Ever since Facebook (now Meta) announced their goal to develop new technologies for the metaverse, interest has grown in the idea. However, it’s still not totally clear if metaverses are going to be as relevant and important as the hype suggests.
Metaverse refers to a virtual universe where users get together to interact with each other and the digital environment. It has its roots in the gaming industry, which is where we find the largest current metaverses of Roblox, Fortnite or The Sandbox.
Advertising agencies in particular want to know what possibilities these new worlds could present.
The role of ad agencies in the metaverse
What can advertising agencies do in the metaverse? How should they behave? Here are some aspects to take into consideration:
Take your time to learn about the subject
We’ve just started to become familiar with the metaverse so there’s still a lot that we don’t know. There are still no set rules about how agencies should work in the metaverse. We are all learning along the way, so it’s important to be patient.
As you know, young audiences spend more time online and brands are already taking advantage of that.
From virtual fashion shows and concerts to VR video games, the key of the metaverse is interactiveness and immersion. Advertisers can use this to create an immersive world where users can join and interact with its elements and, potentially, a brand.
A new economy
The metaverse offers a big opportunity to become a new revenue stream for advertisers. In fact, some brands have already launched campaigns virtually and have created strategic partnerships with popular metaverses.
As Mellissa Flowerdew-Clarke from Dept states: “The metaverse already has its own economy, which will benefit individual creators within it, but we also expect to see new global companies replace the incumbent digital giants.”
Partnerships between brands and virtual universes can definitely be a step in the right direction. It can be a way to boost the activity in these worlds, create value and attract new users.
Use of NFTs
NFTs are digital assets that can be found in the metaverse. They allow users to own a particular digital space inside the virtual world. This can become a crucial part of the strategy for brands.
Brands can invest in an NFT as an ad space or, as Vogue Business indicates, use NFTs as a way of communicating with the user virtually. One way or another, it could potentially become the main revenue model of the metaverse.
What is the metaverse?
Metaverse refers to a virtual universe where users get together to interact with each other and the digital environment.
What can advertising agencies do in the metaverse?
There are still no rules set about how agencies should work in the metaverse, but NFTs and immersive experiences will surely be something that agencies can explore.
How can marketers prepare before diving into the metaverse?
Since the metaverse is a relatively new thing, brands need to collect information and take their time to learn about the topic in order to understand its rules first.
What is an NFT?
NFT is short for non-fungible token and it refers to a digital asset that can be commercialized online. They represent ownership of a unique asset in the digital space.