Mark Zuckerberg and the Metaverse, what does it mean? For those of you that are new to this, as most people are, the metaverse is best defined as an immersive virtual environment that users can communicate, purchase from, and interact with. The metaverse includes platforms such as virtual gaming, digital assets. As explained by Mark Zuckerberg, “It’s a virtual environment where you can be present with people in digital spaces… you can kind of think about this as an embodied internet that you’re inside of rather than just looking at. We believe that this is going to be the successor to the mobile internet”.
The metaverse is new uncharted territory with the potential to open a myriad of new ways to advertise. Brands can create immersive 360 ads, interactive product models to “hold” and “try on”, virtual stores, the possibilities are endless. These ads intertwine with the intended platform in a way that turns the advertisement into an entertaining experience. The new interactive world has opened up metaverse related jobs and has increased over 400% in 2021. The metaverse has a projected growth in overall market size of almost 44% for the next seven years, and even an estimated market size of $1.5 trillion by 2030 by PwC.
With the metaverse comes all sorts of related terms such as NFT’s and cryptocurrency. Cryptocurrency can be traded or exchanged, making them fungible. However, NFT’s, or non-fungible tokens, exist within the metaverse as well as in the physical. NFT’s are digital assets that have value, are collectable, and are unique in their own way. They can be just about anything; from digital art to even a tweet. In order to prove its authenticity, the tokens utilize blockchain, meaning that the token can be reliably traced and sold. The blockchain may also make its value go up with every trade.
Well, how can NFT’s be used in digital marketing? Firstly, the introduction of NFT’s to your business allows for a broader, varied audience that can range from digital creators to entrepreneurs. NFT’s open the door to various communities that can be engaged with and help you grow. This new marketing opportunity is growing due to the fact that it allows consumers to be attracted to the unique and creative aspect of your business. Because it is new, the sooner you jump in and grow your audience, the better. Companies can start putting their feet in the water by doing things such as selling NFT’s, creating virtual stores, and creating VR or AR experiences. All are affordable to invest in and can bring a lot more exposure. However you decide to grow your business, give us a call and we will both meet and surpass your needs.