The Rise of the Metaverse Agency
There’s been a lot of discussion about the metaverse in the last two years. A few things have driven that, including a prominent social platform’s rebrand, expansion of online gaming, and a pandemic that has kept many indoors (and out of trade shows).
And with the rise of the conversation around the metaverse, comes the rise of the metaverse agency.
But do we really need agencies to create the metaverse? If so, what exactly is the role of a metaverse agency in this new space? We’ll cover that—and more in this article.
First, what is the metaverse?
The metaverse is a term coined by Neal Stephenson in his book Snow Crash. It refers to the virtual world where all of our digital information exists.
It’s not just a place for us to play games or watch movies; it’s also a place where you can buy stuff, meet people, and even get married.
In fact, there are already some pretty big companies building their own version of the metaverse.
Facebook, Google, Microsoft, and others are creating platforms that will allow users to interact with each other through chat rooms, video calls, and even augmented reality.
In addition to these large tech companies, smaller startups like Vrse are trying to build their own versions of the metaverse. They’re doing this by using VR headsets to let people experience the same kind of interactions they see on Facebook.
We kicked off the launch of a new tech product into the US market with a metaverse-based VR game.
Who uses the metaverse?
The metaverse is a digital world where you can explore, play games, watch movies, hang out with friends, and even live inside video games. There are several different ways to access the metaverse, including mobile apps, headsets like Oculus Rift, Samsung Gear VR, Google Cardboard, and HTC Vive, and special glasses like HoloLens. However, most people use smartphones, tablets, computers, and TVs to access the metaverse.
Currently, there are hundreds of billions of active users in the global metaverse. Some of the biggest names in entertainment, gaming, music, sports, and politics have already dived into the metaverse. In fact, one of the most popular social media sites, YouTube, recently launched a dedicated channel called YouTube Space. This channel features videos about the metaverse, including how to make 3D prints, what it takes to become a professional game developer, and tips on how to build a robot.
As technology continues to improve, we’re likely to see more and more people entering the metaverse.
By 2025, it’s predicted that 1.7 billion people will be accessing the metaverse via mobile devices. And according to Forrester Research, by 2022, 72% of consumers will be interested in experiencing the metaverse.
In addition to being used for fun, the metaverse offers many potential benefits for businesses. Companies can easily reach customers across multiple channels, such as traditional advertising, social media marketing, email campaigns, and online ads. They can also offer exclusive experiences to their customers, such as VIP events, contests, giveaways, and promotions.
What is a metaverse agency?
A metaverse agency is a company that creates a platform for people to interact with each other. It might be a space that you navigate with a headset, or it could be accessible through mobile or desktop devices.
A metaverse agency will help you develop your unique:
- Metaverse brand + media strategy
- Market research
- Metaverse roadmap
- Create rich and relevant metaverse experiences
- Source or create your metaverse space from scratch
- Drive traffic and participation within your corner of the metaverse
What skills do you need to create experiences for the metaverse?
You don’t need any special skills to create experiences for the Metaverse. But if you want to make sure that your content stands out, you should consider hiring someone who knows how to use the tools available to them.
For example, if you’re going to create a game, you may want to hire a programmer. Or if you’re planning on making a movie, you may want to find a director.
If you’re looking for something else entirely, you might want to look into hiring a designer.
How does the metaverse agency differ from a traditional advertising agency?
Traditional advertising agencies focus on reaching as many people as possible. They work hard to ensure that their ads reach the right audience at the right time.
They also try to figure out which channels are most effective for getting their message across.
They often rely on data-driven insights to determine what works best.
However, when it comes to the metaverse, the goal isn’t necessarily to reach as many people as possible, but rather to create experiences that are meaningful to those who participate.
This means that instead of focusing on broad demographics, you should be thinking about specific groups of people. This way, you’ll know exactly who’s interacting with your product and why.
So why does the metaverse matter?
Well, if you think about it, the metaverse is actually quite similar to the real world. We live in a physical world, but most of the time we don’t pay attention to it because it doesn’t affect us directly.
When we go outside, we interact with other humans, animals, and objects. But when we go inside, we mostly ignore those things. That’s why we spend so much time interacting with our phones, computers, and TVs.
Because they make up the majority of our lives, we rarely stop to consider how they work. If we did, though, we’d realize that they aren’t very different from the rest of the world.
There are many potential benefits to metaverse, including increased creativity and collaboration, better customer service, and more efficient communication.
While there is still much research to be done on the topic, the potential benefits of metaverse are clear and warrant further exploration.
For businesses in the life science and social media industries, metaverse could be a powerful tool for patient engagement, marketing and communication strategies.
By engaging their customers in new ways, companies can create a stronger connection with their customers and improve customer loyalty.
Brands that launched metaverse marketing campaigns
In the life sciences industry, some companies are experimenting with providing a virtual space where employees can share ideas, collaborate on projects, and learn from one another. Similarly, social media platforms such as LinkedIn and Twitter have become popular platforms for business networking and sharing information.
Some other examples of metaverse experiences that businesses can create include customer service interactions, product demonstrations, and sales pitches. By taking these types of steps, businesses can create an immersive experience that connects with their customers and potential investors.
