Over time, the internet has undergone three evolutions. In order, they’re known as web 1.0, web 2.0, and web 3.0 (the latest form). With each evolution, marketers have had to change how they reach audiences. In recent years, there has been a new sort of evolution inside of web 3.0.

The Metaverse. 

What is the Metaverse? It’s a series of immersive digital worlds accessed through virtual reality (VR) and augmented reality (AR). 

According to Oxford Languages, virtual reality is, The computer-generated simulation of a three-dimensional image or environment that can be interacted with in a seemingly real or physical way by a person using special electronic equipment, such as a helmet with a screen inside or gloves fitted with sensors.

They define augmented reality as, A technology that superimposes a computer-generated image on a user’s view of the real world, thus providing a composite view.

Currently, there are around 3 billion gamers worldwide (the group most likely to engage in the metaverse). On top of that, there are 89.4 million  AR users and 66.8 million VR users. And with companies like Meta (formerly known as Facebook) spending $10 billion on building a metaverse and Microsoft spending $68.7 billion to purchase Activision Blizzard to do the same, we should all pay close attention! 

We also believe that all brands and businesses should seriously consider purchasing assets in one or more of the platforms doing this work because with a new evolution of the internet comes a new evolution of marketing.

Otherside Metaverse

The software company, Yuga Labs, created a metaverse game/world titled Otherside, which will be accessed via your computer. It’s a game where you can go on quests or missions, but it’s also a world where influencers, entrepreneurs, philanthropists, companies, universities, etc., have a place. 

Image Credit: Yuga Labs

 

Businesses can get involved by purchasing digital parcels of land and then building digital retail spaces/immersive experiences for their customers. About the immersive experience bit: customers can come and experience a brand the way one would experience The Walt Disney Company at Disneyland. As for the retail space part, their customers’ playable characters can come and shop for items. 

An example…

Welcome to the Roblox metaverse. Gucci experimented here by creating an experience called Gucci Garden. Players were able to explore rooms with different themes that put them inside the head of Alessandro Michele, the fashion house’s Creative Director. While in the experience, players could also wear and purchase Gucci’s items. It’s reported that they sold a digital version of their Dionysus bag for $4,115. Lest we forget, it’s also reported that they drew 19.9 million visitors to this experience!

Image Credit: Roblox

 

Now back to the Yuga Labs Otherside metaverse. Recently, they allowed 4500 users to simultaneously play and explore their game/world, and Jesse Bryan, Executive Creative Director and CEO of Belief Agency, was one of the participants. We’re interested in his experience because he’s a marketing entrepreneur and had many insights to share about how the metaverse can intersect with business and marketing.

He was featured on a podcast where he gave these insights. We’d like to share a few highlights from that conversation with you and give our commentary. 

He said building an experience in the metaverse could function as the new form of a business website. The compelling example he gave was in the form of a story about a hypothetical fashion company. This company produces digital clothing and sells it to Otherside players to dress their playable characters and act as walking billboards for the brand.

These users pay for the clothes with ApeCoin, Otherside’s official currency. Meanwhile, elsewhere in the real world, most large established fashion companies, with their strictly web 3.0 business strategy, look at the metaverse fashion industry as a silly subculture fad. This small fashion company continues to sell its products to early adopters and rack up ApeCoin in its digital purse.

Eventually, this metaverse fashion company sells its enormous amount of ApeCoin for an enormous amount of cash. Then it uses all that capital to build a powerful brick-and-mortar fashion company and eat the established fashion company’s lunch. They do all this without needing a ton of money to start or giving up any equity or ownership in their company.

There are a few things to draw from this hypothetical:

1. Don’t dismiss this trend, or your business will fall behind the upcoming class of innovators. 
2. Your company has huge earning potential if you find a popular niche. 
3. Entrepreneurs will grow more and more independent from major financial institutions and industry gatekeepers.

He urged business owners to buy parcels of land in the Otherwise metaverse. Then, collaborate with metaverse architects, event coordinators, and designers who can build you products and experiences that will draw in a portion of the tens of millions of people who use VR and AR. He also urged businesses to buy parcels in the center of Otherside. He explained why by looking at Manhattan: there’s “a row” where you need to set up shop if you want to be relevant. 

We think he was talking about Madison Avenue, where famous businesses like Celine, Alexander Mcqueen, and Tom Ford are located. And the further you are from this street, the less relevance you have. He said the same is true for the Otherside metaverse. The center is where the most relevant businesses and influencers will and do exist. Those located on its outer digital geography won’t receive as much attention. 

Our takeaways from this observation: 

1. If you buy early, you’re buying relevance. 
2. Buying early also means buying cheap. Imagine the amount of ApeCoin (valued at $5.42) it will cost to buy at the center of the metaverse when companies like McDonald’s and Coca-Cola start buying parcels.
3. Invest in your employees’ education to learn how to create and manage these complex digital assets.

Follow us on social media to get updated on when we release part 2 about marketing in the metaverse! If you’re looking for a full-service marketing agency that strives to stay on the bleeding edge of marketing trends and deliver your business serious results, Big Deal Marketing is your team. Click here to get started!