While in 2021 the metaverse has exploded into the public consciousness, in 2022 what was just a hypothetical vision of Silicon Valley begins to materialize.
Renaming Facebook to Meta and announcing its strategy to lead this new era has led to a kind of gold rush for different types of companies looking to find their place in this new era. Consumers followed suit, participating in virtual raves, sporting events and virtual concerts, and the Nike pop-up store in the metaverse received nearly 7 million visitors.
With the initial fascination with metaverses turning into a lasting fascination, it’s no surprise that forecasts estimate a market of $800 billion by 2024.
For marketers, the metaverse will raise questions about scaling or brand integrity that will certainly seem familiar to them, but in an environment that offers many new forms of content. While it is difficult to predict exactly what shape the metaverse will take, it is clear that marketers will need to draw on lessons learned from Web 2.0 to address the new problems of Web 3.
Discover new models
While it seems like video and audio content has been on the internet forever, it’s worth remembering that the text-based web in its infancy was turned upside down when YouTube launched in 2005, but it took many years for brands and advertisers to truly master the challenges of video. .
The beginnings of the metaverse bring new forms of content for marketers and brands to embrace. Seeing the Metaverse as a fully immersive world, accessible to everyone, may still be a long way off, but the experiences based on virtual reality and augmented reality are already impressive. In fact, the 3D scaling capabilities of in-game advertising may be the first hurdle for marketers, as it seems to be the most natural starting point for a fully immersive experience, and games are undoubtedly an important lever to promote metaverse adoption. Basically, activating abilities from current gaming environments will still be suitable for virtual environments in the future.
Offers and experiences are already very popular among users. Concerts by artists like David Guetta or interactive experiences by brands like Gucci Garden have demonstrated the creative potential of metaverse. Add to this the range of customizable avatars, digital collectibles, and even cryptocurrencies, advertisers already have a plethora of opportunities to get creative.
These new spaces will also provide marketers with new types of data to gain deeper insights into user behavior.
If user intent could now be tracked through clicks and mouse tracking, the metaverse would be able to take a whole host of other signals into account. For example, it will be possible to measure consumer body movements in the metaverse to assess their participation and interest in content.
But brands navigating this new ecosystem must remain vigilant. Where consumers go, crooks usually follow. As the industry has seen, with the video content market booming for just over a decade ago, ad fraud presents a serious risk, bloating statistics and wasting budgets.
To prevent these issues from repeating themselves on Web3, industry-wide quality and measurement standards must be built into the foundations of the metaverse. It is essential to learn from previous iterations of the Internet to implement measures to make new digital environments safer and more secure for brands and users right from the start.
But advertising fraud is not the only problem that is likely to pass from web2 to web3. The new fast, interactive and visual environment of the metaverse will create more brand integrity issues and brands may appear along with inappropriate content. In addition, consumer concerns about privacy are likely to grow, leading to tighter legislation in this area.
Brand integrity and brand adequacy solutions can be the answer to both of these problems. This powerful targeting method not only protects brands but also reaches target audiences in a cost-effective manner, placing ads in environments that advanced AI considers safe and contextually relevant.
Consumer perception of brands is also greatly influenced by where their ads appear. A very large majority of French consumers (72%) say that the perception of online advertising is influenced by the content surrounding the page. On the other hand, ads placed in a positive and relevant context are memorable by up to 40%. In short, even if the format is different, brands will have to take into account the consumer advertising experience in a digital environment, as they have done online for many years.
It’s still too early to talk about an entire digital advertising ecosystem in the metaverse and we’re still in the discovery stage. But there is no doubt that if it is widely adopted by users, brands will follow and soon there will be a need to check the quality of digital media.
Making the metaverse a safer place for brands and users will require more than technological solutions. Advertisers will need to work together to create unified guidelines and a common language to talk about security and brand relevance in this new world, just like what GARM is doing now.
The metaverse offers endless possibilities for brands. But to take full advantage of it, we must listen to the lessons of the past and build a new environment that everyone can enjoy.