Metaverse: The Potential for Gaming Marketing

Apr 24, 2022

How the Metaverse Revolutionizes Gaming Marketing

The metaverse is overflowing with opportunities for companies to advertise their products. 2022 will be a massive year for gaming marketing as web3 gets kicked off and digital experiences will become more common and immersive. All this will lead to significant outcomes in the real world. 

In 2022, gaming advertising will be unlike anything we have ever imagined. As metaverses start developing, digital experiences will become more important and influence the real world. For example, Hellman partnered with Nintendo and created their very own island within the Animal Crossing game and asked gamers to leave their rotting veggies there. Hellman committed to donating meals to the homeless for veggies left on the island. The result was Hellman donated 50,000 meals! This is a great example of how gaming marketing can result in a win-win situation for the player, developer, and company and positively impact society.

Companies that can harness this new sophisticated style of gaming advertising are set to reap huge rewards. To stay ahead of the curve, companies need to be prepared to take risks and try out new things. In the metaverse, old strategies will not be as effective, and the need for creativity is paramount. Gaming marketing has been around for a long time and features thousands of games. However, the metaverse will allow for different types of advertising due to its immersive nature.

The Metaverse Changes Everything

Gamers are no longer a small maligned segment of society. Mobile and online gamers are now mainstream, and with the development of the metaverse, it won’t be long before most of the world is spending hours every day in virtual worlds. Metaverse has the power to completely transform the way people socialize, work, and spend money as the trend of digitization only accelerates. Companies that can monetize this trend are poised for incredible success. 

The metaverse is a revolutionary concept where entertainment, buying, relationship building, and decentralized finance converge and create a parallel society. Companies need to throw out the conventional marketing playbook and look for new ways to connect with consumers. While the metaverse may be a virtual society, brands should not look at members of the metaverse as consumers but rather players. At least in the early stages of the metaverse, most people will be looking to explore and entertain themselves. However, you can expect a subset of users to take the metaverse seriously and start looking for ways to make money and form relationships.

We have already seen early and primitive versions of metaverses such as Second Life. These were virtual worlds where users could create a character, chat with other users, buy products, virtual real estate and earn in-game currency via working jobs. These pioneers of the metaverse are helping the next-gen metaverse companies like Meta take the world of virtual societies to the next level. Companies should study these early metaverses to come up with ideas for gaming advertising.

One way modern metaverses will differ from early virtual worlds is through blockchain technology. Many metaverses will be powered by NFTs, and if you want an amazing character within the virtual world, you will have to either purchase the NFT of this character or rent it. Playermon is already doing this as you can purchase different characters via NFTs. Also, all payments within the game will be transacted via cryptocurrencies, and many transactions will use smart contracts. For example, you could lend another player crypto within the metaverse, and the whole transaction, including duration and the payment date, is all automated by a smart contract. 

Examples of Metaverse Advertising

Some companies are already ahead of the curve and have been trying out innovative gaming advertising strategies. Here are some of the most effective strategies:

Native ads - Companies will purchase billboards within the game, sponsor stadiums, open virtual storefronts, drive cars around with their logos. As players are walking around the metaverse, they will spot these native ads. The great thing about this strategy is it does not interrupt a player’s gaming experience.

Virtual products - Do you want your character to have a Louis Vuitton handbag or a Rolex watch? Then you can create a virtual version of the product within the metaverse. Gucci is already doing this and sold one of its bags for $4000 on Roblox.

Digital collectibles - Companies create their own NFTs and sell digitized art, music, and more! For example, Budweiser sold a rare beer can NFT for over $20,000.

As the metaverse develops, you can expect companies to come up with more advanced and immersive marketing strategies. This is just the early days, and companies are still experimenting with what works. Companies that are creative and willing to take risks will be rewarded in the metaverse!

KPIs Will Shift

Gaming advertising is extremely popular with marketers, thanks to a large amount of verifiable data and, of course, a valuable audience. As the gaming world is so varied with gaming marketing, companies have the power to reach niche and broad audiences simultaneously and easily. 

The metaverse does present a challenge as collecting and analyzing user data and engagement may not work with existing methods. Companies may have to completely alter their current processes and develop new ways to collect this powerful data. While the metaverse presents incredible opportunities for companies that want to showcase their products and forge relationships with buyers, they need to be cautious. Companies should not simply adapt existing marketing strategies to the metaverse and hope everything works. Instead, they must come up with individual and metaverse-focused strategies. Brands will also have to increase their automated advertising and look for more advanced strategies than simply rewarded videos.

Effective gaming marketing captures a player’s attention but, at the same time, does not ruin their playing experience. This can be incredibly tricky to achieve and requires lots of creativity. Gaming advertising is the next big thing and could be just as massive as the social media boom. During the early days, when companies are still trying to figure out the game, it is important to understand what is viable and what strategies can be depl

Conclusion

The metaverse has the power to transform society completely. Billions of people from around the world will be logging in to the metaverse and using these virtual worlds for everything from earning an income, relationship building, spiritual connection to pure entertainment. There will be millions of people who become so consumed by these virtual worlds that they will spend more time in the metaverse than out! This presents an amazing opportunity for companies to market their products. Companies that understand the power of the metaverse and develop virtual world-specific marketing campaigns will become some of the most recognizable brands in the world.

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