In November 2021, the major decision of Facebook to change its name to ‘Meta’ was inspired by its dedication towards the Metaverse. What is Metaverse by the way?
Metaverse is a digital space where you can buy your property and live a virtual life. It brings people together in the virtual world and it is a 3D virtual environment mostly in the form of a game. But are used by businesses, commerce, etc for their business development too. Many of the businesses have their space here and they play there.
Metaverse in the crypto market is a token used in the metaverse environment. Here, the user can buy, sell, and manage their property with tokenized funds. The metaverse is getting popular and many such metaverse tokens are yet to see growth. According to crypto experts, in the coming days, these tokens will get high-rated.
The metaverse is going to be greater than this. It is useful for every business. Metaverse is not a small thing. Each field will have its metaverse. Metaverse for business, for education, for commerce, for entertainment. etc. Most of the space will be occupied by businesses.
How does a Business Metaverse work?
It is just a beginning for Metaverse and there is a lot to go. We had an original web that had only the text. In the same way, the business metaverse is just starting and it is taking its form. We have experienced virtual meeting rooms where colleagues meet and work together on a subject. The big whiteboard helps them their work done. Facebook will develop the metaverse in the newest way and it is learned that they are going to invest about $50 million on this project.
The clear step of Facebook has been seen after it names itself as Meta. They are going to introduce a new logo, keeping Facebook, Instagram, and Whatsapp intact but under the brand Meta. Metaverse will be the next level of the Internet with a combination of physical and virtual realities. According to Mark Zuckerberg, it is the interactive reality platform that connects with humanity.
To understand how a business can work under metaverse, it is crucial to know the terms NFT, cryptocurrency, and blockchain technology.
Blockchain technology is a network of computers shared across the globe with the database. The records in this database are firm and constant with high security. Non-fungible tokens are digital assets in the form of videos, images, or virtual items in the digital environment. The ownerships of NFTs should be registered in the blockchain.
Cryptocurrency is a virtual currency used to buy or sell goods and services. Since the cryptocurrency transactions are recorded in the blockchain, the transactions here are secure.
For marketing, many of the popular companies have already entered into the metaverse. For example, the Gucci luxury brand. It is already selling its digital bags on the Roblox gaming site. It is a surprise to learn that a digital bag costs $3,400 which is much costlier than the real bag!
In recent days, CNN launched its Vaults to sell their digital collection ‘Moments’ as NFTs. Also, you must know that the football star Lionel Messi also launched his NFT collection in the name ‘Messiverse’ which is available on the ethernet-chain platform.
Another hot business in the metaverse is real-estate. There is a platform called Decentraland where one can buy or sell their lands and show off their arts in the art gallery as well. Decentraland got many registrations from various companies to trade their digital assets in the platform as NFTs.
The Decentraland works as a digital game where one can participate in the programs, explore the cities built by other people, and invite friends. You will be shocked to know that a fashion show in cyberspace had fetched over a $1,30,000 collection!
The giant auction houses Sotheby’s and Christie’s have inaugurated their virtual headquarters in Decentraland. Coca-Cola company is also launched its exclusive collectibles in the form of NFTs. The auction of these items took place in the Decentraland.
RTFKT (artifact) creates digital assets and secures them as NFTs. They had bagged $3.1 million in just seven minutes by selling their virtual shoes. The shoe buyer can show off their shoe in their Instagram photos too.
How does marketing work at Metaverse?
We have seen how much social media contributed to the marketing field. Metaverse will be the next revolutionary edge for digital marketing. This metaverse will have a great impact on society in terms of business marketing. The brand marketers, communicative professionals will have a great opportunity in the digital world of the metaverse.
They can create engaging experiences for their brands which more exciting than physical, traditional marketing. The mobility adventure experiment by Hyundai in Roblox was the first marketing thing in the digital world. Their space consists of theme parks. These are to highlight the company’s future vehicles Nexo hydrogen fuel-cell crossover and Ioniq 5 electric SUV. Hyundai targeted their young customer from Roblox with these offerings.
The Gang Stockholm created a virtual park with real-world locations modeled as ‘Vans World’ which will give you a satisfying experience in skateboarding. Gucci has its digital island in Nintendo’s Animal crossing game where they are showcasing their fragrances and campaign videos.
Many of the brands not only run their advertisement banners but also create brand installation ceremonies and pop-up events with those items with which users are expected to interact with. This is just to make the user emotionally invest in the brand.
The furniture brand Ikea Taiwan has created its own digital space, an island in a game, and linked it to their company and store. Not only that, in a game, the KFC Phillippines offers real rewards to users if they find ‘The Colonel’, who is a digital employee dressed in the brand’s mascot. The advantage of metaverse was fairly used by these companies to market their business both in physical as well as in digital areas.
Using the digital world in the best way can make brands move forward in the business area. Since metaverse is the only logical extension we have, companies can use the idea to grow their business in this competitive new digital world.