Influential brands are paying close attention to the metaverse since its market is expected to grow to $510 billion by 2028. If you're interested in learning more about how to sell your business in the metaverse, check out our list of effective metaverse strategies for this new market.
#1. Non-Fungible Tokens (NFTs)
A non-fungible token is a data element, most frequently a picture, a video, or some audio. It is distinct and non-fungible, meaning that nothing else is like it. NFTs, like all cryptocurrencies, is kept on a blockchain, which is a type of electronic record from which tokens may be bought and sold. Due to the limited supply of NFTs on the blockchain, their value fluctuates according to market conditions.
Bored Ape Yacht Club NFTs from Yuga Labs, a blockchain technology startup, rose to prominence as the market's trendiest blockchain commodity. Consider premium clothing company Louis Vuitton as an illustration of an NFT marketing technique that is more understandable to laypeople.
The business developed a game in which avatars gather clothing and fashion items in order to gain NFTS. With more than 2 million downloads, the game was a huge success because people adore prizes.
You may advertise both your brand and NFT assets at the same time thanks to NFT metaverse marketing. Your NFTs will increase in value as your brand becomes more well-known, and as more people become aware of your brand, your NFTs will also increase in value.
Massive gaming metaverses like those provided by "Fortnite" give you the chance to raise brand recognition in a way that feels natural, real, and fun.
For instance, the marketing department of fast food company Wendy's came up with a unique strategy to connect with the 24 million daily "Fortnite" players. Players on Team Burger and Team Pizza compete against one another in the video game's Food Fight mode by removing teammates from their teams. To eliminate all "Fortnite" burger freezers, Wendy's joined Team Pizza in the battle using their branded channel. The fast food chain's main marketing message that Wendy's beef is fresh, never frozen became evident as tens of thousands of gamers jumped in to criticise freezers.
Some companies mimic their real-world marketing techniques in virtual gaming environments. For instance, the online video game was played by the food delivery service Deliveroo.
#3. Brand Avatar Experiences
Imagine having the option to choose the body you want to interact with the outside world with. This is made possible by the metaverse. The digital identity that a user uses to interact with other players in the virtual space, or avatar, is extremely configurable. Some businesses have benefited from this by developing unique experiences for avatars.
On the Genies application, more than 2 million avatars have been generated, and users can engage with branded design wheels for up to 75 seconds. Users could choose from an array of orange outfits on a unique design wheel made by Cheetos to customise their avatars. Users of Genies devoured the Halloween campaign for the food company.
Consumers want to express their distinct identities in the metaverse, just like they do in the real world. By developing its own avatar realm, your business may capitalise on this need for self-expression.
#4. Virtual Influencers
Popular platforms like YouTube, TikTok, and Instagram are dominated by influencer marketing. The strategy's expansion into the virtual world was inevitable given its extraordinary power.
Influencers, though, have a new significance in the metaverse. Influencers in the metaverse are computer avatars rather than actual individuals. Some of these avatars, including Lil Miquela, who has no real-life counterpart, have become well-known.
Determine the most effective marketing plan for you by learning how firms comparable to yours have used virtual influencers. You should keep in mind that you can employ the same influencer marketing techniques in the metaverse as you do on social media. Finding or creating a virtual influencer who accurately represents your brand is a must.
#5. Interactive Live Events
The goal of the metaverse is to promote new channels for interhuman communication. The metaverse's performances, competitions, and other events bring individuals together in real life, if only digitally.
After the pandemic forced the cancellation of live concerts, singer The Weeknd utilised a digital character to perform on TikTok. Over 2 million people watched his virtual concert. Dua Lipa performed a fashion show as her avatar, and Gorillaz and Post Malone performed in virtual settings via avatars. Rapper Travis Scott's "Fortnite" MILE in April 2020 attracted approximately 30 million viewers. Some musicians even perform with their virtual world avatars live on stage.
Many events that were previously held only in person, from Burning Man to TwitchCon, are now hosted as hybrid MILE events. For instance, 1,000 people attended Apple's 2019 iPhone launch event in person, while over 2 million people watched it online. You can always start small by assisting with the organisation of a virtual conference that is pertinent to your brand or by putting a metaverse ad in a less-attended, more approachable interactive live event. Although sponsoring a whole MILE might seem intimidating if you are still learning metaverse branding.
The metaverse has changed how businesses promote their goods and is still revolutionising how we live our digital lives. The adoption of metaverse in 2021, combined with the rapid advancements in AR and VR technology, gave marketers more ways to connect with customers, whether they were real people or virtual ones.
From fast food franchises like McDonald's to luxury brands like Prada, many businesses have already entered the virtual world. The best metaverse marketing tactics that helped these firms succeed will be discussed in this article. According to experts, the metaverse's market size will continue to grow after 2022.