PUBLIC RELATIONS
Understanding the Metaverse: exploring opportunities for marketing and PR
By Irene Mbonge
Facebook CEO Mark Zuckerberg, in late October, announced that Facebook is changing its name to Meta. In its complete form, the‘ metaverse,’ which means‘ beyond the universe,’ is a future iteration of the internet, made up of persistent, shared, 3D virtual spaces. According to Zuckerberg, the‘ metaverse’ will, theoretically, be comprised of multiple interoperable virtual worlds, which will allow people to easily teleport from one experience to another and facilitate everything from social interactions to entertainment, shopping and work. A Metaverse in the real sense of the word.
Despite its burgeoning status, the‘ metaverse’ has become one of the most popular channels for brand experimentation throughout 2021. Early adopters seek to establish a foothold before the virtual realm becomes fully realized and commercial opportunities get harder to come by. However, while some brand case studies have proven successful at reaching broad audiences, the long-term value of marketing and communications in the‘ metaverse’ remains a mystery.
On one end of the spectrum, the value of virtual items has never been higher. The rise of Non-Fungible Tokens( NFTs) and cryptocurrencies has introduced the idea that there is value to art and content regardless of its physical existence. Articles have been auctioned off for hundreds of thousands of dollars for the first time in history, and NFTs- minted from memes- have been sold for millions of dollars.
At the same time, the moments people spend in virtual spaces have erased the boundaries between what is real life and online. In the course of the Covid pandemic, the lockdown has forced individuals to interact with people over video calls and in virtual environments in games. This has lent virtual spaces a new license to be seen as a viable marketing and communications channel. If our experiences online are no less real than those we have on the street or when watching TV, why should the impact of marketing in those spaces be any less effective? Combine this with a hugely accelerated e-commerce space, and you have brands clamoring to exist in the‘ metaverse( s)’.
The New Social Spaces
Unsurprisingly, younger audiences are most habituated to the new online spaces. The apparent and growing
“ In the course of the Covid pandemic, the lockdown has forced individuals to interact with people over video calls and in virtual environments in games. This has lent virtual spaces a new license to be seen as a viable marketing and communications channel.” lack of distinction between online and offline experiences creates a massive opportunity for brands.
To illustrate this point, I refer you to the burgeoning and exciting world of video game technology. If you zoom out and look at the gaming behaviors of younger Gen Z players, in Africa and the West- there’ s a clear sign that gaming environments are social spaces first and foremost. They are not channels that operate in a vacuum; they’ re cultural touchpoints where young people meet, compete, collaborate and create.
In the gaming space, time bleeds into social currency, real-life conversations, and behaviors in video games. It is as embedded as TV was for Gen X and boomers, except it’ s participatory rather than passive and open-ended rather than scripted. As a result, game publishers are shifting at speed to build the most distinctive, most involving, and most rewarding spaces that will drive years and years of lifetime belonging and value.
While plenty of opportunities exist for brands to sit alongside gaming content through advertising, the real opportunity lies in accessing those spaces. For example, the cultural phenomenon that is Fortnite had blazed a trail ahead of lockdowns, with trailer premieres and huge live virtual concerts, and is now being used to cross-promote other entertainment brands.
The Covid-19 pandemic has accelerated these trends, creating a space for brands outside of gaming to make themselves a part of the metaverse unobtrusively. Nintendo’ s
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