It’s often said that the lines between the digital and physical worlds are blurred, and this was before the metaverse. Things are about to step up a notch with the metaverse because it combines augmented reality, virtual reality, and mixed reality. People are now getting home from work or school, putting on a headset, socializing with friends, attending concerts, engaging with brands, and performing other tasks…all from the comfort of their own homes.
During the pandemic, people were forced to take their relationships online. Now, people are choosing to take their relationships online thanks to the growing power of the metaverse. If you’re somebody who believes that a trend isn’t big until large brands join in, you’re already too late. In recent times, Gucci, Balenciaga, and Adidas are just three large brands to get involved with the metaverse. In fact, brands are investing so much into the metaverse that they are waiting for consumers to catch up with the trend.
Just recently, you may have seen Collezione Genesi from Dolce and Gabbana. Rather than a physical marketing campaign, this one took place on the metaverse. After collaborating with UNXD, the NFT (non-fungible token) collection ended up in auction and made over $5.5 million. D&G has already said that it plans to make more NFT collections whereby buyers can benefit from unique material and early access.
D&G invested in the metaverse early, and the risk seems to have paid off. The brand has quickly recognized the impact that the metaverse can have on the company and the importance of customer experiences in the meantime. What’s more, companies are also learning more about purchasing behaviors and how consumers act in this new environment.
You might think that this D&G collection was a one-off, but this isn’t the case at all. The biggest NFT sale to date came in December 2021 when Pak sold The Merge for a whopping $91.8 million. Not only is this the highest-selling NFT in history, but it’s one of the only digital assets in the top ten that has multiple owners. A group of around 30,000 collectors came together to purchase the NFT.
If you have been keeping up with the NFT niche, you will probably know the name Beeple, the online name for Mike Winkelmann, an American digital artist. Beeple’s biggest sale reached nearly $70 million, and it was a collection of art. Containing around 5,000 pieces of work, Winkelmann created one piece of artwork per day starting in 2007, having no clue at the time that it would eventually earn him nearly $70 million. Beeple has also sold HUMAN ONE for nearly $29 million and Crossroad for over $6.5 million.
Furthermore, Pak teamed up with Julian Assange to create ‘Clock’. As the name suggests, this digital piece of art acts as a clock in that it shows how long Julian Assange, WikiLeaks founder, has been imprisoned. Though it was originally launched to help Assange afford his legal team, 10,000 people came together to purchase the NFT for nearly $53 million.
With all these examples, no brand should be surprised to hear that the metaverse is taking off, and big data analytics will move along with it. In 2022, many data-based marketing tools are investing to help marketers, and one of the leading tools in the field is Trapica. Not only was the company one of the first to react to the iOS 14 update by offering advertisers insights despite the changes, but it also now provides advanced resources for those who want to advertise in the metaverse.
Advertising Methods in the Metaverse
Just like in real life, several advertising methods have arisen in the metaverse. Regardless of which you’ll choose, you need to partner with a tool like Trapica so that you don’t lose track of the analysis process. The right analytics tool will make sense of your investments and ensure that you don’t endlessly waste your budget.
Virtual Influencers - You know all about influencer marketing, and some are now taking this advertising strategy to the virtual world. Not only is this a creative campaign opportunity but those who are new to the metaverse are trusting influencers to learn more and explore this new world. If you can get in with one of these influencers, just one mention could work wonders for your brand.
In-World Advertising - While this is slightly less exciting, new opportunities are arising to advertise in the virtual world. While you might think that this is intrusive to the experience, many players have admitted to liking in-world advertising because it adds to the realism. People see ads everywhere they go in real life, so it’s only natural to introduce advertising to the virtual world too.
More companies are now advertising on platforms like Decentraland, Roblox, Fortnite, and The Sandbox with virtual billboards and other opportunities.
Commerce - As the metaverse expands, you could also sell products or digital assets directly to your consumers through the metaverse. Buy land, build a store, create engaging experiences, and watch as people purchase items. This trend is so popular that it even has a name - D2A (direct to avatar). Since you’re selling digital items, you don’t need to worry about stock, shipping, storage, or any of the traditional commerce problems.
Events - Lastly, the number of events held on the metaverse is continually growing over time. For instance, you may have seen recently that the likes of Lil Nas X, Ariana Grande, and Marshmello are hosting concerts on Roblox, Fortnite, and other platforms. We aren’t saying that you could become the main sponsor of these events, but there are plenty of other events taking place on the metaverse that could generate some exposure and excitement around your brand.
Marketing NFTs
If you’re to thrive in the metaverse, you will need to know more about the commerce aspect we’ve just introduced. We mentioned that you could sell digital assets to your audience, and these are otherwise known as NFTs (non-fungible tokens). Rather than selling physical products, you can sell digital assets to consumers and benefit both from the initial sale and the buzz of the secondary market.
In short, an NFT can be anything including a tweet, collection of art, video, image, collectible, in-game item, or something else. For example, many fashion brands like Gucci are making digital clothing available for metaverse users. Those who own the NFTs can put their digital avatars in the clothing, and it becomes a status symbol. Speaking of Gucci, the fact that items were limited created scarcity, and this meant that people were willing to pay thousands for a pair of virtual Gucci shoes not so long ago.
If you’re going to delve into the NFT market, you need to pay attention to the analytics and choose an NFT that will get your audience excited. If they have no interest in the metaverse or your NFT, nobody will want to trade for the item in the secondary market. Why? Because it’s not worth having for collectors and it’s not worth any money for speculators.
CIOs should be on alert for the metaverse and for NFTs, and we want to finish with some advice for those looking to advertise their NFT. After going to all the effort of creating a digital asset, something that the audience will love, you don’t want to see it fail when it is finally released. With this in mind, start by contacting NFT newsletters and services like NFT Calendar so that lots of reputable sources are talking about your NFT drop.
Next, educate your audience and be willing to answer their questions. Don’t forget, many people are still nervous when it comes to the metaverse and NFTs. By engaging with them on platforms like Telegram and Twitter, you can answer their questions and ease their nerves. The more comfortable they are with the whole NFT idea, the more likely they are to spread the message even if they don’t directly invest themselves.
From here, use the channels that you implement already for digital marketing to get the word out about your NFT drop. Depending on your audience, this could include social media paid ads, influencer marketing, blog posts, guest posts, email marketing, and more.
Regardless of how you choose to embrace the metaverse, know that the data that your business generates is likely to multiply significantly. If you don’t deal with the issue early and learn how to maximize your metaverse analytics journey, you face being overwhelmed. Explore tools like Trapica today and enjoy the new opportunities that the metaverse brings!