Anna Belova, Founder & CEO of DEVAR, a Phygital Company. Forbes Under 30. Tech Entrepreneur. Expert in AR and Metaverse.
BlackRock, one of the world’s leading investment and risk managers, recently published an article called “The metaverse: Investing in the future now,” which compared the current state of the metaverse to the internet of the early 1990s and the smartphone of the early 2000s, highlighting the likelihood for this virtual space to change people’s daily lives.
It seems surprising to me that such an article would appear only now. After all, so much has been said and discussed about the metaverse in the last year and a half. Why has a big investor like BlackRock become interested in the metaverse again?
There’s a reason: Interest in the metaverse is booming. By 2026, Gartner predicts 25% of people will spend at least one hour daily in the metaverse. It looks to become a highly profitable market with a potential worth of at least $800 billion by 2024. Companies are highly motivated not to miss out on this opportunity.
As XR/AR technology becomes more widespread, I see it paving the way for new ways to marketing and advertising. In this article, I want to explore the marketing opportunities that are arising from developments in this space and the tools marketing may soon have in the era of the metaverse.
From Browser-Based To Immersive Metaverse Websites
If we continue on this trajectory, metaverse websites are looking to be a lot different from what we know now—existing beyond the boundaries of a browser. Instead, they’ll be accessed through physical products with NFT tags or QR codes that can be experienced in AR or VR.
The concept of a website itself is changing, and I see users being more inside the site rather than just viewing it through a browser. It’s like being in the cartoon Ralph Breaks the Internet. This opens up limitless potential for creativity and experimentation as well as ways to fully immerse users in the brand’s atmosphere and messages.
I believe marketers will be able to see even more behavioral patterns of customers visiting sites. This means that the options for interacting with customers will become more exhaustive. I recommend that you play around with the options currently developing in the metaverse in order to start this brand immersion for your customers and clients and be a part of the evolving sphere.
Working With Impressions And Storytelling
Marketing in the metaverse goes beyond appealing to emotions. I believe that it will be about creating lasting impressions: The pursuit of uniqueness and memorability. The brand that can deliver the most emotional impact ultimately succeeds. In the metaverse, utility, functionality and practicality simply will not matter as much.
Then what does matter, you might ask? It’s simple: Storytelling. After all, the era of the metaverse will give the user the opportunity not just to experience the emotions of the main character but to become the main character. Instead of watching the experience, I see it allowing them to more fully embody the experience.
The book Storynomics by Robert McKee’s provides a good description of storytelling in marketing and how to make users emotionally invested in a brand’s story and repeat the experience. However, in the metaverse, I see the potential for users to live the experience immediately.
E-Commerce In A Metaverse Format
The possibilities of the metaverse will allow you to set up a store with all the advantages of the impression economy in mind. These storefronts can be personalized based on the user’s needs and interests, for example, the user’s preferences and likes on social networks.
Or a brand ambassador could meet a customer in the store. I imagine a celebrity in the form of a hologram or a digital avatar who communicates with you. The store could also be customized based on a user’s other preferences such as color. This type of immersiveness that the metaverse promises could result in dragons next to one shopper while unicorns accompany another.
Social Networks And More
Recently, social networks have become more driven by brands, and users are no longer passive observers. They are now immersed in the content and creating a new level of engagement. Content has evolved from basic photos to face filters on platforms like Instagram and TikTok, and we are now seeing the development of augmented reality content on these platforms as well. Through these platforms, users can show off their digital purchases, clothing and NFTs.
I see it only going more immersive. For example, do you want to share your vacation? Great, invite your friends to take a walk on the island from your vacation with you. Discover a new sport for yourself? Play it with your friends.
New Type Of Analytics
My company has been working with AR technology since 2015. By analyzing user behavior through our app, we regularly produce reports on the quality of our products, allowing us to improve and release subsequent books based on the data. This would not be possible with traditional publishing.
From this experience, I have gained insight into the types of data that will be essential for successful marketing in the metaverse era. These should involve sophisticated algorithms that integrate consumer market research data, facilitate seamless transitions from AR ads to a brand’s site with ongoing interactions, enable fully immersive AR shopping experiences and analyze specific behavioral characteristics.
What Are The Prospects?
The metaverse offers investment opportunities now and is projected to generate $1 trillion in annual revenue, according to Grayscale research. As companies like Meta focus on developing the metaverse, established corporations face mounting competition from up-and-coming players. I think this foundational time in technology presents a unique opportunity for new entrants in the sector. It’s important to have imagination and vision when it comes to this level of immersion in marketing.
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