With the increasing adoption of the ‘metaverse’ by both users and advertisers, the value of virtual items has never been higher. The rise of non-fungible tokens (NFTs) and cryptocurrencies have introduced the idea that there is value to possessing art and content regardless of its physical existence. We’ve seen digital items be auctioned off for hundreds of thousands of dollars and NFTs have been widely adopted in the nascent metaverse.
At the same time, the moments people spend in virtual spaces have blurred the boundaries between ‘real life’ and online. Over the course of the pandemic, lockdowns have forced us to interact with people over video calls for both work and play.
This has given virtual activities new licenses to be seen as channels for marketing. If the experiences we have online resemble those we have in our everyday lives, why should the impact of marketing in those spaces be any less effective? Combine this with a hugely accelerated e-commerce space based on decentralized cryptocurrencies and you’ll see companies tripping over themselves to become established in the metaverse.
The widespread availability of tech means that alternate reality games on mobile have a real chance to create a social metaverse of their own, into which savvy brands can insert themselves.
Social media giant Meta (until recently known as Facebook) is the latest major player to enter into the metaverse. Facebook’s entry could raise interest in the concept of virtual worlds generally, attract more users and support development of multiple virtual worlds.
Despite this, there is still concern that brands’ intrusion into the metaverse is anathema to the core gaming audience. Given how gaming behaviors driven by the pandemic will persist, it’s past time for brands to truly understand their audiences. Companies have to accept that games will become more and more important spaces for brands to not only debut and launch in, but to exist in permanently. And if they want to thrive, they should drop the debate and start understanding the culture and tribes immediately.
With decades of marketing experience, at Evolution we know what marketing strategies will work for your business – and more importantly, what won’t work. Our experience in marketing and advertising means we can cut away the clutter, and provide you with solutions that are realistic and attainable. We know that at the end of the day, your business should be a reflection of you. We believe that combining the passion you have for your business with our marketing and communications acumen can only result in further success.
The founder of Evolution Business Marketing & Communications, Chris Cathers has decades of experience in all aspects of entrepreneurship. With valuable insights on marketing, communications, accountability, Chris provides business coaching to clients and their companies across a wide variety of industries
Contact us at info@evolutionbusiness.ca or call us at 1-250-740-1844 to find out more about how the team at Evolution can help you take your business to the next level.
