Marketing in the Metaverse: The Future of Digital Advertising?
Ever since Facebook changed its name to “Meta”, interest in the virtual world, the metaverse, has exploded. Some are predicting a total shift in the way we interact with each other, with digital clothes, bags, shoes, and much more expected to come into vogue. And although it might be a bit early to completely hop on the bandwagon, we can already see signs of a grand phenomenon.
But what is it? And more importantly, should you care about it?
A New Virtual Horizon
You might’ve heard a lot about the metaverse, but what exactly is it?
Well, to be honest, there are a lot of very convoluted definitions and explanations out there to what it is. But the best one we could find came from the New York Times, who called it a “convergence of two ideas…virtual reality and a digital second life”. To be more precise, it’s about making your digital life as important as your physical one. So imagine a world where you care just as much as what your virtual avatar wears as you do in real life, that’s Meta’s long-term goal.
Although the vast majority of people haven’t jumped ship to their new “digital second life”, some people and companies have. According to a study published by IZEA Worldwide, 56% of social media influencers are already working in the metaverse. And it’s not just influencers who are jumping on the early bandwagon, early adopters have reported seeing advertisements for brands like Chipotle, Coca-Cola, Marvel, Nike, Skillshare, and more.
This trend towards virtual seems cross-industry, too. Luxury brands, like Prada and Gucci, are already launching digital influencers of their own to promote products and events.
The Future of Digital Advertising?
We know what you’re thinking, but don’t get too excited just yet. Even though you might see major brands making the shift towards the metaverse, doesn’t mean that you should too. For the time being, marketing is still very much in the physical world, not the virtual one. These companies have more than enough money to dip their toe into new waters and see if it works.
For the time being, the metaverse seems like a trend that could potentially turn into something bigger, or become a fad, so don’t lose too much sleep over it.