What the metaverse means for influencer marketing

By Rahi Chadda

The Metaverse is supposed to be the next development on the internet that our current generation will witness. A virtual reality that mimics our physical world. For some it may just be an immersive experience, while for others it dictates the next level of their expansion into social media and work environments. For digital influencers, the Metaverse should provide a space to interact and share experiences with their audience and other creators.

A day in the future of the metaverse might be hard for some people to imagine, but from my extensive reading on the subject, it looks like a futuristic vision. Users can teleport from place to place in the Metaverse. If you’re tired of cold London mornings, why not take a short trip to St Tropez, or better yet, beat the heat by charging your digital twin under the Caribbean sun. Enjoy virtual festivals around the world and celebrate with other creators. A precursor to Metaverse is a 3D virtual reality called Decentraland, based on a decentralized Ethereum cryptocurrency where users can buy land, host exhibitions and shows, and engage in commercial activities such as real estate. Fashion houses like Etro and Dolce and Gabbana recently held their first Metaverse runway show for Decentraland Fashion Week. The space is already booming in its fashion district and we’re sure to see an influx of designers joining us soon too. A pane that allows users to navigate between physical and virtual domains.

The Metaverse has also started posting job openings. I previously read an article where an offer was available for a Metaverse user to work at a digital casino with monthly payroll, making payments in cryptocurrency format. Creators will soon receive content opportunities that help announce the launch of branded Metaverse and build trust and recognition for the Metaverse with the creator’s existing audience.

Gucci recently sold its digital bags on the Metaverse whose owners were NFT certified. The bags sold for over $4,000 each. It is undeniable that there is a market and an audience for this virtual space. RTFKT, a platform that secures property through NFTs, sold over $3 million worth of digital shoes in 10 minutes earlier this year. Therefore, with billions of dollars invested in the metaverse, there seems to be ample room for marketing and adequate funding for companies to make this transition into virtual space. The Metaverse acts as an effective tool for companies to carry out their advertising and promotional activities in a virtual space, and thus users receive targeted advertisements constantly.

The Metaverse seems to have the potential to change the social media landscape. Mark Zuckerberg (CEO & Founder of Facebook) also announced his intention to become a “metaverse company”. Brands will have access to advertising on a whole new scale, with digital avatars showcasing trends, and with Decentraland becoming an influencer HQ, the virtual city will act as a channel for influencers to more conveniently move to the Metaverse because they are already familiar with neighborhood brands. Essentially, it’s just a virtual leap of faith yet to be done.

For established influencers, the Metaverse appears to be an opportunity to evolve in their digital journey alongside their new digital twin, where they can collaborate and further nurture their already existing relationships with brands while interacting and communicating with their peers. For others, it gives them a fresh opportunity to build new audiences in a new digital space that can be said to be less saturated. Many Gen Z and Millennials don’t know the difference between the real world and the digital world. Social media and the internet are an integral part of her real world, making her the perfect candidate for the Metaverse.

Brands have also started creating their own virtual influencers, also known as meta-influencers. A strategic idea that gives brands the opportunity to have their own representatives/ambassadors who can connect with users. Virtual influencers also appear to cost less than regular influencers when it comes to advertising, giving them complete autonomy over how the virtual influencer should communicate a brand’s point of view on current events such as diversity, inclusivity and sustainability. The brand also has access to use the influencer in different places at the same time. This marks a change in current advertising methods, but also an opportunity to reach a whole new consumer with different preferences. Does this mean that the possibilities would be endless with the birth of the metaverse?

The author is founder, Panache and Marina

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