Suit Up Marketers, Metaverse is Just Around the Corner!

All you need to know about metaverse and how to align your marketing strategies for Web 3.0

Have you ever heard or read this quote:

“Trend is your friend”

To be a successful marketer, you must religiously follow this quote while chalking out all your marketing plans. The reason is that all your marketing efforts get maximum results when your strategies are aligned with the trend.

For example:

With the introduction of the Web, big brands immediately dived and positioned themselves to reap the benefits of the coming trend. Next came Web 2.0, the social media revolution. Again, big brands were the first to benefit from this rising trend. It was not until very late that small businesses entered the space.

So, what is the rising trend these days?

Yes, as is clear by the title of this blog, the new trend is going to be Metaverse, or what many enthusiasts call Web 3.0.

Before we move any further, let us first try to understand what metaverse is and why there is such hype around it.

What is Metaverse?

In simple terms, a 3D virtual world is referred to as the metaverse. The users have access to the digital world, its characters, places, properties, etc. through their devices. The users can buy or sell properties and multiple other utilities available in the metaverse.

If you think who would be willing to spend real money in exchange for a virtual piece of land, you are in for a big surprise.

Why is the Concept of Metaverse Gaining Popularity?

On December 8, 2021, a virtual real estate property was sold for $4.3 million. A Dutch virtual couture house sold a single garment for $10,195. Whereas, a virtual yacht was sold for $650,000.

Why are people so obsessed with purchasing things that don’t even exist in the real world?

Answering this question from a limited perspective is quite difficult. However, we can put a finger on where it all started: the gaming community! Almost every game is based in a virtual world and the players get rewarded as per their growth in the game through coins or any other utility. For example clothes, accessories, or cars for the player’s avatar.

These games also gave the players the option to purchase these items within the game and, to everyone’s shock, it turned into an obsession. There could be several explanations as to why people are so driven to acquire virtual wealth but the bottom-line is: Metaverse is booming!

What Should Marketers Do?

It is completely understandable if you do not know much about the metaverse. Here is a checklist that will help you prepare for this new trend:

• Do your research and join podcasts and Discord communities that talk about metaverse to understand it better
• Follow Cathy Hackl, the Godmother of the metaverse
• Play games like The Sandbox, Decentraland, Axie Infinity, etc. to experience the metaverse instead of merely observing it
• Lastly, draft a strategy on how you can leverage metaverse to achieve marketing goals

Drafting a strategy will be easy once you understand the ins and outs of the metaverse. If you have any concerns, feel free to reach out to us.