Wondering what the Metaverse is and what it could mean for marketers? Are you interested in preparing for the future of business?
In this article, you’ll discover why marketers should care about this new development, how to prepare, and how it fits into longer-term strategies.
Why the Metaverse Matters to Marketers
In many ways, the advent of the Metaverse feels a lot like the early days in social media, right around 2008 and 2009, when businesses and brands were starting to see the power behind social media marketing and the influence social media would have on people’s spending habits. A lot of brands and marketers are starting to see the same potential behind the Metaverse and that potential has reinvigorated the marketing industry.
It starts with what has been dubbed as Web 3.0.
Web 1.0 was the early days of the internet—the “information superhighway”—which connected users with information. This is where businesses went online to build online business cards. Web 2.0, then, is the era in which we live now: the rise of social media and people using the internet to connect with other people.
In Web 2.0, we heard a lot about brands creating communities to connect with their audiences and a lot about groups and relationships. But at the center of these connections, the platforms extract data about the people in these relationships and use that data to make money.
Therefore, those communities end up being on what we refer to as rented land: The founder of the community doesn’t necessarily own anything the community is built on. And so, in a lot of ways, the platform has more control over the community than even the founder has. In fact, in the Web 2.0 era, there really isn’t much that a brand can outright own, other than a domain.
Now, as we head into Web 3.0, we’re seeing how this is evolving from social media and establishing a community on rented land to connecting directly with your audience in a space you own: digital ownership of digital assets. Web 3.0, which makes up one piece of the Metaverse, is poised to connect people with places and things. This means if you own a retail store and currently get leads through the mobile web, you could soon build a world in which you get new leads through the use of virtual reality or augmented reality.
Think of how some real estate agents are using virtual tours of homes to help potential buyers see the property when they can’t be there physically because of distance or the pandemic. Now think of that ability as being more widespread and used in nearly any niche or industry.
Another reason marketers should pay attention to the Metaverse is the sheer potential for small businesses and brands in particular.