T he concept of the Metaverse has been around since author Neal Stephenson introduced it in his novel Snow Crash in 1982.Its usage has only recently been revived and gained currency since Mark Zuckerberg announced that he was changing the name of Facebook to “Meta Platforms.”
Where Facebook goes, so does marketing Suddenly, the tech giant’s focus shifted from mere social networking to “technologies that help people connect, find communities and grow businesses .” Meta also states that it’s “moving beyond 2D screens and into immersive experiences like virtual and augmented reality, helping create the next evolution of social technology.”
Of course, selling ads is how Facebook has become what it is today: a technology powerhouse raking in around $28 billion to $30 billion in revenue every quarter.Naturally, the next step is harnessing the social power of the nascent Metaverse to generate hype for major brands.
Thus, any public relations or marketing person who wants to stay relevant must learn how to tap the Metaverse on behalf of their clients.Just as social networking revolutionized the marketing space, the Metaverse will do so again.
Why is the Metaverse so important? Put simply, the Metaverse is an alternate reality created in a digital world.Consumers who spend time in the Metaverse create avatars or use purchased avatars available through non-fungible tokens (NFTs).
These avatars represent the people who use them, giving them a digital presence in the digital world.
The Metaverse is important because it’s where younger consumers can often be found.Interestingly, a study conducted by VICE Media and Razorfish found that more than half of Gen Z gamers feel more like themselves in the Metaverse than in real life.
The study also found that Gen Z gamers spend twice as much time with friends in the Metaverse as they do hanging out with them in real life.This gaming cohort spends an average of 12 hours a week playing video games, versus about six-and-a-half hours hanging out in person.
Additionally, these gamers don’t see their time in the Metaverse as escapism but rather as an extension of their life in the physical world.More than half of Gen Z gamers said they want to be able to make money in the Metaverse, while one-third would even like to build a career there.
As if those statistics weren’t important enough, here’s something else that’s critical for marketers.Gen Z gamers buy things in the Metaverse just as they do in real life.
Additionally, one-third of this group wants brands to create virtual stores that will allow them to browse and buy products within the Metaverse.
Boiling down the statistics into opportunities The members of Generation Z are digital natives, meaning they are the first generation to have grown up with internet access and portable technology during their earliest years.Thus, it should come as no surprise that the Metaverse has taken hold just as this cohort is becoming a major part of the workforce.
In fact, a report from November 2021 shows they have $360 billion at their disposal, but the trick is getting them to buy.This is where the Metaverse comes in—offering access to a significant number of Gen Zers, also known as “Zoomers.”
It shouldn’t take much of a stretch to see the many marketing opportunities available in the Metaverse.For example, some brands could benefit from a wholesale approach by creating their own virtual experiences.Vans, a popular brand of shoes and skateboards among young people, created a virtual skate park inside Roblox, allowing players to skateboard virtually and buy its products.
Believe it or not, items that exist only in the virtual world can be hot among Gen Zers.
In fact, the U.S.Youth Trends Report from Voxburner+ revealed that 65% of Zoomers have spent money on virtual items that only exist in the digital world.
Clearly, brands that don’t have a Metaverse presence are leaving money on the table, as data from Statista suggest the in-game purchase market is expected to reach $74.4 billion by 2025.Brands that are following this strategy are already raking in revenue.For example, Gucci sold a digital version of one of its bags on Roblox for over $4,100 , which was more than what the actual bag was worth in the real world.
Other potential marketing campaigns involving the Metaverse include hosting virtual events attended by people’s favorite celebrities.NFTs also present plenty of opportunities for the knowledgeable marketer.
NFTs are digital assets trackable via blockchain technology that represent some kind of unique item that can be anything from a digital avatar to an original piece of artwork or song.
Final thoughts It’s important for marketing and PR professionals to understand that the Metaverse offers virtually unlimited possibilities.
Just the idea that people would spend real money on something that exists only in the virtual world would’ve been mocked a generation ago.
However, this is exactly what’s happening today, and it’s a trend that’s clearly increasing.The more digital natives who are born and spend time in the Metaverse, the greater the opportunities in the Metaverse will become for marketers who know how to share their clients’ stories.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc..
