It is important to review some figures and data related to the Metaverse to really see what is happening. According to Bloomberg, the metaverse-related market is expected to be worth $800 billion by 2024. In an eMarketer survey, almost half of all metaverse professionals marketing (47%) plan to increase their spending on marketing applied to metaverse in the next year. Another Gartner study says that more than 25% of people will spend at least one hour a day in the metaverse between now and 2026.
Roblox is the most popular metaverse platform, with over 400 million monthly active users. Gucci has sold virtual sneakers on Roblox for more than $12,500 a pair.
Now, if the figures speak for themselves, then why is there this idea that the Metaverse is behind us? One of the explanations has to do with the age of those who use these platforms, most of the users are under 17 years of age, for this reason they are not on the marketers’ radar.
Currently, more than 100 global brands are carrying out actions in some Metaverse, from Bulova, Nike, Samsung, PWC, Walmart, BBC, Audi, The Home Depot, Coca Cola, Levi’s, H&M, Addidas, José Cuervo, among others. These brands are seeing something in virtual worlds that helps them build a relationship with generation Z, the youngest.
A brand that enters the Metaverse today is betting on the near future
What are brands doing in these virtual worlds? Let’s see some real examples:
Creating your own virtual worlds
Some brands are creating their own virtual worlds where customers can interact with their products and services in new and immersive ways. For example, Nike has created a virtual world called Nikeland on Roblox, where users can play games, customize their avatars, and purchase virtual Nike products.
Organize virtual events
Brands also use the metaverse to host virtual events, such as concerts, product launches, and training sessions. For example, Ariana Grande held a virtual concert in Fortnite that was attended by more than 78 million people.
This year’s Metaverse Fashion Week brought together over 100,000 people from around the world for one week; it is much more people than those who attend the ones in New York, Milan and Shanghai combined.
Sale of virtual products
Some brands are selling virtual products, from clothing, accessories and even real estate. For example, Gucci has sold virtual sneakers on Roblox for $12.50 each.
virtual tourism
The metaverse can be used to create virtual tours of places around the world. It can be a good way for brands, especially those related to tourism, to promote their products and services by taking people to know different cultures and places. Examples such as Honors Discovery from the Hilton chain or QVerse from Qatar Airlines are great examples of what can be done in this industry.
Education and formation
Various brands are currently using the Metaverse to create educational and training experiences such as virtual classrooms, labs, and simulations. This can be a great way to improve employee training and productivity, and it can also be a great way to reach a larger audience with educational content. There are many examples of this, from The Home Depot with its VR Academy, Volvo launched Trucks Driving Academy, Siemens created MindSphere Digital Twin, McKinsey & Company has its McKinsey VR Academy platform, Boeing has its Flight Deck Trainer, among others.
These are just a few examples of how brands are using the metaverse for marketing. As the metaverse continues to grow and evolve, we are likely to see even more innovative and creative ways for brands to use this new technology to reach their customers.
The metaverse is still in its early stages, most of the platforms available today are only one or two years old, but in such a short time they have achieved record growth. The Metaverse has the potential to become an important new marketing channel for brands, especially those looking to reach Generation Z.
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