The term ‘metaverse’ was created by Neal Stephenson in his novel Snow Crash (1992) and the theory was auxiliated in the book Ready Player One written by Ernest Cline in 2011.
According to Wikipedia, a metaverse is a network of 3D virtual worlds focused on social connection. In futurism and science fiction, the term is often described as a hypothetical iteration of the Internet as a single, universal virtual world that is facilitated by the use of virtual and augmented reality headsets. In other words, the word “metaverse” describes a fully realised digital world that exists beyond the one in which we live; a representation of an immersive 3D virtual world where users can interact with different spaces as their digital avatars that represent actual people.
In simpler terms, it is a ‘gaming’ world that allows users to move around different metaverse spaces, helping them create, share and/or trade experiences and assets.
Meta CEO Mark Zuckerberg described the metaverse as an “embodied internet” and that, unlike the internet of today, Meta gives one a “feeling of presence”. Just to build a picture, imagine the popular game Fortnight, a virtual reality game where avatars play the game in real-time, fighting against each other and attending events that are held in that particular metaverse. Each individual participating is identified by their personalised avatar.
Touch and feel
The pandemic brought us the newer platform of metaverse marketing. New non-gaming metaverses are starting to appear more regularly. The metaverse gives brands innovative opportunities such as virtual billboards, message boards, pop-ups, merchandise and apparel. Customers can relish a touch and feel experience with both the product, and brand collateral. Messages can be tailored by name or by any chosen customer details availed by instantly captured data of login information shared by the user when accessing the metaverse.
Advertising has always met the world where technology has taken its eyes and ears. The first wave of advertising was print and billboards, followed by radio, then TV, which introduced the World Wide Web in the 1990s. Now we have entered into a conceptual virtual world where people are interacting with each other in virtual reality. The value of web real-time communication can also double up with multiple media streams, which are crucial for developing a virtual world.
There are various reasons why marketers should find interest in the metaverse. It’s new and faster connections support growing environments. However, the most important reason is that brands want to lure and retain Millennials, Gen X and Gen Z’s, keeping them up-to-date and engaged with their products and technologies within their spaces where they seem to spend most of their valuable time.
Brands collaborating
Virtual conventions are even taking place in the metaverse. People can attend various spaces without leaving their office or home. For brands with an open mind whose target audience spends time within metaverses, it’s a great time to trial this concept as the size of its audience grows exponentially. Advertising in the metaverse is still so new therefore the costs of running campaigns are relatively low and there is great potential with the use of innovative creative agents (or agencies).
Regular and generic ads will not make the cut, therefore creativity, innovation and engagement will be the greatest KPIs before we can measure conversions or sales. Imagine the potential reach for car shows when they create a simulation for a test drive – users get an inside out experience of the said model advertised. Imagine further, fine dining restaurants giving a ‘masterchef’ experience to their audiences, or fast-food restaurants customising a game with tantalising images of their menu, or financial institutions hosting product launches in the metaverse and e-commerce brands offering virtual shopping experiences; all of these with either an online or offline fulfilment. Definitely, GenZ’s would resonate and ensure customer retention.
We have seen a collaboration of brands we never thought possible. The Wall Street Journal reports that a skateboarding brand launched a virtual skate park that lets players try new tricks, and they can earn points to redeem in the virtual store to customize their avatar in Roblox. For Vans, the metaverse offers the best opportunities for brand awareness within ages 13- to 35-year-olds who are their core target audience. They have seen an increase in traffic and engagement to their online park, north of 48 million visitors to date.
In March 2021, Gucci launched an exclusive luxury digital pair of sneakers named The Gucci Virtual 25 to be ‘worn’ in augmented reality or used in partnered apps like Roblox and VRChat. These sneakers sold for $12.99 on the chosen metaverse platforms. Although this was a virtual product, it was ‘cheap’ for a piece of luxury wear. The augmented reality shoes became an introduction to the luxury brand as some Gen Z shoppers who did not have money to buy the actual Gucci shoes gravitated towards a digital pair.
The metaverse has attained a lot of support from Facebook (now Meta), Microsoft, and other tech giants. While Meta has bucketed $10 billion into its ideations there, other tech corporations such as Apple, Google, and Microsoft are working on their conceptions of the metaverse. All these will assist with the perfecting of measurement and tracking metrics. The job for advertisers is to expand their thinking and go big.
In conclusion, metaverses allow brands to target their audiences in a new and inventive way. Although we are starting to see other industries creating metaverses, the gaming industry was the first to see the potential and grasp it. From the engagement that brands are already getting, it is clear that this marketing strategy works and is here to stay. Therefore, early adopters are and will definitely see the most return on investment.
Talent Rupapa is a digital media planner at Meta Media (Cape Town).
