How is Metaverse changing the marketing landscape?

Technology is evolving and changing at a rapid pace. We are witnessing previously inconceivable innovations. For many people, one of these advances is the metaverse. It is a one-of-a-kind, immersive virtual environment that is swiftly taking over the internet.

The metaverse is a shared virtual realm in which participants are represented by avatars. Based on user decisions and interactions within the space, these virtual worlds continue to expand and flourish. To that extent, it is similar to the real world in that it has no “end.” It’s basically a universe that keeps growing as more people join in.

There’s been a lot of debate about the metaverse since Facebook rebranded as Meta. The metaverse, which is larger than Facebook, is a rapidly rising trend that will have an impact on all aspects of culture, entertainment, and marketing. Hence, any business owner or marketer who advertises anything online should be aware of what’s going on in this dynamic industry.

Key characteristics of the Metaverse

metaverse

Take a look at the Metaverse’s qualities to gain a better understanding:

Exists in real-time: The metaverse has a timeline that corresponds to real-world time.

Persistent: The metaverse is a fully immersive, communal experience. It will be a real-time parallel reality that never ceases.

Synched and fully functioning: Users will interact with one another and their digital environment in real-time in the metaverse. Participants in the metaverse will react to their virtual environment and to one another in the same way that they would in the physical world.

Individual agency: Players can engage in distinct activities at the same time. One could simply stand in the corner while others interact with one another.

User-generated content: In the metaverse, people can produce their own material or enhance current content.

Efficient economy: The metaverse will include fully operational economies based on NFTs, bitcoin, and other cryptocurrencies.

Hub of platforms: Different platforms can interact with one another in this space. Video game metaverses are great examples.

Marketing possibilities in the Metaverse

Digital marketers must keep up with the latest technical advancements. Understanding the metaverse and its full potential is part of this. It appears to be here to stay and is on its way to becoming the next big thing. Definitely, metaverse marketing will alter your perspective on digital marketing.

Although Facebook is currently in the early phases of its Meta transformation, we can bet that commerce and advertising will be incorporated at some point.

To begin, marketers must remember the importance of millennials and Gen Zers as a target demographic. These generations are also avid consumers of particular types of metaverses, such as immersive games and VR technologies. With that in mind, let’s look at how to market in the metaverse.

Creating an immersive experience

One of the most essential drivers of client engagement is experiential marketing. Providing an immersive experience forces people to step outside of their comfort zone. This can have an impact on their perception of your brand and help you form long-lasting relationships with them.

metaverseAmong the campaigns to keep an eye out for in the metaverse are: Virtual Concerts, Live Interactive events and Advergames.

Offering digital collectibles

NFTsNon-fungible tokens (NFTs) in the Metaverse allow virtual ownership of any asset. Although the long-term worth of NFTs remains questionable for the time being, brands continue to find them appealing due to the marketing opportunities and significant returns.

 

It is critical to pair your collectibles with special perks that make them more appealing and profitable. This might include a freebie or a discount. You can also use them as a prize for making a purchase or as part of your contest marketing game.

Building on your real-life marketing strategy

Transitioning into the metaverse does not need you to do everything differently. An excellent place to start is to reproduce what you provide in real life in the metaverse. Be it your billboards or graphics, bring them with you to the metaverse. Similarly, incorporating your real-world cause into the metaverse can boost brand engagement.

It is not only a natural way to enter the metaverse, but it is also a genuine way for users to recognise your brand.

Establishing your shop

A virtual 3D store, museum, or island can help you establish your presence in the metaverse and form deep emotional bonds with your customers. Tours, virtual try-ons or try-outs, and interactive 3D product exhibitions are also options.

Impact of Metaverse on existing marketing strategies

1. Advertising

We are currently transitioning from digital advertising to metaverse marketing, similar to how we transitioned from television, radio, and banner advertising to social media, search engines, and others. In the metaverse, you can provide virtual advertising.

Graphics will become three-dimensional. VR and AR will be popular methods, and they will necessitate even more innovative effort than they do now. This, however, will provide digital marketers with more options in how they advertise and sell things.

2. Social Media Marketing

Social networking networks may resemble Roblox or Fortnite, where you would have a 3D avatar in AR and visit websites in the same way that you would visit game areas in a game. The options are limitless. AR and VR will have an impact on the consumer journey from the first to the last step.

3. SEO and Content Marketing

Just as marketers migrated into optimising for search engines like Google, Yahoo, and Bing, it’s time to start researching how to get found in the metaverse. It is beneficial to use the keyword “metaverse” in a brand name, product name, or headline.

Blog posts, movies, and images will continue to be useful in the domain of content marketing. However, 3D virtual tours and dynamic 3D settings will increasingly become the type of material and experiences that people will be looking for and that you should be generating.

Concluding thoughts

meta verse

Best practices are yet to be established correctly. As a result, the significance of trying to develop your own distinct method cannot be overstated. It is also critical to stay up to date on new opportunities. Remember that you won’t be able to learn everything at once. The metaverse will definitely offer several options for enterprises of all sizes and types to reach a larger audience.

Get in touch with us at Shaktiki to learn about how you can implement effective marketing strategies: https://shaktiki.org/contact-us/ 

 

Are NFTs the next big thing in digital marketing?

