How Marketers Can Get Started in the Metaverse

Creatively, 2021 was a year of mixed signals. Hot off of what initially felt like a turning point in experiential, which saw marketers heavily leaning on digital tools to connect with consumers from a safe distance, the industry wasted little time shifting back toward in-person activations. Then came Covid-19's delta variant. Then omicron. And amid this recurring "should we or shouldn't we" debate, interest was rising in another way to connect personally, but remotely: the metaverse. With roots that date back to the early 2000s (and much further back in terms of science fiction portrayals), the updated metaverse comprises myriad ways for people to interact via augmented or virtual reality—with each other, but also with brands. Metaverse Marketing Podcast: Defining A New Reality As the pandemic lingers into its third year and the public understanding of concepts like cryptocurrencies and NFTs continues to grow, creative marketers who pride themselves on innovation are confronting a topic that's grown from a novelty to a mandate: What will metaverse marketing look like in 2022, and how can brands start getting involved before they're officially late to the party? Uncertainty and opportunity, a timeless combo Though some agencies and brands are already dipping their proverbial toes in the waters of the metaverse, there's still a hefty amount of mystery that prevents many creatives from exploring the possibilities of the online universe. For marketers and consumers alike, it's often difficult to really pin down what the metaverse even is, let alone find a viable path into it. Though we largely understand it to be a limitless online space where people can interact, work, play and share virtual creations, claiming tangible territory within that network is a process brands and agencies are still trying to grasp. "Newness, uncertainty and confusion are the biggest obstacles right now. Also, there's a lack of clarity around ROI," Rob Simone, partner and president of creative content boutique Summer Friday, tells Adweek. "We are so early. For brands that don't immediately fit into the space as easily as a gaming company, for instance, it can likely become a stretch for them to find a place." Another obstacle is the swirling uncertainty around how two of the biggest commercial concepts behind the metaverse—cryptocurrencies and NFTs—will be embraced in the year ahead. AI and the creative process Humorous oddity? Existential threat? Until recently, content created via artificial intelligence somehow managed to be both. But it wasn't particularly useful in day-to-day work. That's changing quickly as platforms advance and business models—including agencies—arise to make the most of them. In 2022, expect to see AI content become a tool that's interwoven into standard creative processes without much drama or even a mild robot apocalypse. A few resources and companies to keep an eye on: Supernatural: an agency that uses AI to expedite the strategic process and help its human staff create unprecedented ideas.Runway: a machine-learning video-editing service that dramatically speeds up tasks like rotoscoping and adding visual effects.Copysmith, Copy.ai, Rytr, Jarvis and other push-button subscription tools for marketing copywriters.Playform: an AI art tool that's getting increasingly ambitious. Case in point: It was used to "finish" Beethoven's 10th symphony in 2021. —David Griner Experts like Avery Akkineni, president of VaynerNFT, say the brands that experiment and immerse themselves in these topics during this era of confusion will be best positioned to grow along with the metaverse. "There are questions around the future of cryptocurrency, the right way to commercialize NFT projects and the best method to measure effectiveness in the metaverse," Akkineni says. "We believe it's just the beginning, and the best way to get into the world of metaverse marketing is to craft a strategy that hits the intersection of consumer attention and brand truth; those who lean into this new world will disproportionately benefit in the long run." Do the homework, then the hard work In short, marketers who want to stay on the internet's leading edge need to spend the early days of 2022 focused on two tasks: learning and experimenting. "Do the research to understand the different metaverse ecosystems, because there are a few, and more in development," advises André Llewellyn, a former Instagram global brand executive who's now CMO of digital collectibles platform Candy. "Understand what differentiates each, which communities are growing there and which are relevant to your brand." When it comes to securing digital real estate for businesses in these emerging spaces, some are finding that a land rush similar to the scramble for URLs and social network user names is already underway. Recently, creative duo Very Serious launched a stunt in which they created—and then held "hostage"—metaverse office spaces for ad agencies like Droga5, Mischief @ No Fixed Address and Preacher. They offered to give the agencies access to the virtual spaces in exchange for new business projects. https://twitter.com/veryseriousltd/status/1468541935862390785 While the tone of the stunt—and the video announcing it—was light, the team did sell a very interesting point: Agencies that show some form of proficiency in the space will ultimately prove their "future-thinking" mindset to current and potential clients. "Start looking into buying plots in relevant ecosystems so that you can stake your claim to the most valuable virtual plots," Llewellyn says, "and create highly engaging and entertaining experiences on them." Put community at the core From there, experts agree that building both a community and a working crypto strategy within the space will be essential. For glimpses at what that could possibly look like, Akkineni suggests looking at what brands like Budweiser, Bojangles and American Eagle have built. "Many brands are using NFTs to build relationships with artist communities, such as Bojangles, who celebrated their beloved Chicken Supremes with one-of-a-kind works created by North Carolina-based artists, and American Eagle, whose NFT collection featured 12 designs crafted by two up-and-coming creators," she says. If the concept of pairing fan-based communities and exclusive, valuable digital content sounds familiar, it's likely because the gaming industry has been thriving with this business model for decades. Think World of Warcraft or Fortnite allowing users to buy special armor and skins that distinguish them from more casual players. How do you predict creative marketers will embrace and experiment with the metaverse? "The implications for engagement are endless. Things like ‘trying out’ a product before actually seeing it in real life or ‘visiting’ a resort before making the commitment to an actual trip or immersing people in a ‘real 3D’ environment that helps them understand the importance of giving to an organization are probably just the tip of the metaberg. Taken a step further is the frightening possibility that eventually we will not know the difference between the real world and the metaverse. Who knows what marketers will do then!” —Erica Fite, founding partner/co-CCO, Fancy In another example, Ubisoft—which makes Assassin's Creed—is minting limited-edition weapons for its new MMO [massively multiplayer online] shooter, says Simone, adding, "Those weapons can be used to increase a player's status, but they also have tangible financial value." The throughline that connects these accomplishments with the future of metaverse marketing is the idea of a sustained presence backed by community support. The one-off stunt won't be enough to demonstrate a brand's willingness to grow with the times. As Akkineni notes, brands and agencies will have to continue meeting consumers where they are and building those relationships digitally: "While nobody has a crystal ball, the likely benefit of brands embarking on activities in the metaverse is a closer connection to their consumer and an opportunity to neutralize the cost of marketing—which is a game-changer." Check out all of our Outlook 2022 coverage here.

Outlook

A Marketer's Guide to Getting Started in the Metaverse

2022 is the year to claim a digital beachhead, or watch competitors claim it first

Shannon Miller

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Shannon Miller