The Metaverse: What It Is And Why It Matters For Brands

A woman wearing a virtual reality headset

The metaverse made waves when Mark Zuckerberg first announced his idea on the big stage. Do you think it’ll be feasible in the future? Maybe you do, maybe you don’t. Either way, you’re not alone because the concept has the general public globally split.

Whatever your opinion about the metaverse, you cannot deny that brands and businesses are preparing for it. It represents new opportunities for businesses. It’s backed by one of the biggest tech companies—Meta.

Research shows the metaverse will be worth approximately $800 billion by 2024. Those numbers seem staggeringly high for a concept introduced only a few years ago. But a deeper dive into the metaverse shows more than meets the eye.

It’s important to understand that 400 million people worldwide are already active users of the metaverse, even though it’s in its infancy. However, it’s worth noting that the potential for the metaverse to expand is massive, with over 80 percent of users being under 16. Numerous industries are exploring opportunities within the metaverse, but the metaverse is currently geared toward gamers.

Regardless, tech experts believe the metaverse is destined for rapid expansion within the next five years. But this expectation wavers from public perception. According to research, only 16 percent of consumers understand the metaverse. As a result, adoption may take longer than most experts believe.

As a digital marketing agency, you’ll want to ensure you’re positioning your clients for the best chance at success. Utilizing the metaverse might be crucial to help your clients fulfill their marketing goals and objectives. If you’re unsure how to leverage the power of the metaverse for marketing, consider partnering with a white label digital marketing agency like Rocket Driver. Established in 2011, the organization offers several innovative white label digital marketing solutions. In addition, a partnership with the industry leader also gives you access to their state of the art white label agency tools.

What is the Metaverse?

Since the metaverse is still a new concept, many people don’t understand it properly. That’s expected. YouTube videos and online blog posts would make you think it’s your favorite Science Fiction movie concepts coming to life.

The metaverse isn’t necessarily different. It’s an umbrella term to describe immersive, extremely realistic virtual environments. People can access and interact with these environments through personalized avatars.

Metaverse isn’t a new concept. It’s also not Mark Zuckerberg’s brainchild. He and his company might be actualizing and bringing it to fruition. But the term was first used by Neal Stephenson in the 1992 science fiction book Snow Crash. Stephenson was ahead of his time, predicting these concepts, along with hyperinflation. Moreover, he described the metaverse as a digital universe existing parallel to the real world. People could use the metaverse to visit virtual spaces whenever they wanted.

The metaverse also doesn’t refer to a singular piece of technology. Instead, the term encompasses various technologies affecting how people interact online. Most experts consider the metaverse a part of Web 3, the next iteration of the internet.

Web 3 is also a concept that confuses most people because it’s intricate and complex. It encompasses various technologies, like blockchain, crypto, NFTs, etc. Moreover, Web 3 marks a significant departure from the existing version of the internet. It promises a decentralized internet that will reduce the control tech giants like Apple, Microsoft, and Google has over the internet.

Instead, Web 3 is for the users, where they own, operate, and contribute.

Some experts also believe the metaverse will mimic the real world. A virtual economy will emerge where people can purchase real estate, exchange goods, host events, etc.

In short, the metaverse is a challenging concept for most people to understand. Hence, it’s better to understand the different technologies it encompasses. It’ll help you better understand how the metaverse will work.

* Decentralized autonomous organizations

* Cryptocurrencies and NFTs

* Holograms

* Avatars

* Public blockchains

* Photogrammetry – a process that allows the creation of 3D digital objects from photos and videos

Marketing in the Metaverse

The metaverse still hasn’t received widespread adoption. It’s unlikely to become widely adopted soon, despite tech experts predicting it’ll be extremely popular within the next five years. However, that doesn’t mean marketing opportunities don’t exist in the metaverse. Some brands, particularly gaming ones, have already started using the metaverse to target the younger audience. The gaming industry has some of the largest existing metaverses, and they’ve offered brands opportunities for impactful collaborations that target Millennials and Gen Z.

In addition, other popular brands like Gucci, Dolce & Gabbana, and AmazeVR have also used the metaverse to great effect. AmazeVR utilized the power of influencer marketing by teaming up with Grammy-award winner Megan Thee Stallion to host a VR concert in the metaverse.

Similarly, Gucci partnered with Roblox to create the Gucci Garden in the Roblox metaverse. Players could purchase exclusive designer creations in the metaverse with Roblox’s in-game currency. It recently also launched Gucci Town, a permanent fixture in the Roblox universe where players can learn more about the brand, increasing its brand identity.

Dolce & Gabbana adopted a slightly different approach. The brand partnered with UNXD, an NFT marketplace, to launch the DGFamily NFT community.

The DGFamily contains three boxes. Purchasing them allows users to become members of the company’s NFT universe. Members also receive digital and physical perks, including exclusive wearable clothing articles.

Navigate the Metaverse Marketing Sphere with Assistance from Rocket Driver

Navigate the Metaverse Marketing Sphere with Assistance from Rocket Driver

The metaverse might still be in its infancy. But that doesn’t mean it’ll stay that way for long. It’s likely to grow exponentially in the next few years, even if mass adoption might take longer than expected.

A partnership with Rocket Driver gives you access to various white-label marketing services, including graphic design, web design, and content marketing. These white-label services will also position your agency to capitalize on the metaverse’s marketing potential.

Your agency can also reach out to Rocket Driver to book a demo today. The free 45-minute demo will showcase the industry leader’s capabilities, allowing you to understand how a partnership can help your agency scale.

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