The metaverse is changing the marketing landscapeBlog 28.10.2022
The term metaverse became widely known to most of us when Facebook changed its name to Meta. But what does the metaverse mean, and what should marketers know about it?
Currently, we are still in the era of Web2, where we connect with each other and consume digital content from behind our screens. The new generation of the internet, Web3, is taking us from in front of our screens to inside the metaverse, as if we are entering the internet.
We do not yet know all the implications of this, as the future of the metaverse is still being shaped. But in summary, the metaverse is a virtual reality space where users can interact with a digitally designed and created environment and with other users inside it. The experiences are immersive and mimic reality.
A key component of the metaverse is the digital economy, which is already evident with the proliferation of cryptocurrencies and NFT technology and implementations. Trade occurs as it does in the physical world, but the assets are digital, as is the currency.
Why is Generation Z the largest and most experienced target group in the metaverse?
Although the term “metaverse” may not be familiar to young people, Generation Z currently makes up the majority, around 60%, of metaverse users. This is because young people play video games that create virtual worlds where players interact with each other. Globally popular games, especially among young people, include Fortnite and Roblox.
The Center for Generational Kinetics conducted a study in 2021, which found that Generation Z does not see much of a difference between the online world and the physical world. 65% of young people also believe that their online relationships are as meaningful as their offline relationships. Even though the metaverse is not just about gaming, Generation Z is already quite experienced as metaverse users, especially compared to their non-gaming parents.
Brands in the Metaverse
Virtual reality opens up new dimensions for marketing, which brands have only just begun to scratch the surface of. However, there are already some cases, and especially the largest brands are actively integrating themselves into the metaverse.
For example, in Roblox, you can spend time with your favorite brands by playing in Gucci Town, Nikeland, or Samsung Galaxy. Heineken, on the other hand, launched virtual beer in Decentraland, made from “only the best pixels.”
But is there commercial value for brands in the metaverse? Yes, there is! The price of Gucci’s iconic Dionysus bag in its virtual version in Roblox exceeded the price of the real bag, exceeding $4,000. Not to mention the skins released by Balenciaga in Fortnite, which have been sold to the game’s players in huge quantities. After the launch of the virtual fashion line, Balenciaga’s search engine queries nearly doubled, and the physical Balenciaga x Fortnite clothing line brought the brand a new young customer base.
Would you like to hear more about the marketing opportunities in the metaverse? Get in touch, and we’ll tell you what Bängeri has going on in this regard!