Digital Advertising in the metaverse is an interesting way to reach people.
As the metaverse grows, it becomes more important to make sure advertisers use it in a good way. Accessibility, user experience, and privacy are three things that advertisers should build into their metaverse advertising strategies.
The metaverse has become huge business and a catchphrase in every field you can think of. Because of the epidemic, interest has soared, with the metaverse predicted to be valued $800 billion by 2024, up from $47 billion in 2020.
The advertising business, in particular, has its sights set on this market. Brands perceive it as an exciting opportunity and a new avenue to connect with audiences in ways that were previously unthinkable due to the prevalence of 2D digital media.
59% of consumers are interested about moving everyday activities to the metaverse, and a comparable percentage of metaverse-aware companies (57%) have already adopted the notion, indicating significant investment growth and increasing confidence in the metaverse’s potential.
The metaverse offers us a fantastic chance to reimagine how metaverse digital advertising works and the value it gives to all parties involved. As we continue to build towards the metaverse, we must ensure that the proper foundations are in place in terms of advertising in order for it to reach its full potential. This obligation should be shared by all, not just a few.
For digital advertising in the metaverse, create an equal and accessible area.
For the metaverse to be economically successful, we must learn from the past to guarantee it is a place that fosters diversity and is accessible to all. Many of today’s most popular social media networks began with little to no advertising. As they grew, they all looked to advertising as a method to keep their services free while also beginning to produce cash to support the expenditures of a growing business. In most cases, this began small and quickly developed into advertising powerhouses sealed behind walled gardens, only allowing advertisers in provided they followed their norms, procedures, and, most significantly, payment terms.
With the world’s largest IT corporations hurrying to establish their metaverses, many are concerned that what we’ve seen on other digital platforms may become a reality within the metaverse as well. However, if these spaces are not connected in a harmonious and open manner, we will be left with a plethora of “mini-metaverses” competing for consumers. Finding a way to bring all of these companies together is a tremendous endeavor that must be tackled with extreme caution and seriousness.
For digital advertising in the Metaverse, emphasize the user experience.
The user experience will be more crucial than ever in this creator-first economy, with end-users having zero tolerance for unsuitable, disruptive experiences. When we transitioned from the Mad Men era of advertising to digital, we witnessed a seismic upheaval that altered the way advertising operates. A similar change is occurring when we transition from digital to metaverse advertising.
I believe the metaverse will become the digital duplicate of the actual world, but for this to happen, metaverse advertising must follow the same laws. Ads must be immersive and compliment the user experience, allowing marketers to become a part of the gameplay and form meaningful connections with players. Digital advertising tactics used today will not be able to shift to the 3D environment. Consider strolling along the street and suddenly encountering an ad that blocks your route.
The interoperability of the metaverse will allow for campaigns that are not only cross-platform but also cross-fandom and cross-entertainment, allowing companies to contribute to and enhance the user experience in unique and innovative ways. When a big film, such as the Star Wars or Marvel franchises, is released nowadays, the studio will typically sell items with it, as well as release a record with the film’s score, as well as an app or game tied to the film’s premise, all with the purpose of driving more ticket sales.
Film studios will be able to build digital assets linked to the production within the metaverse, such as clothing for your avatar to wear, an area based on the film’s tale where characters may go to experience part of the narrative, or even have the film’s actors perform live digital Q&As and signings. The possibilities are unlimited, and rather than cross-platform efforts that run across two or three different channels or platforms, the metaverse will enable campaigns to run across hundreds, if not thousands, of digital touchpoints.
Control the use of data
Advertising in the metaverse will raise new concerns about data privacy, therefore the industry will need to regulate data use and move toward revenue models that prioritize consumers. As evidenced by the cookie’s devaluation, developing a consistent method of properly gathering personal data that is open, transparent, and benefits everyone is proving to be a massive problem. Consider how much more difficult this will be when there is a limitless amount of data accessible to acquire from people on almost anything. If we can learn anything from the persistent privacy issues that have plagued the internet in recent years, it is that just because we can collect data does not always mean we should.
But it’s not all doom and gloom. Now that the world understands the importance of data privacy, there is a big opportunity to develop a standardized method of tracking that is ethical, does not violate personal privacy, and is not housed behind walled gardens. This is especially crucial when it comes to children, and several firms, are already working to make gaming settings safer for children. The lessons we learn from these 3D platforms will be crucial as we begin to understand what privacy policies are required to keep the metaverse safe and privacy-first.
Creating an inclusive metaverse digital advertising experience
Marketers should base their metaverse strategies on three pillars: user accessibility, user experience, and privacy first. They need to be perfected in order for the metaverse to reach its full potential. Our collective sense of duty should motivate us to make the future we’re building one that we not only want to participate in, but that also helps and provides the groundwork for the generations to follow.