If you’re anything like me, you have no idea what cryptocurrency or NFTs are.
Heck, I’m probably even more confused when it comes to this whole metaverse thing. When I hear someone talk about the metaverse, I imagine Benedict Cumberbatch in the most recent Spiderman movie talking to Tom Holland when there’s three different Spiderman actors at once.
Seems futuristic, right?
Wrong. The metaverse is here and, as marketers, it’s already time to tap into it and utilize it to its greatest potential.
What is it?
Well, as a matter of fact, metaverse marketing is its own beast. When talking about the “metaverse,” we’re talking about the immersive environment of the digital world.
While it’s technically still “new,” the metaverse is already making huge changes in society as we blend together reality and the virtual world. Surprisingly enough, many companies are already using the potential this new world holds.
Understanding the Metaverse
I am no expert, but I am doing my best to learn as much as I can as quickly as I can. For example, here are six key characteristics of metaverses that are worth understanding (Influencer Marketing Hub).
- The metaverse is always active.
- It exists in real time. It isn’t like a downloaded video game.
- Your “player” is its own individual agent.
- It is a fully functioning universe, similar to the real world.
- Tons of different platforms can work together to make one immersive “reality”
- You can create user-generated content.
How are companies engaging?
According to Influencer Marketing Hub, the more immersive the marketing is, the better.
You might be surprised to learn how many companies have already boarded the “metaverse” train. For example, the clothing store Gap recently launched an immersive store inside the Roblox platform as a way to offer “infinite possibilities for individuality, inclusion and self-expression,” (Gap Inc.).
Many companies, including giants like Nike and Asics, are making their way into the metaverse too, through the use of NFTs. NFT stands for non-fungible token and are considered cryptographic assets (check out more here).
Back in 2008, our company CEO Jim Sweeney (I was only six at the time… how’s that to make you feel old Jim), wrote about whether or not Starbucks could rely on marketing to save their company after facing a massive loss in sales (see the blog here). Of course, at that time, marketing looked a lot different.
Well, Jim, I’m here in 2022 to report that not only did Starbucks save themselves, they too are now advancing into metaverse marketing through the use of their very own NFT line (talk about advancements – good comeback Starbucks). Like many companies, Starbucks’ NFT owners will receive exclusive perks and rewards (Food and Wine).
Now don’t get me wrong, a purchase-less world seems all fine and dandy (especially since I have an expensive taste in clothes) and I really like a good perk, but how does a completely virtual world make up for the loss of real-life experiences?
That’s something I have yet to fully grasp. However, as scary as it may seem, the metaverse is here and as marketers, it’s time for all of us to do some research.