything is possible.
Like Metaverse being the next big thing in marketing. Is Metaverse the future of marketing?
Experts say so. Let’s try to understand the concept, step by step. Metaverse owes its existence rise to augmented reality technology. It is like a different universe acting regularly as it does here.
You may be wondering what it’s like in Metaverse. It’s an immersive 3D virtual world that offers customers a unique and engaging experience like never before.
It is indefinite- Metaverses do not stop when you leave them, nor do they come to an end. They just keep going indefinitely.
Exists in real-time- The metaverse has a timeline that corresponds to real-world time. Players can engage in multiple activities at the same time. One could simply stand in the corner while others interact with one another, like in the real world.
Like a parallel universe- the metaverse is a fully functional universe in which users can create, own, sell, and invest. Users can be recognized and rewarded for their efforts in the metaverse.
User-generated content- Metaverses are more than just virtual hangouts for users. They can create content that other users can have access to as well.
Marketing in Metaverse
We understand that it can be overwhelming at its initial stages but it has been called the future of marketing and many brands are already flocking to embrace the technology and explore its potential. Digital marketers are already betting on this platform and using the platform to showcase their brands. Like Gucci debuted the Gucci Garden in the metaverse, a two-week art installation inside Roblox (online game), in May 2021, with the goal of raising brand awareness among young customers. Before exploring the garden’s themed rooms, visitors could view, try on, and purchase digital Gucci products to dress their blank, genderless avatars.
It must seem odd looking at such big brands entering the metaverse. But that’s being future-ready, though the concept is in its infancy but the potential is endless. The statistics will make you understand the potential – It is estimated that approximately 85 million users will experience AR or VR at least once a month in 2021. Yes, GenX is the future consumer. Where is that consumer spending most of their time? Yes, the Genz has the dominant presence in the metaverse.
With a $39.5 million contribution to a private equity fund for all metaverse initiatives, Google has begun investing in the metaverse. Despite the failure of its AR spectacles in 2014, Google CEO Sundar Pichai has spoken out about the company’s continued interest in the technology. It might even bring services like YouTube and Maps into the virtual world. That’s how the big metaverse has become and is likely to grow leaps and bounds with time.
Facebook Meta is the biggest example – Last year, Facebook, Inc. CEO Mark Zuckerberg rebranded the company as Meta, with the goal of bringing the metaverse to life and assisting people in connecting, finding communities, and growing businesses. They announced a $150 million investment to train the next gen of creators.
With big investment and the big players taking their interest in the new technology, What marketers need to understand is that the metaverse isn’t simply a fad; it is here to stay to become the next big thing.