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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