Facebook is a platform that everyone is familiar with. That site where your Grandmother brags about all of her grandchildren and makes embarrassing comments about your life updates in front of all of your pals. She was a part of the social media behemoth before it became Meta, along with approximately 3 billion other individuals. Is she aware of the Facebook Metaverse, though? Do any of us have the capability?
It's alright if you don't. This is something we're all working on together. Especially those of us who assist customers in navigating the rough seas of Facebook Ads on a daily basis.
What exactly is a metaverse?
In Neal Stephenson's 1992 science fiction novel Snow Crash, humans interact with each other and software agents as avatars in a three-dimensional virtual reality that employs the metaphor of the actual world. In modern science fiction films, such as The Matrix and Ready Player One, several variants of a metaverse may be discovered.
According to Facebook, the metaverse will be a world of infinite, linked virtual communities where individuals can meet, work, and play. Virtual reality headsets such as Facebook's Oculus and Google's Daydream View will allow users to explore the metaverse.
The tidal wave of digital economy
Cryptocurrencies such as Bitcoin and Dogecoin are well-known in the United States. In January 2017, one Bitcoin was worth little more than $900 USD. In November 2021, one Bitcoin was valued at $69,000 US dollars. According to a Gemini research from 2021, around 14% of Americans possess bitcoin. Bitcoin is currently accepted as payment by major companies such as AT&T, Starbucks, and Overstock.
Purchases of digital items are also made using digital currency. Non-fungible tokens (NFTs), which are one-of-a-kind digital items, have recently gained popularity. There is no way to replace these digital assets. People can buy digital art, tickets to a private performance, or virtual apparel for their digital avatars, for example. NFTs are often purchased using cryptocurrencies or dollars, and the blockchain maintains track of them.
These are all indicators of a new type of digital economy. All that's needed now is for customers to transact in a more generally approved marketplace. The Facebook Metaverse has the potential to accelerate the digital economy's growth and expand its reach to a larger audience.
The future of Facebook as we know it…
The Facebook platform that we're all familiar with isn't going away. According to a research conducted by Uswitch in 2020, Americans spend an average of 58 minutes per day on Facebook, the highest of any social media network. Facebook's user base does not appear to be difficult to monetize. Facebook's market value climbed 47 percent in the first eight months of the epidemic.
The timing of Facebook's rebranding to Meta, though, appeared strange. Especially now that data privacy worries are nipping at the internet company's heels. It's easy to dismiss the branding as a ploy to divert public attention away from the company. Alternatively, others may point to Apple's iOS 14.5 release as the final straw for Facebook.
Marketing on the Facebook Metaverse
Advertisements will be present in virtual reality, just as they are in the real world. It's no different in the Facebook Metaverse. "Ads will continue to be an important element of our strategy throughout the social media portions of what we do, and it will probably be a major part of the metaverse, too," Zuckerberg said in an earnings call after the new name was announced.
Imagine a digital environment similar to The Sims Video Game; a choose-your-own-adventure where you may create a virtual life for your avatar, including a home, clothing, and even food. In the same environment, other actual individuals are creating their virtual lives. And you'll be bombarded with adverts in these realms.
So how can we expect the Ads to look like?
Display Ads in 3D
While you progress through this virtual world, billboards may appear to be films playing higher above. Because of the popularity of esports, advertisements are already appearing in video games. These display advertisements may also be designed to offer various advertisements to different people. The Metaverse on Facebook will most certainly be similar, with virtual billboards and banners for brand visibility.
Placement of Products
Product placement for consumer items, such as the Doritos bag in the image below, may appear in the Facebook Metaverse. Virtual items, such as "skins" for video game characters, may be featured by clothing firms in collaboration with influencers. You may try on things online and even buy virtual attire for your avatar.
Networking Events & Virtual Meetings
The Facebook Metaverse isn't just for companies that sell to consumers. In this atmosphere, business-to-business (B2B) enterprises will be able to promote and sell their products. For businesses like software and professional services, virtual meeting rooms, conferences, and networking events may be the new frontier.
Tours in Virtual Reality
Residential real estate brokers will be able to invite out-of-state purchasers on virtual tours of home inventories using virtual reality. Before work begins, contractors will be able to show homeowners how the remodel will look.
Prospective students may be offered virtual campus tours by higher education marketers. Out-of-state students may find this appealing. It may also be utilised to make the virtual campus experience more "gamified."
Advertisements with "Experiential" Salespeople
Virtual salespeople approach you while you explore the Facebook Metaverse, much as they might approach you on the street in real life, urging you to give money or sign a petition. Except that these virtual salesmen will be accompanied with a whole exhibit and product range.
How does one prepare for advertising in the metaverse?
While the Facebook Metaverse may take off rapidly, it is more likely to unfold gradually over the next decade. It can take years for a company's digital presence to completely flourish on the current iteration of the internet, much alone the metaverse.
However, there are some marketing expenditures that organisations should undertake today to ensure a smooth transition to the digital marketing future.
Improve the performance of your current website. The Google search algorithm is continually changing to make it easier for consumers to discover answers to their inquiries. It's vital to maintain your website up to date with industry best practices if it's a conversion point where consumers might become leads or sales.
Make a map of your lead-to-sale process. This will demonstrate which channels work well and which do not, as well as other elements that affect a reliable revenue prediction.
Create high-quality artwork. Maintain flexibility in responding to new creative formats as they emerge. Because virtual reality ad formats are still evolving, having a staff that keeps up with the newest advances can help you succeed.
Establish a communication channel between the analytics and creative departments. This will close a crucial communication gap between these groups, allowing campaign modifications and direction to be informed. Campaign test results may be used to illustrate which kind of creative work best. This might be anything as easy as comparing logo positioning to photography vs drawing.
Create a first-party data strategy and grow it. To digital marketing platforms, consumer data is like fuel. Platforms may employ machine learning to develop lookalike audiences that maximise return on ad spend with larger, more comprehensive consumer datasets.
Keep up with the most recent digital marketing trends. Change is the only constant in marketing. Businesses will become more adaptable as customer behaviour shifts if they continue to study and keep current on marketing best practices.
Moving Forward: Developing Standards for the Facebook Metaverse
A new level of social engagement raises new worries about data privacy. "We want to be able to go around the internet easily, but we also want to be able to move around the internet without being followed and monitored," said Kindred Ventures managing partner Steve Jang, who works on bitcoin technology.
Video game firms are taking the lead in developing the metaverse environment. Epic Games, the firm behind the famous video game Fortnite, has secured $1 billion in funding from investors to aid with its long-term aspirations for their contributions to the metaverse.
Meanwhile, the federal government of the United States has been reluctant to adapt to the transition from an industrial to a digital economy. Former Chairman of the Federal Communications Commission of the United States, Tom Wheeler, argues that big tech should be overseen by a specialised federal body. He believes Congress should create a 21st-century results-driven independent government agency tasked with preserving consumer well-being and ensuring successful competition in the digital economy.
We've only just begun our journey to the metaverse. Only time will tell how we adapt to and control this new virtual reality.