Is The Metaverse The New Marketplace?

For the past couple of years, we have been given the opportunity to exist in a completely new world; the digital world. Here, we can reinvent ourselves. We can change our appearance, using avatars, and we can act however we wish without having to worry about showing our true identity. This new digital world is getting more capable by the day, with people purchasing digital land, houses and items for their life in the digital world, in other words, in the metaverse. So how has the metaverse developed? And with people starting to spend money, is this a new opportunity for big companies and businesses?


The Metaverse is like a digital universe where people can have a whole new life. People usually use virtual reality headsets when entering the metaverse to immerse themselves in it. They can choose an avatar and present themselves however they wish. They can have a house, socialize with others and just have a second life. With the digital world and the internet being such a big part of our lives, consumer behavior also started changing. People started doing more shopping online rather than in person, and companies started using VR technologies to demonstrate and showcase their products. A new term; digital influencer, also started being used. Digital influencers are also influencers that work with brands to advertise products, and the only difference is that they are not humans. Lilmiquela, for example, is one of the most well-known digital influencers. She has over three million followers on instagram and has worked with well-known brands such as Calvin Clein and Prada. It is shocking to believe that an avatar can actually be an influencer and work with such big brands.


With the internet and apps like instagram and tiktok being the new marketplace, the average person's attention span is just 8 seconds. Brands need to find more interesting and interactive ways to engage with customers other than videos and images. The metaverse gives brands this opportunity. With this new digital world, it is now possible to create an emotional connection with customers. Brands can create games, worlds and events that are interactive to increase their sales.


Seeing the metaverse as an opportunity, certain brands such as Nike have created unique digital lands to market their products. Nike has created a ‘Nikeland’ in which digital avatars can change clothes, socialize and have fun. Luxury brands such as Gucci have also hopped on the trend and have created their very own lands in the metaverse. Balenciaga has made an appearance in the metaverse fashion show. Yes, there is a metaverse fashion show! Clothing brands can showcase their new collections on 3D avatars for people to see. Customers can also buy from the fashion show event. When they buy the clothing piece, their avatar in the metaverse can wear it and the physical piece will be shipped to them for them to wear in real life. Balenciaga also created its own interactive video game titled ‘The Afterworld: The Age Of Tomorrow’ to let customers have fun while looking at their new collection.


Not only can brands advertise their in store goods on the metaverse, but with NFT’s, they can also sell them digitally specifically for people's avatars to wear in the metaverse. NFT’s, also known as Non-fungible-tokens are unique data stored in a blockchain (a type of digital ledger). NFT’s cannot be copied and once someone buys one, they receive a certificate indicating their ownership. That is why they are called ‘Non fungible tokens’. Brands can create NFT’s and sell them on the metaverse while also advertising their physical products.


With so many new opportunities for brands and businesses, from creating their own video games to creating their own world, the metaverse seems like the new marketplace for advertising and selling products.



Cover image: https://www.inc.com/kevin-j-ryan/metaverse-companies-facebook-microsoft-linkedin-big-ideas.html


Work Cited:


NFTs: What Are They & How Can Marketers Use Them in 2022?

https://latana.com/post/what-are-nfts/

Accessed: 13 September, 2022


Digital Avatars are the Face of the Future. Here's Why.

https://www.entrepreneur.com/science-technology/digital-avatars-are-the-face-of-the-future-heres-why/434407

Accessed: 13 September, 2022


Branding in the Metaverse: Opportunities & Risks

https://latana.com/post/branding-in-the-metaverse/

Accessed: 14 September, 2022


A Brand Guide to The Metaverse

https://metavrse.com/a-brand-guide-to-the-metaverse/

Accessed: 14 September, 2022


Metaverse, Wikipedia

https://en.wikipedia.org/wiki/Metaverse

Accessed: 14 September, 2022

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