The recent COVID-19 pandemic saw the global digital dependency rise to unprecedented heights, thereby fundamentally changing consumer behavior. This means a more significant percentage of consumers started working, learning, playing, and shopping online.
The metaverse is a virtual place that
is real-time, realistic, and – in many circumstances – interconnected, where
one can undertake any real-world activity virtually in a 3D space. When you
think about it, the potential for monetization of such a world is unlimited.
It’s a hybrid of augmented reality,
virtual reality, and blockchain technology. Users can take advantage of
ultra-fast bandwidth, the internet, and virtual reality headsets.
The metaverse activities are genuinely
incredible, from working in virtual offices to relaxing in the blockchain-based
game and managing their crypto funds and portfolio.
Future Impact Of the Metaverse on
Marketing
The rise of the metaverse is sure to
lead to the creation of new marketing techniques and opportunities to explore
the 3D virtual world. The Metaverse is a nexus of markets, decentralized
government, digital identities, and other elements.
Companies can use Metaverse to attract
new audiences, boost consumer confidence, and investigate a potential revenue
stream. For example, Roboblox boasts 200 million active players who spent $319
million on in-game cash in the first half of 2020.
The sky’s the limit for savvy
marketers on the block as big brands like Nike, Facebook, and Gucci continue to
position themselves into the present Metaverse, employing gaming platforms like
Fortnite and Roboblox to produce immersive forms of advertising and new forms
of viral brand awareness. So, how do you make money?
You can make money in the metaverse in
many ways, such as:
Gaming
The Metaverse creation has seen the rise of a category of games known as play
to earn that enables users to play games and get rewarded with crypto. The rise
of this category has been remarkable and is expected to become as popular, if
not more popular, than traditional gaming.
Virtual Shopping
The COVID-19 pandemic saw the meteoric
rise of online shopping, with more and more consumers preferring to shop
online. With the metaverse, businesses can immerse themself in the virtual
world to make shopping more accessible and interactive for their consumers.
Companies can sell items like NFTs (for digital art) and wearables(for
avatars).
VR Games
Companies like Fortnite quickly jumped
on the metaverse train to bring their players VR games. And they have never
regretted it. So creating and monetizing VR games is one of the best ways to
make money in the metaverse.
Live Events
The recent pandemic made it very
difficult to host live physical events. Still, with metaverse, artists and
companies can host massive audiences in the virtual world, while event
organizers can sell tickets for the event.
Art Creation
The rise of NFTs has made it very easy
for artists (primarily digital artists) to make money from their art. The
increase of NFTs has been nothing but meteoric, with companies also joining the
fray and creating digital collectibles for their consumers.
Companies and individuals can also
open art galleries to display their art in the metaverse.
Real Estate in the Metaverse
Like the real world, the metaverse
allows users to buy and sell properties, opening up a new frontier for real
estate in the 3D space.
Design and Architecture
Even architects are not left behind in
this amazing opportunity. Architects and designers can create and design 3D
structures for users in the metaverse and get paid.
Incorporating Real Life Marketing with
your Metaverse Marketing
One of the best ways to take advantage
of the metaverse is to incorporate your virtual marketing with your real-life
marketing. This means you can replicate what you offer in the real world in the
metaverse. The same has proven to be an authentic way to further interact with
your consumers.
Author:
Abhishek Singh Rajpurohit, Co-Founder
and CMO of Acknoledger
Source: analyticsinsight.net