“Change is inevitable, Growth is optional” – John C. Maxwell
This quote pretty much sums up the process of technological advancements that have been taking place over the years and the different approaches of people to deal with it. The one who accepts, gains in the longer term. Accepting technology as a major part of our daily lives has been an issue since forever, especially with the older generations but look where we are – on the verge of stepping into the future world, Metaverse!
COVID has affected our lives in ways one could’ve never imagined and we guess this fueled the emergence of “virtual human connection”. Yes, you read it right. Brands are planning to revise their marketing strategies in order to cope up with this ever-changing universe and in an attempt to do so, many big names have already taken a step forward to make it big again in this new era. Gucci, Louis Vuitton, Nike, etc. are putting their bets on metaverse by investing in the “metaverse advertising”. Now, what is it? Let’s take a dive into it to get an idea about the “future of advertising”.
Times Square but make it virtual : Some virtual platforms like Roblox and Decentraland are already using the “virtual billboard advertising”. Billboards have always been one of the most traditional and effective ways of advertising and it works in virtual reality too! Many brands like Balenciaga, Coca-Cola etc. tried virtual billboard advertising campaigns and they were successful! Moreover, the increasing number of gamers have tempted the brands into promoting themselves through in-gaming advertising. Also, celebrities are stepping into it to promote their “virtual concerts”. Because it’s still in the early stage, it’s not that expensive but it helps because the number of users/gamers is increasing exponentially everyday.
Phygital advertising : With a huge chunk of people resisting the concept of “life in VR”, this one looks like the best bet for brands to start with. Combining physical and digital advertising can help brands grow among different groups of people. Gen Z and Millennials are more open towards accepting the new advancements and it can be a very good opportunity for brands to target them through a new platform. Whether it be an in-game banner or a virtual influencer promoting the brand in metaverse, it can be a good start for the brands.
Concerts and other events : Most of the people who are looking into metaverse are well aware of the virtual concerts that took place in the past on other meta-like platforms. Some of the big names like Travis Scott and Ariana Grande hosted virtual concerts and just like everything associated with their names, the concerts were a big hit. Now, there’s an opportunity for advertisers to market their products between the concerts or try more subtle ways of doing it, just like someone would do in the physical world!
Influencers : Influencer marketing is booming ever since 2015 and now it needs a virtual makeover. Since people love celebrities and influencers, metaverse is a wonderful opportunity for the stars to amp up their game. Metaverse is all about avatars but there’s a lot more to it. Influencers can attend fashion shows, host concerts, create content and even sell NFTs on metaverse. There are some “virtual influencers” on Instagram making it big already but the ones who haven’t thought about it yet, it’s time to get started!
Metaverse and E-com : Making a style statement in the “real” world just isn’t enough! You gotta up your game in the virtual world too but to do that, you would need to buy NFTs in the metaverse. Digital goods are exchanged as NFTs in the metaverse, through blockchain, making sure that a certain product is one of its kind. NFTs already have a lot of hype around them but with metaverse coming to being, the NFT business is gonna be bigger than ever. A lot of brands like Nike, Gucci, Balenciaga, etc. are already offering a range of NFTs across different virtual platforms. Gucci even managed to sell a “virtual bag” as an NFT worth more than its original price.
The ways of advertising in metaverse are a mix of traditional and digital approaches but what’s important to know is that it might actually work well, considering all the hype around metaverse, NFTs, VR games, cryptocurrency, etc. Brands that are acting early might as well get the first mover advantage. Moreover, it would give the artists, celebrities and brands the flexibility to be more creative because the size of the audience/prospective buyers would be much greater as compared to the traditional “physical” world.
Sources :
Advertising in the metaverse | How marketing and advertising is shaping the metaverse | A deep dive into metaverse marketing
