The concept of the Metaverse has been dominating headlines over the last year. For many, it’s un-clear that it will be the future of the internet, where people’s digital and personal lives will fuse together.
However, for marketing teams, the Metaverse represents an incredible opportunity to connect with a new audience.
What is the Metaverse?
There is a fair amount of disagreement over what the Metaverse actually is. Perhaps the best way to describe it is the next stage of the internet. The Metaverse will be a persistent, 3D world where people will shop, socialize, work, play games, and more.
But how does marketing technology (MarTech) intersect with this world? Well, because it will be a vertical extension of the internet, many familiar digital marketing processes will be present. However, there will also be several other exciting ways that brands can engage users.
Let’s explore how it all could work.
How MarTech could work in the Metaverse
Imagine the scenario. You’re a game developer who has lived and worked on the West Side for the last few years. However, you felt the pull of home and wanted to be nearer to your people on the East Coast.
You didn’t need to change jobs because you work remotely. All team and client meetings occur on the Metaverse, so you’re not tied to any one location.
It’s a Saturday. You wake up in your new apartment. It actually feels like home already because you viewed it so many times via Virtual Reality (VR). You also know the neighborhood pretty well because your real estate agent was able to provide you with a virtual tour.
You’re hungry, but you don’t have time to cook. For starters, you need to find furniture for your new empty place. You put on your VR headset and jump into the Metaverse.
The first thing you do is go to your local cafe’s virtual location. You order a coffee and a bagel, and payment is processed automatically and securely through your online account. You notice an ad for a new sneaker drop that’s happening later. They’re EXACTLY your style. It’s almost as if the ad was targeted entirely at you.
While you wait for your food, you decide to check in on your friends on the West Coast. Some of them are awake already. You shoot a little virtual pool and chat. You argue about who gets to control the music, have a few laughs, and tell them you need to go and get some furniture.
Your food has arrived at your door. Coffee in hand, it’s time to kit out your place. Your apartment is pretty sparse, so you need a lot. As you start looking for specific items, you are served relevant ads and deals on similar goods.
You save a bunch of items and then switch to Augmented Reality mode. You can now start to populate your room with all of the items you liked. Some of it works together, and some of it doesn’t. But you can easily mix, match, and swap out things as you go.
When you go to pay, the bill is a bit higher than you expected. You teleport to your bank. All their customer service happens on the Metaverse now. Your advisor speaks to you about some products that work for you, you get your loan, and then you remember about that sneaker drop! How are you going to pay for that?
When you lived on the West Coast, a newly-opened restaurant had minted NFTs and gave members a free meal once a week. You don’t need it anymore, so you sell it over the Metaverse. That’ll more than cover the sneakers, so all you need to do is get in line.
You drop down to Nike’s Metaverse store and have a look around. Again, you can “try” on some shoes using AR. You see a few things you like, but you’re here for that sneaker drop. You pay for your sneakers, and you get a message to say they will be delivered tomorrow morning.
However, you don’t just want them in real life; you want them for your Metaverse avatar too. Thankfully, there is a digital NFT version available, and soon you’ve got the perfect outfit ready to go because you’re going to meet some friends at a Fortnite concert later on.
You get to the concert and meet your friends. The crowd is friendly, and the music is pumping. Everyone is in different places around the globe, so it’s cool to be able to connect like this.
You notice a few brands are sponsoring the event. If you focus your attention on the ad, you can access information about the brand. Similarly, items of clothing that the crowd wears bring up links that you can add to your list or buy directly.
As the evening comes to a close, some of your friends suggest it would be great to meet up in person soon. You all try to decide on a location by virtually visiting some places. You can access a wealth of information about the area, safety, cultural practices, and more.
You pick a destination, and all you need to do is decide on a date. After that, you say goodnight and take off your VR headset. It’s been a long but productive day. When your furniture arrives tomorrow, this place will really feel like home.
Conclusion
Marketing technology teams can see where various opportunities exist by looking at a person’s day in the Metaverse as a story. Some of these areas will be sponsored or targeted ads that work in a similar way to digital marketing on social media.
However, VR and AR offer brands a way to create a deeper engagement with their audience. Opening stores on the Metaverse that house 3D products will let shoppers try out different products. Additionally, as people spend more time in the digital world, they will seek out digital products to express themselves in the new world — creating an opportunity for new revenue streams.
MarTech will be able to improve integration within the Metaverse and create excellent customer experiences that will drive loyalty, sales, and ultimately revenue.
