The metaverse as a platform for Product Advertising

Defining Metaverse

It’s important to agree on what the metaverse is before writing about product advertising in it. A metaverse can be defined in many ways, but the simplest definition is that it is an immersive, single-world world that is enabled with virtual reality (VR) and augmented reality (AR) headsets.
Metaverses are more than just realms. At present, it’s a collection of smaller, disconnected Metaverses, just like the early days of the internet (like .aol, .com, .net). The currency, avatars, interactions, and entry points of each Metaverse are unique.
For example, Facebook (now Meta) is separate from Roblox, which is separate from Fortnite and so on. Metaverses become more compatible as they mature and evolve.
Research and understanding how virtual reality works are incentives for companies. With increased access and ease of use, these realms will become easier to interact with, presenting marketers with new opportunities.
Users of the Metaverse can buy, sell, and create goods and services in a digital economy. Metaverse marketing and Metaverse advertising are tools that businesses can use to stay on top of customer demands in response to Metaverse marketing.
With the development of VR, there will only be more opportunities for metaverse advertising.

Metaverse: what is its significance?

Because of its endless possibilities – especially for buying and selling goods – the Metaverse has attracted a lot of attention. There is a lot of money-making potential there, which appeals particularly to investors.

Metaverses are at the forefront of technological developments because they affect both digital and physical daily lives. A good way to describe it is that it reflects (and romanticises) regular aspects of life, whether you’re collaborating, socialising, shopping or doing something else entirely. 

It is expected that the Metaverse will continue to evolve and become more dynamic as time passes. Your business’s functions will be optimized by developers. Your business can better collaborate with its customers by promoting physical products or selling digital products.

The Metaverse as a marketing medium

Brand experiences are being built in the Metaverse by leading platforms. We will explore some platforms that help companies realize their visions in order to better understand this concept.

Metahero

Users can use Metahero to scan physical objects and then move them into the Metaverse. In this project, photogrammetric, high-definition technologies will be used to bring actual objects into the VR world. 

Furthermore, Metahero 3D avatars allow users to explore social media, non-fungible tokens (NFTs), fashion, and more. These avatars can be used both for real-world items and for people in Metahero.

Decentraland

In addition to being a social VR game, Decentraland is also a blockchain based game. Trading and earning money, building and exploring are all possible on this platform. 

Furthermore, it records Bitcoin transactions across a wide network of computers in a permanent manner.

You can conduct meetings and trade goods on digital marketplaces on Decentraland, where you can experience and learn about various virtual experiences. 

Meta Horizon Worlds

Meta VR’s Horizon Worlds is another social app. In this space, users can socialize, play games, explore the digital environment, and even conduct business meetings. 

Blockchain technology is not used in Horizon Worlds. As a result, any content creator is able to create music, animation effects, etc., with the VR building blocks.

Bloktopia

The 21-story Bloktopia VR structure provides an immersive experience. The 21 million Bitcoins circulating on its platform can generate a lot of revenue because they are currently being used and circulating. 

It features multiple digital activities, avatar design, cryptocurrency study, and virtual real estate with a structure tower. Besides games, users can also create artwork and games using the builder tool.

The Sandbox

Using the Ethereum blockchain, users can build things, make money and interact in the Sandbox. In spite of the fact that it is not the cheapest platform, it is compatible with a variety of devices, including smartphones and Windows phones. 

The SAND coins earned by users can be used to pay their expenses (such as gas).

Identifying the Metaverse's features

There are some key features that you need to consider if you want to optimise your Metaverse advertising strategy. Let’s check them out.

Avatar enhancement

The Metaverse offers a variety of ways for you to express yourself, including creating a digital avatar. Unlike physical identities, digital identities are unique to each individual and business. Animated or static avatar identities are both possible. 

As a user picture or profile picture, your avatar can be a two-dimensional icon. However, they can provide more functionality within a game. In addition to keyboards, mousepads, joysticks, and other HCI devices, users can use keyboards to enhance the “realism” of their avatars. 

Your viewers will experience a more immersive experience if your avatar is more lifelike. Gamification plays a key role in this process. In a game, it’s about encouraging people to spend money. 

By partnering with Zynga and Best Buy, they brought their stores into virtual reality via the Meta game Cityville. Despite its wide reach and wide range of players, this game has a wide audience. Zynga and Best Buy were able to increase sales and brand awareness as a result.

Using blockchains for business

Virtual reality worlds and 3D spaces were created using blockchain technology. Cryptocurrencies and NFTs are also created using it. 

A blockchain can be viewed as a public spreadsheet that keeps track of these virtual realities, along with their products and features. Since eCommerce businesses use them to ensure that their data has not changed, they are crucial to the VR world. 

