The Metaverse: What Marketers Need To Do To Prepare

Created on:
January 13, 2022

So, let's break it down for you marketers who need to get your pen on paper and start writing this new world up before your competitors do.

The Metaversal Marketing Manifesto

The Metaverse is a destination that exists and is owned by everyone and no one at the same time. It works thanks to blockchain technology, open-source software, and you: The users exploring this new world. No central authority controls the Metaverse, but many different metaverse institutions govern it. These institutions can be divided into three different categories:


1. Governments

These metaverse institutions make sure players in the space follow the rules. You can see them as similar to your government in real life, but it's much more complicated because you have many different ones dealing with different things until you arrive at a consensus on how something should be done.
They could represent various governments in the real world and various metaverse institutions with different agendas.

2. Corporations

These are the metaverse equivalent of companies in real life. They own specific space, and they make sure to keep things running smoothly in there -- much like you would find in any major corporation in real life. You can think about them as an
Governments, who own the land Corporations, which create and sell software to you Users, like yourself who make up the world's population.

3. The Users

You are the population of this Metaverse, no matter how you choose to participate in it, whether by being an employee of companies or a freelancer. Being a user means you're also an investor because investing in the Metaverse means investing in its future, which can be done in several ways already available today.
As a marketer, you will need to familiarize yourself with all three of these parties because they are the ones who make up the Metaverse and their interactions are what creates this virtual world's economy.

The Metaverse is a market for goods and services. The owners of the land set what price these goods are sold at. The more people there are in the Metaverse, the more demand for these goods. It makes it a unique market that can be used to predict and forecast future valuation and growth of companies and brands in the Metaverse that would otherwise be impossible with traditional markets.

The Metaversal Marketing Process

Most marketers are familiar with traditional marketing methods. Still, as you enter this new world, these methods become less and less effective as barriers between physical and Metaverse markets begin to break. So, how do marketers start preparing their brand's entry into the Metaverse?

Here is a step-by-step process here:

1. Think about what your company is already good at and find ways to replace that with something in the Metaverse.
2. Look at your company's current strategy and ask yourself if you could apply this strategy to the Metaverse. If yes, continue; If no, start looking for metaverse workarounds until you find something that works.
3. Now that you have established what type of activity or product you could transfer from the real world to the Metaverse in a way that is both effective and valuable, you need to set your goals and map out how you're going to execute.
4. Look at what types of transactions exist in the Metaverse and see if anything similar is available in real life that could help. For example, the current currency used in most spaces is Lindens. These could be replaced with dollars or any other currency that's stable for now.
5. Start thinking about what types of roles you'll need - employees versus freelancers, etc. Once you have determined this, look for these people and start vetting them to see if they're good for the job.
6. Finally, you need to look at how your activity in the Metaverse is going to be viewed by users who are used to real-life terms and conditions. Once again, set out looking for these people and determine if they represent a fair deal for both sides.


Relationship between Metaverse and social media

Another unique aspect of the Metaverse is that it can be a powerful tool for social media marketers. The relationship between social media and the Metaverse is complex, but there are several ways that these two worlds can interact to improve the overall experience for both sides.

Conclusion

So there you have it - a basic guide to the Metaverse. If you want to be one of the first marketers in this new world, start with these simple steps and learn as you go. Soon enough, we will all be living in a virtual world!

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