Marketing in 2022–Are brands planning their foray into metaverse?

Guest Column: Deepti Karthik, Vice President Marketing, DaMENSCH, believes that decentralization of social media is imminent and a lot more power is expected back in the hands of the consumer

e4m by Deepti Karthik
Updated: Jan 3, 2022 4:57 PM  | 3 min read
Deepti Karthik

If you have seen Netflix's anthology Unpaused (Glitch), the short story of dating in the metaverse is the most realistic visual representation of how our future could look like in this new universe. It also made us realize that metaverse might not be as much in the distant future rather it’s definitely something brands will need to bring in their planning cycle in 2022.

Digital Reality led by gaming has been a part of our lives in the last decade, the winner of the DOTA 2021 tournament won $18.2mn–to put this in perspective the winner of US open will get $2.5mn, winners of Euro cup 2020 got $11.7 mn and this is just the beginning of a shift in sports as we know it. E-sports sponsorship has already seen brands like Red Bull, Mountain Dew, Intel, DHL , TIK TOK making their presence felt and this pool is set to get larger in 2022.

It was July when Mark Zuckerberg announced Facebook's new positioning to drive an interconnected set of experiences which was then followed by the launch of Horizon Workrooms – the virtual reality platform for collaborating at work. META has made a debut in our lives with AR Filters, VR games like Fortnite and GENZ is at the forefront of leading this quantum shift.

Future of E-commerce in Metaverse

A decentralization of social media is imminent as is a cookie-less future and a lot more power expected back in the hands of the consumer which explains why Sam Jones and his gener8 got so much attention on their Dragon’s Den pitch. Consumer Intelligence will be the new focus area as brands figure out their strategy in 2022-23, content commerce merging with VR will result in a shift in E-Commerce making consumers adopt online shopping even faster.

Have a Roblox avatar? What is it sporting these days? Gucci Bags?

The core audience of the game is of the age group 9-15 and they might be the first generation to value virtual products more than physical ones as they try to express themselves in the metaverse. NFT (Non-fungible Tokens) Platforms that sell digital objects backed by blockchain to certify authenticity selling personalized skins/costumes are booming and there are companies like Decentraland trying to take a Phygital approach by building NFTs with redeemable vouchers which can also be exchanged for real-world items.

Brand Play

As a brand one will have to look beyond ads, at truly amplifying the experience instead of disrupting it. Organizations will have to work with Gen A to cocreate shared spaces to ensure participation and loyalty. Mapping the metaverse will come with first accepting that this will be as integral to Gen Z and Gen A as smartphones for millennials or TV for baby boomers. Whether it's Animal Crossing or Topia, eventually brands will have a role to play in building “Shared Experiences”. It’s a virgin territory that boasts of the low customer acquisition cost, brands will have to extend what their products offer in real-world to offer it in metaverse. From co-developing new products to taking feedback on prototypes to selling limited edition collectibles brands will have to gear up to create a personalized consumer experience for the customers of tomorrow.

Disclaimer: The views expressed here are solely those of the author and do not in any way represent the views of exchange4media.com

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