Daler Mehndi becomes the first Indian to invest in the Metaverse. He recently acquired land in the digital world and named it ‘Balle Balle Land’ on PartyNite, India's very own Metaverse. This land will also have a particular paintball field as well as a business store called "Mehndi Store."
As the talk about the Metaverse increases, people are more curious about how do they become a part of this new realm.
NFTS, Metaverse Tokens, And Cryptocurrencies are your answer!
- Buying land in the Metaverse usually happens through NFTS, Metaverse tokens and cryptocurrencies.
- Ethereum, as well as SAND, that is, the money associated with the gamified Metaverse platform- The Sandbox and MANA, are popular choices (connected to the community-based Decentraland platform). As a result, obtaining these is usually the initial step.
- The trade can then get started by simply creating a crypto wallet. This is where you store your virtual currency.
- Some popular metaverse tokens used to acquire land are WazirX, CoinDCX, and CoinSwitch Kuber.
What is Metaverse?
An intellectual big bang happened, and a new digital world was created. Metaverse was born. The idea of a centralised virtual world, a place parallel to the physical world, was long a niche concept cherished by tech and gaming enthusiasts. It has exploded into an important discovery this year.
It is an amalgamation of different realms like online education, online social work, digital business platforms, and much more. From assets in the form of NFTs to tokens that sail through several blockchains, aka cryptocurrencies, Metaverse’s horizons keep expanding. This has dazzled Gen Z and spiked interest among millennials. Basically, no matter how old you are, the idea of our virtual reality being better than the tangible one has got everyone hooked.
Metaverse was a popular search in recent months.
In the last 8 months, more than 2.5 lakh people have looked up what Metaverse is on the internet
This is what the upscale in searches looked like
History of Metaverse
For years, the word Metaverse has been floating around the internet. First, a fictional concept: Neal Stephenson created the phrase in his 1992 novel Snow Crash. In recent years, the idea was mentioned in Ready Player One as a modern inspiration. It mimicked practices that existed in online groups.
Some events in the Metaverse that became the hot topic on the internet were-
1. Facebook rebranding itself as Meta
2. The opening of Gucci Garden
3. Concerts in the metaverse
4. Holi in metaverse
5. Travis Scott’s show in Fortnite
What are the opportunities for brands in the Metaverse?
One of the biggest benefits of the Metaverse is its scope for digital marketing. It has opened a plethora of opportunities for marketers to revamp their digital marketing game. This helps brands to traverse the virtual world better and avail those opportunities. This is how brands can make their virtual presence stronger through marketing tools in the Metaverse-
- Metaverse allows you to connect with your customers in a more real way. It almost feels tangible. This makes this space highly interactive. Like, try on virtual sneakers by Nike.
- As the Metaverse is limitless, it helps marketers to target a larger audience from across the world. Like, how people from across the globe participated in Travis Scott’s concert in Fortnite.
- This will help in increasing your brand’s visibility. As you’re part of such a big universe, your name will be known all over the world. Your current campaigns and strategies will be talked about more. Like, Balenciaga launching a 3D billboard.
- This will help in increasing engagement marketing. You can welcome potential customers to your online store. People find it appealing to shop on eCommerce websites or on social media. They'll adore a 3D store where they can wander around and interact with other consumers virtually. Like Samsung has created its own metaverse to market its products on Decentraland.
- Because metaverse marketing and promotion are so young, the costs are low. This is a valuable alternative for brands looking for a new approach to reach millennials and Gen Z audiences. Like brands like Microsoft and Nvidia.
- The key is to keep experimenting. An idea can scale a brand, generation, and even the world. All you have to do is navigate different marketing schemes and strategies in this new age virtual world. Like Gucci launching its own Gucci Garden.
If digital marketers keep up with the latest technology advancements and understand the metaverse and its full potential, it can be the next big thing in the advertising and marketing sector.
How to go forward with #Metamarketing?
- Create marketing experiences that tie in with real-life events or are similar to what your company represents
- Get the hang of sensory advertising- While most advertising today just appeals to the sight and ears, it's feasible that marketers may need to appeal to all five senses in the future to stand out.
- The physical stimulation of haptic technology may be the means to invade customers' minds.
- Avail digital campfires- like Roblox, Reddit, and Discord. These platforms are a great way to advertise your products, ideas, services, and whatnot!
- Try virtual billboards- Make it lucrative and immersive by combing real-life snippets and virtual advertising. As visual creativity meets new tech, the magic of marketing spreads like wildfire.
It’s 2022 and thinking outside the box is the new normal. Embrace it. So, Cool Gai is ready to bhangra to the beats of Mehdi in the Metaverse. Put on your dancing shoes! Virtual of course.