In addition, the metaverse is home to some of the most popular brands worldwide, such as Nike, Apple, Coca-Cola, Mercedes Benz and many others. Some companies are even launching their own branded items within the digital space, like the virtual reality game Pokémon Go.
These brands have successfully integrated themselves into this new frontier, creating innovative ways to reach consumers. For example, McDonald’s partnered with augmented reality startup Magic Leap to launch a limited edition McRib sandwich in the metaverse. This campaign reached over 10 million people across social media platforms. Other brands have used the metaverse to launch viral marketing campaigns, such as the recent #NikeSelfieChallenge.
Should you advertise your brand in the metaverse?
The metaverse is the future of virtual reality. It allows people to interact with each other in a 3D environment, creating a digital world where anything is possible. This includes things like games, art installations, and even entire worlds. In fact, there are already over 7,500 VR/AR applications out there, and according to Cisco, the global market for AR/VR products and services will grow to $80 billion by 2025. But what about advertising? Should brands try to get involved in the metaverse and promote their products?
In a recent study conducted by Metaverses Research, researchers found that the overall market for the metaverse is expected to hit $800 billion by 2024, and the number of active monthly users is projected to increase to more than 200 million by 2022. So while the industry is still young, the potential for growth is huge. And since the metaverse is essentially virtual space, it doesn’t matter where you’re located; you can participate no matter where you live.
But how does one actually go about promoting their brand in the metaverse? How do brands make money off of this emerging technology? What types of ads work well in this type of medium? Are there specific tactics that could help brands succeed in the metaverse?
How to start advertising in the metaverse
The metaverse is becoming increasingly popular among consumers. With over 250 million monthly active users, it’s easy to see why marketers are interested in advertising in the space. But what does it take to get started?
Here are three ways…
1. Ad placements
Just like the real world, the metaverse offers prime advertising spaces. Think of billboards, sign boards, bus posters, wall posts, and road banners. If you’ve got a product or brand that fits well into one of these categories, you’re ready to start marketing.
Following the lead of the brands listed above, here’s how to advertise in the metaverse:
- Create a branded avatar
- Upload your logo
- Link your social media accounts
- Share your ad placement
- Repeat steps 2 through 4 until you find the perfect spot
- Profit (lol)!
2. Buy your own metaverse space
If you want to create your own metaverse space, you’ll need to purchase a virtual land parcel from an online marketplace. The process is similar to buying a domain name on the web. You’ll pay a small fee for the right to use the space, and then you can customize it however you’d like.
You can also use websites like Google Maps to build your own virtual city. Just be sure to check the terms of service before you begin building your metaverse.
3. Build a VR experience for the metaverse
Virtual reality has been around for decades, but only recently have we begun seeing its full potential. While most VR experiences are designed for entertainment purposes, they can also be used as tools for business.
You can hire your own team of experiential experts, developers, modelers, animators and artists, or you can hire a metaverse agency to help you create a custom experience.
You can also pay a fee to use a preexisting metaverse space. While not for everyone, this often can give a company quick access to basic metaverse technology and experiences.
The metaverse is an exciting, emerging space for brands and consumers. With so much potential, it’s important for us to understand how to best navigate this new digital landscape. We’ve seen a lot of activity around this topic lately, and there are plenty of opportunities for brands to take advantage of. I’d like to close out my thoughts with three key points.
- First, the metaverse is still very young. While the technology is here now, it’s still developing. This is why you see such rapid changes happening within the industry. If you want to jump on board early, you’ll find that there’s a ton of opportunity.
- Second, the metaverse is changing quickly. Just because something worked yesterday doesn’t mean it will work today. So, while it’s great to look at trends, it’s even better to focus on what’s working now.
- Finally, don’t underestimate the value of traditional and digital media. While the metaverse is becoming increasingly popular, it’s still very much a part of our daily lives. People use mobile devices, tablets, laptops, TVs, etc., to access information online. They watch videos, read articles, listen to podcasts, and interact with brands via social networks. In fact, according to comScore, 82% of Americans say they use the internet. That number goes up to 93% among millennials. So, while the metaverse is gaining popularity, it’s still a small portion of people’s overall media consumption habits.
So, what does this mean for marketers? Well, it means that we shouldn’t underestimate the power of traditional media. Yes, the metaverse is growing, but it’s still relatively new. However, as more people become familiar with the technology, we can expect that they’ll start consuming media differently. Brands will have to adapt to this change. But, ultimately, we can expect that the metaverse will continue to grow. What do you think? Let me know in the comments section below. Thanks for reading and happy holidays!
We are a seasoned metaverse agency based out of Boston, MA. With almost 20 years experience we work across multiple sectors including life sciences, tech, and more. Our team consists of highly skilled marketers, designers and technologists.
We offer a wide range of services including mobile apps development, web design, UX/UI, branding, marketing strategy, social media management, conversion optimisation, email marketing, analytics, data science, project management, video production, 3d modelling, animation and much more.
If you want to take about how we can help you launch in the metaverse, contact us today.