From Kamal Hasan launching his Non-fungible token (NFT) to a Tamil Nadu couple taking marriage vows in their digital avatars in the metaverse, the word – a combination of virtual and augmented reality has been the most part of headlines in 2021. With the changing of Facebook to ‘Meta’ as a parent brand and building virtual reality stores and conference rooms by tech moguls like Samsung and Microsoft respectively, it has been made evident that the metaverse will be the ‘next internet’. It will be the future digital economy comprising of online video games, virtual concerts, and conferences, selling and buying valuable collectibles through NFTs. Although metaverse is in its infancy in India,but as technology acceptance and access deepen, the businesses might consider it a potential marketing platform to attract Gen Z consumers, who are well-versed with the emerging virtual technologies. Below are how metaverse will be beneficial to marketers in the future.
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According to the Red Lab report, India is among the top five global markets in virtual gaming constituting a user base of 440 million is 16 percent of the worldwide gamer population of 2.7 billion.
Advantages to brands with the metaverse – a potential marketing platform
Reach out to the Gen Z audience: The lower out of consumption in the pandemic has fuelled the interest in virtual gaming among youngsters especially Gen Z. According to the Red Lab report, India is among the top five global markets in virtual gaming constituting a user base of 440 million is 16 percent of the worldwide gamer population of 2.7 billion. This is good news for brands as in the future they can go beyond conventional marketing in billboards, TV, apps, and social media and enable in-game advertising to communicate their offerings to the metaverse natives. For instance, Unilever Turkey utilised specific creatives for in-gaming messaging that highlighted their links in a virtual football game of the metaverse. The creatives replicated ads that one would expect to see in a real-world football match without interrupting the gaming experience.
Releasing NFT is a revenue churner: Over the years merchandise business has been a revenue earning medium mostly in sports.Realising which Netflix too launched its merchandise of favourite web series characters on its website. In the future, OTT platforms, football, and cricket clubs, and film houses can utilise metaverse for releasing merchandise or collectibles in NFT format. Recent Bollywood sports film 83 ahead of its release, already tasted the success of releasing NFT in the metaverse by minting in the polygon blockchain $MATIC. The digital tokens consisted of autographed physical cricket memorabilia, video scenes, animated digital avatars, unseen posters, and images.
Build long-lasting relations: Brands in their metaverse initiatives must create an immersive experience by being well-versed in knowing the language, slang, and culture. Doing this will help businesses to forge a beneficial connection with customers by working with them, empowering them, and rewarding them.
Marketing in the metaverse will provide an experiential and immersive experience to the customers. Though the technology is nascent it will offer plenty of room for innovations for marketers.
