Most Effective Metaverse Marketing Trends You Need To Know In 2023
January 12, 2023
Editor's note: This post was originally published on May 05, 2022 and has been revamped and updated for accuracy and comprehensivenes.
Metaverse marketing is the buzz of the town these days among web 3 marketers because of its potential impact in serving a unique brand experience and creating virtual communities. In layman's terms, the metaverse is a virtual world where individuals can connect with one another, explore virtual spaces, attend immersive events, collaborate, buy products, and do various other activities.
The metaverse, and web 3 in general, is a relatively new concept, and projecting where the metaverse will go at this point is equivalent to debating the internet in its early stages. Few individuals in the late 1990s correctly projected where the internet would go and the enormous impact it would have on people's everyday lives, societies, and the entire world.
However, one thing is certain: The metaverse has enormous potential to change a brand's content marketing strategy and connect with their audiences. The future will see a significant shift in how brands execute digital marketing strategies to promote their products, provide value, and engage with their audiences through metaverse marketing.
Many technologies, ranging from social media platforms to artificial intelligence, have already disrupted digital marketing and advertising. On the other hand, the metaverse throws up a whole new world of endless possibilities. We should venture into uncharted territory and learn how to adapt through quick experimentation and risk-taking. In the metaverse, the most successful brands and marketers will be those who have mastered the art of increasing audience engagement and pivoting quickly from metaverse marketing strategy that isn't working.
In this article, we will discuss some metaverse marketing trends that we believe will help brands stand out in 2022.
Marketing in the Metaverse in 2023: 7 trends to keep an eye on
1. Metaverse-based activities will allow brands to create immersive and personalized experiences for their target audience
Marketing in the metaverse was put to the test in 2021 by several brands launching immersive experiences for their target audiences. Gucci launched Gucci Garden on Roblox, an immersive virtual exhibition inspired by the Gucci Garden in Florence, Italy. Nike was another brand at the forefront of Metaverse marketing in 2021. Not only did the famous sportswear giant buy RTFTK, a virtual sneaker brand, but they also developed NIKELAND, Nike's own universe, on the backdrop of its global headquarters within Roblox's immersive 3D environment.
Having followed the metaverse push in 2021, the influential brands observing the metaverse space till now will make their move. Brands will continue experimenting with new ways to reach out to their audiences in 2022 through virtual environments and immersive experiences. Virtual experiences like these will assist brands in strengthening their bonds with their audiences and improving their entire brand experience. The interaction potential of the metaverse is too big for them to hold back. Adobe has also recently announced that it is working on new software to improve the immersive experience that brands can provide within metaverse.
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2. Metaverse NFTs will open up new avenues for community growth
Non-fungible tokens will be critical to metaverse marketing because they provide customers with a sense of ownership for virtual goods and enable brands to take community-building to the next level. NFTs will provide various opportunities for businesses to increase their authority and tell their unique story via digital collectables. By offering early access to digital assets and building anticipation, brands can create excitement around specific events or product launches using NFTs.
Brands will also work with metaverse influencers to build personalized experiences via metaverse NFTs. Brands and influencers, for example, can create virtual experiences, merchandise, or exclusive experiences that only certain NFT holders can access.
3. Advertising in the metaverse is going to explode
Metaverse advertising will provide advertisers with next-level advertising opportunities in metaverse worlds such as virtual billboards, virtual forums, pop-ups, merchandising, and branded NFTs. Gartner predicts that by 2026, 25% of people will spend roughly an hour each day in the metaverse. This opens up enormous opportunities for brands and advertisers. The metaverse also has distinct ad formats, complete with marketing attribution, allowing marketers to measure visits and allocate ad spend intelligently.
The gaming industry will be a great source of inspiration for metaverse advertising. Advertisers will have to guarantee that their strategies are matched explicitly to virtual worlds and that gamification is at their core.
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4. The metaverse platforms will be the next big thing in tech
While metaverse technology is still developing, several tech giants are already preparing for this seismic shift. According to Bloomberg's analysis, the metaverse quickly becomes one of the most profitable technical platforms, with an $800 billion market predicted by 2024. Roblox, Meta's Horizon Worlds, Sandbox, Decentraland, and other game developers appear to be early leaders in the race for Metaverse leadership. However, there is still time for other tech brands and social networking companies to improve existing solutions or launch new ones to capitalize on th
5. Brands are going to open virtual storefronts in the metaverse
The metaverse offers an opportunity for tech-savvy marketers to engage users in a visually entertaining way. Brands like Nike, Adidas, and Gucci have experimented with the metaverse to boost their marketing efforts. With their innovative metaverse marketing strategies, few brands like Samsung have established virtual stores that imitate real-life shopping environments. This trend is expected to continue in 2022 since the metaverse allows disparate individuals and groups to experience a brand in a virtual area, linking them through the creation of shared experiences.
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6. Brands will combine multiple technologies to provide an immersive experience in these virtual worlds
The integration of Artificial Intelligence, Augmented Reality, Virtual Reality, 5G, and Web 3.0 will significantly impact the metaverse. Brands that want to engage with their audiences in the metaverse will need to use the combination of these technologies. According to Bloomberg's report, gaming, augmented reality, and virtual reality will be a $413 billion market by 2024 compared to $274 billion in 2020. The metaverse, which merges our external reality with augmented and virtual reality, will usher in a 3D internet.
In a virtual world, brands will be able to build virtual avatars such as 3D chatbots that can interact and respond to your interactions. To build these virtual worlds with avatars and digital beings, the metaverse will use augmented reality (AR), virtual reality (VR), artificial intelligence, blockchain technology along with the power of the internet.
7. Influencer marketing is likely to be the preferred strategy in the metaverse
Influencer marketing is currently one of the most effective strategies for acquiring new users. The metaverse provides a variety of chances for companies and influencers to connect with and establish connections with their audiences in novel and innovative ways. For example, Sandbox's brand awareness skyrocketed once the company announced a collaboration with legendary musician Snoop Dog.
In 2023, we will also see an increase in the number of virtual/AI-based influencers
Virtual influencers are artificial characters with a personality and a story of their own. Virtual influencers such as Lil Miquela have landed brand deals with high-end fashion giants like Prada, Dior, and Calvin Klein. Brands have also begun to release their own artificial characters. For example, Candy, dressed in head-to-toe Prada, was designed to advertise a fragrance collection, also called Candy, and appears to be simply another influencer sporting Prada's hottest products.
The company that owns Lil Miquela, a CGI influencer with 3 million+ Instagram followers, is transforming itself into a DAO. The idea is to make Lil Miquela truly community-driven by allowing fans to vote on her character arc using blockchain tokens, including determining which pictures to post on social media.
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Currently, it is hard to predict how substantial the metaverse's influence will be in marketing. It is also uncertain how long it will take for a perfect metaverse that replicates actual life to emerge. Still, there have already been substantial improvements and discoveries that can potentially lead to the development of a genuinely interoperable metaverse. In the early years, very few expected the influence of social media, the internet, and e-commerce. Many companies have already embraced metaverse marketing. This is only the beginning of something very significant, and the possibilities are limitless. The first movers will have a significant advantage.
Just as you discovered strategies to boost your brand presence on social media platforms like Twitter, Reddit, Youtube, and others, as well as search engines like Google, Bing, and others, you'll need to study and develop strategies for increasing your brand's visibility on metaverse platforms.
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