Metaverse, you must have heard this term quite often now. As we all know, the post-pandemic era has resulted in a lot of folks spending time digitally, from shopping, food delivery, interacting, to work, everything happened online. In contrast to the fact that the pandemic’s effects are gradually fading, the digital world is here to stay.
Metaverse as a concept gained immense popularity last year after Mark Zuckerberg rebranded Facebook as Meta. But what is Metaverse?
No Rocket science guys! It is simply a world where people can work, interact, hold meetings, play games, buy properties, and much more via their personalized avatars. They will basically be performing all day-to-day activities but in a virtual world. For instance, Decentraland(MANA), The Sandbox(SAND), Axie Infinity(AXS), Enjin Coin(ENJ), Gala(GALA), etc. all are some of the most popular Metaverse projects.
Metaverse, Marketing, Money, And All That Jazz
Metaverse has gradually become a significant way by which entities are gaining new marketing strategies and opportunities.
Prominent brands like Gucci, Nike, Facebook, etc are constantly placing themselves within the virtual world, through gaming platforms like Roblox and Fortnite. They are utilizing them to develop exponential advertising and modern forms of viral brand awareness.
Marketing and promotion in Metaverse are a bit distinct from conventional advertising as folks would get better and enhanced opportunities to advertise themselves and their services.
Using native in-game advertising is a way to do this. Brands like Coca-Cola, Samsung, etc. all have their digital billboards within video games such as Hyper Space, Football Manager, etc. According to Bidstack, the in-game advertising platform, these ads improved gameplay realism for 95% of players and surged the purchase intent by 12%.
Metaverse is becoming a concept just beyond fun and entertainment now. It is indeed helping brands to gain more traction via marketing. In Fact, some brands like Hellmann’s, a mayonnaise brand, made use of a real-life cause in the virtual world to increase brand engagement. What it did was, it put forward its commitment to reducing food waste to animal Crossing also. The entity developed its own virtual island and invited players to donate their virtual spoiled turnips to contribute to a cause. And this highly facilitated Hellmann’s donation of 50,000 meals to a food waste charity, FareShare.
Many predict that there would be a high population spending their time in the Metaverse by the year 2030. It is to look forward to how the concept would further grow and provide opportunities to brands and the common folks.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/06/07/metaverse-a-concept-beyond-fun-and-entertainment/