Metaverse Marketing— A Simple Guide

If you have only heard the word “Metaverse” after the tech giant Facebook’s rebranding and the subsequent statement from its chairman Mark Zuckerberg, you are not alone. The term has been in the world since the 1990s, with the first mention in Snow Crash, a novel by the American author Neal Stephenson. Erstwhile, the concept of blockchains was confined to the comforts of academic research in universities in the same period.

As blockchain technology became a reality in less than two decades, visionaries saw that the metaverse would make its mark soon. Within another decade, the first blockchain-based metaverses (or at least a rough version of the future) went online. Now, the metaverse technology has started to extend its arms to other domains, trying to achieve its mission of binding the real and virtual worlds together. In this blog, we will see about metaverses and more about marketing for a business based on a metaverse. Although it might sound crazy, you should remember the proverb, “Don’t judge a book by its cover.”

What is a Metaverse?

A metaverse is a virtual world where people can carry out social interactions with each other in the form of avatars without any geographical restraints. Even though the definition might remind you of social media platforms in the current Web2 world, the technology involved here is much more complex and evolving. We are talking about blockchains which can be comparable to digital ledgers that overlook all transactions of an asset. Popular metaverses today include Decentraland, and the Sandbox, while Second Life and Roblox can be called predecessors to the metaverse in a time when Web 2.0 was still evolving.

How Does the Metaverse Benefit from Blockchain Technology?

Non-fungible tokens (NFTs), an application of blockchain technology, have been driving the metaverses of today and could continue to the future too. These virtual tokens serve as proof of ownership and authenticity with the blockchain ledger to support them. Also, various cryptocurrencies, which were the first blockchain-based application, serve as the monetary tender for metaverses. Also, the current-day metaverse platforms are hosted on blockchains to facilitate all these applications to work in the virtual world properly.

Marketing in the Metaverse — What Does It Mean?

When talking about metaverses in the current world, we have been witnessing tremendous growth in brands taking up these virtual worlds, especially after the NFT boom of 2021. Popular brands such as Adidas, Gucci, Gap.Inc, and Ralph Lauren have marked their presence in various metaverse in one form or the other. While some of them bought a plot of land to plan ahead for the future, some acted rather fast by hosting a store on these worlds and selling NFTs.

If you have been aspiring to develop a business in the metaverse and have been searching for a way to promote it to the right audience, there are some marketing tips that might prove to be more than useful. Carrying out promotional campaigns in the metaverse is nothing like the current blockchain marketing, although those techniques form the basis for the campaigns.

Some Metaverse Marketing Tactics That Only Businesses Can Fulfill

• A metaverse business can include features that ensure faster transactions of NFT assets to the buyers. This is essential since the internet speeds in the current world are monstrously higher than those at the beginning of blockchain technology.
• A business based on a metaverse should also ensure that innovation is present in some form or the other, as a consumer in the metaverse will expect something more than what the physical and the Web2 world cannot offer. Currently, the concept of physically redeemable NFTs has been garnering attention, with some wine and footwear companies providing such products. More such attempts are being experimented with, and metaverse shopping will be refined as the technology and consumer behavior in such environments are well understood.
• With the rate at which businesses grow in metaverses projected to be high, we can deduce that there will be a lot of metaverse stores similar to today’s online shopping ecosystem. Hence, it is important for a metaverse store owner to ensure that the user experience is similar to the shopping experience in the real world and the internet.

Some Techniques That Can be Powered by External Marketers

• A business owner can use integrated marketing tactics for the metaverse where you can promote your products on a public game or a private platform on the metaverse. This is similar to placing an advert on the street and sponsoring private events.
• Also, existing marketing tactics, including community-based interactions on Discord and Telegram, can be carried out, along with the possibility of hosting meets and parties on the metaverse, should you wish.
• You can also make use of influencers on the metaverse where your business is based on supporting your brand, as it can be a great idea to reach a lot of people within a short time.
• You can also stick to the conventional Web3 marketing strategies to attract more people to your metaverse store. Giving a great experience in the metaverse store provides you with loyal customers.

Final Thoughts

Therefore, we can say that marketing in the metaverse can be easier than previously thought. One of the reasons for the statement is that we can benefit massively through the usual Web3 promotional strategies. In case you are not well aware of using such tactics, there are a few metaverse marketing agencies that have been performing the job for a long time. Approaching such a firm sooner will be the ideal solution to pull a lot of people into your metaverse store.