While many brands continue to hone their skills in the social media landscape, a new world is emerging, and it’s demanding all of our attention. According to major tech companies, the metaverse is the future of the internet, and big names such as Facebook are racing to perfect it.
Although we have yet to understand what the metaverse will be in its full capacity, we at least know what innovators in tech want it to become.
“…it will probably provide users with a single avatar or digital identity, which grants them access to an integrated digital ecosystem. The ecosystem would potentially have its own currency, property and possessions. This could be a digitally altered form of reality, a virtual world built from scratch, or some combination of the two.”
The metaverse is still being defined and developed. However, with the rise of virtual reality (VR) gaming and the recent release of the Apple Vision Pro that mixes both VR and augmented reality (AR), the metaverse may soon be at our fingertips, changing the digital marketing scene for good.
Prepare your brand for the metaverse by integrating more interactive engagement that can transfer to virtual spaces.
The Power of Branded Avatars and Digital Fashion
Branded avatars act as your digital spokesperson. It encompasses everything about your brand (personality, style, values, etc) and is personified into an avatar that consumers can interact with.
One famous example of companies using avatars sprouted from the pandemic when companies were forced to get creative in order to maintain sales. Genies, a company that hosts avatar technology, partnered with Giphy and Gucci to sell digital fashion that fans could purchase for their avatars.
Take note of the success of avatars and digital fashion, as these are surely to be a strong market to pursue within the metaverse.
Virtual Events and Product Launches Redefine the Metaverse
The metaverse is meant to be a seamless, immersive experience—and what’s more immersive than hosting an event your audience can attend and actively engage with?
While the parameters of how this would work in the metaverse are still in the works, brands can still find ways to test out virtual events across platforms.
For an example of how these can work, look to Travis Scott’s Fortnite concert. His virtual concert allowed fans to attend and experience an immersive show while in a digital environment. Despite only being a 10-minute show, over 10 million people were in attendance, and the event raked in over $20 million in sales.
These innovative events showcase how the metaverse could transform traditional marketing into something more interactive and engaging for global audiences.
Navigating Challenges and Risks in the Metaverse
There is so much to be gained from marketing within the metaverse, but there are also some downsides. Here are some risks to be aware of as you embark on your journey into the metaverse:
- Fraud: Just as we can come across fraud in the current digital landscape, it could also appear in the metaverse. From fake avatars to imposters posing as big-name brands to host events with malicious intentions, there are many ways scammers can present themselves. Marketers will have to be on the lookout for scams posing with their brand’s name to keep their reputation safe.
- Intellectual Property Misuse: The metaverse currently lacks centralization, leaving more room for the unauthorized distribution of brand assets and for scammers to imitate your brand’s products. Marketers should safeguard their brands by collaborating with digital security firms that are familiar with the metaverse and update their audience on how to identify verified brand experiences.
- Consumer Protection: The lack of regulations regarding the metaverse could put customers at risk of data exploitation. To protect their customers, marketers can implement transparent data privacy practices that include explaining how data is collected, used, and protected in virtual spaces. Grant customers privacy controls to allow them to choose how much of their data they share.
Unlock the Future in the Evolving Metaverse
The metaverse is a new world for brands to blend creativity with technology to bring to life a whole new definition of audience engagement. With a balance of innovation and proactive security measures, marketers can reach new levels of innovation in the virtual space while building up trust and loyalty within their audience.