As a result, you can feel confident that your digital assets (i.e. virtual assets with digital proof of ownership such as cryptocurrencies or NFTs) are safe. 

Digital products can be marketed and sold in VR worlds by meta advertisers. In the Metaverse, users can buy these products using crypto. The Dionysus bag, which sold for higher prices than its physical counterpart, was created by Gucci as a digital version. Customers purchased this digital bag via the Metaverse in incredible numbers. 

An example of an NFT is Nike’s Cryptokicks, which was recently released. As the digital version of Nike Dunk sneakers, Nike Cryptokicks are available from the brand’s website.

 Buying virtual land

Cryptocurrencies can be used to purchase virtual property in the Metaverse. Users and businesses can sell virtual land in the Metaverse as an NFT. Land is measured in pixels. 

Because 800 pixels are needed to create a block on a VR street, it might cost X amount of dollars (or crypto). 

The virtual land you buy can represent your storefront if you’re a business owner. Users are more likely to buy from your business if your plot of land is close to or on a popular VR street.

A virtual land can also be used for displaying advertisements for your real-world products or services. The good news is that advertising space usually costs less than storefronts or showrooms.

Supporting the Web3 standard

A number of buzzwords are floating around the internet these days, including Web3 and Metaverse. Basically, they’re both concepts that change the way we use the internet (i.e. the next generation of the web).

Web3 puts control in the hands of its users by decentralizing ownership and control of the internet. Web3 consists of three components:

• The blockchain network

• The field of artificial intelligence (AI)

• Virtual reality (VR) and augmented reality (AR)

• The Metaverse is a digital reality that enables users to interact in real time, build economies, as well as connect and communicate.

• As Web3 is secure (more secure than Web2), it is decentralized (meaning data is stored in a blockchain) and does not require particular permissions to access specific services. A greater degree of flexibility is available. 

• The Web3 technology simplifies the process of advertising, selling, purchasing, owning, and creating digital assets such as NFTs.

By using artificial intelligence (AI)

The Metaverse relies heavily on AI since it powers robotic interactions, speech processing, content analysis, and much more. Your advertising methods and marketing methods in the Metaverse can be enhanced this way. 

Your sales, marketing, and customer service teams could benefit from AI bots with lifelike avatars. You are more likely to win customers over and keep them loyal when your relationships with them are good.

Engaging in social interactions

Avatars or other digital representations can be used by humans to interact with the Metaverse. 

The Metaverse, despite its limitations, is becoming increasingly realistic, which creates an immersive and convincing customer experience. In the VR world, the more “real” it feels, the easier it is for your business to connect with users.

Immersive advertising

It isn’t entirely “new” that the Metaverse exists. Immersive interaction has been enabled by years of AI research.

Immersive advertising presents both risks and opportunities. 

Interacting with users in a new way

You can interact with customers in a new and unique way through the Metaverse. 

The use of virtual items, AR and VR showrooms, and branded gaming can help you promote your business and reach new customers. The use of 3D marketing can even increase leads and customer retention by capturing the attention of users in new ways.

A virtual event platform for businesses

The Metaverse allows users to watch live events and conferences either in person or online. In addition, you can use the Metaverse instead of Zoom or Google Meet for your lectures, conferences, or marketing events. 

Statista reported in December 2021 that 74% of US adults were interested in joining the Metaverse or were considering it. Adults expect educational opportunities to increase by 28%. This interest can be leveraged by companies to provide human-to-human connections online.

You can reach a larger audience with VR due to the fact that most people can’t travel far for one-time live events. There are a variety of platforms on which businesses can hold brand marketing events, including Rec Room and VRChat. 

With VR, you can conduct networking, engagement, education, and sales without leaving the world of virtual reality.

Promoting and selling products

Customers can already virtually try on and test items in many businesses using augmented reality AR technology. Users can test out sunglasses and try on furniture through traditional AR, for instance. 

Your products can be displayed in VR shops and showrooms in the Metaverse if you lease or buy commercial virtual property. Taking advantage of VR consumers’ eagerness to buy products is a good idea, so why not do so?

Using new media to advertise

Using Metaverse platforms, brands can reach a global audience. No matter what their Metaverse advertising market size and budget is, that’s especially helpful for eCommerce businesses. 

As well as creating their own worlds, companies can also use the Metaverse to promote their brands. This can’t be accomplished through traditional advertising via video, image, ad, or words. Raising brand awareness can be done through video and interactive games, for example. 

Additionally, VR viewers can create avatars and participate actively in your realm, further increasing engagement with your brand. Creating an immersive Metaverse experience for your customers is possible through Metaverse advertising. Additionally, it will engage your audience more effectively.