NFTs is the abbreviation for “non-fungible tokens.” NFTs are stored on the blockchain, which includes information such as who purchased it, how much they paid for it, and how much they sold it for. They’re non-fungible, which means the tokens can’t be swapped for each other. Since a good marketer keeps pace with the advances in trends across the globe, one must not overlook NFTs either.

Consider NFTs this way: if bitcoin tokens are equivalent to blockchain-verified dollar bills, then NFTs are equivalent to blockchain-verified artworks.

Non-fungible tokens have been around since at least June 2017, when CryptoPunks, a collection of 10,000 unique digital characters, emerged on Ethereum. However, CryptoKitties, a virtual cat trading game that went popular later that year, was the first initiative to make NFTs generally known among the crypto community. People have spent $174 million on NFTs since then.

Non-fungible tokens are similar to the serial numbers that a luxury brand might provide to each of its products in order to authenticate their authenticity. There is no central authority issuing NFTs. Instead, the majority of NFTs currently in circulation are based on Ethereum. And each NFT is minted to represent a specific piece of digital asset and is confirmed by the network.

NFTs in Digital Marketing

Non-fungible tokens provide brands with fascinating new digital marketing opportunities. Because NFTs are still in their infancy, the possibilities for incorporating them into a brand’s digital marketing plan are limitless.

Offering meaningful experiences to followers and consumers that go beyond your brand’s products or services is a crucial part of any smart marketing strategy. This is exactly what NFTs provide.

They’ll assist you in building communities and developing relationships that lead to loyalty and support, as well as increasing client lifetime value. While they may not provide an immediate return on investment, they can help to support all of the other activities aimed at increasing conversions and sales.

Examples

Some companies have used NFTs as part of their digital marketing plan to buy an existing popular NFT that promotes their brand on social media in the hopes of becoming viral and reaching new audiences.

Some of the other brands which have invested in NFTs in the past year include Coca Cola, McDonald’s, Nike et cetera.

NFT
Image Source: Fortune

Other brands, such as Taco Bell, have directly incorporated NFTs into their approach. Taco Bell started selling a limited edition of taco-themed digital art NFTs. All of this helped them raise brand awareness while also helping a good cause.

NFT
Image Source: The Verge

How to incorporate NFTs in your strategy?

Naturally, one of the goals of NFTs is to boost conversions and income. As the brand enters the NFT area and offers these new experiences to the community, interest in the brand organically grows. The methods listed below can help you adapt NFTs in a seamless and successful manner.

1. Build Brand Awareness

Anything digital can be used as an NFT: a JPEG, a GIF, a 3D animation, a VR artwork, and so on. Your company is no longer limited to selling actual goods or services. Offer something unique while yet using your brand’s most authentic elements. Make sure you’re selling something that your users will find worthwhile not only to invest in but also to spread the word about. NFTs can become a part of your brand storytelling, bringing it to life through a real object that customers can possess and that embodies their brand experience.

This will result in an increase in both user-generated content and digital word-of-mouth on an organic basis. Make sure you build excitement around the launch of your brand’s NFTs.

2. Expand Audience Reach

Afraid that your brand does not appeal to the younger crowd or the Gen-Z’s anymore? What better way to accumulate their attention than by jumping on the NFTs-bandwagon.

Open the door to user-generated content, community proposals for the types of tokens they’d like to see and possess or utilise them as prizes in crowdfunding campaigns and contests to appeal to them.

This will allow you to create your own community, one that will be diverse in terms of age groups. It will also cater to practically all segments of society who choose to participate in your campaign and provide feedback. As a result, ensure that your campaign is user-friendly and simple to navigate.

3. Build your image by supporting social causes

Consumers today place a high priority on whether brands reflect their values. You can show your brand’s commitment to social causes by donating NFT earnings to organisations. Choose a cause that reflects your values and connects to what you have to offer. Don’t do anything that feels forced or out of the blue.

Alternatively, you might ask artists to design tokens for your company and reward them with both publicity and cash from their work.

Risks involving NFTs

 

Image Source: Business Insider

NFTs aren’t all rainbows and sunshine. NFTs are a risky yet lucrative investment. There are risks involved with incorporating these assets into a marketing campaign.

1. An NFT collection may not attract the community, exposure, or traction it needs to be successful, and hence will not yield a large return.

2. NFT’s success is primarily reliant on the community. Social media shares and word-of-mouth help to provide the necessary publicity and traction for a successful project. All of this is still plagued with high-volatility dangers.

3. A potential danger is having a target audience that does not overlap with the audience that follows NFTs. You may have visibility and a collectable item, but no KPIs to back up your marketing spend.

4. While there are efforts to make NFTs less energy-intensive, this is not the case right now. As a result, you may need to think about their environmental impact and look for solutions to offset some of the impacts. Also, given the high demand for tokens, new eco-friendly methods of producing tokens are likely to emerge shortly.

Summing up

Brands now have access to a whole new marketing area thanks to NFTs. This allows them to come up with new and innovative methods to engage with their fans, boost brand exposure, and generate new revenue streams. Keep an eye out for brands leveraging NFTs to draw inspiration from.

We advocate implementing NFTs into your marketing if your brand can afford the risk, has overlapping consumers, and wants to try new digital marketing methods.

Contact us at Shaktiki today to learn more about new opportunities in digital marketing.