Advertisement is an essential part of any business. Producers and service providers understand the role adverts play in revenue generation. So, organizations always look for the latest and most efficient ways to showcase their products.
Billboards, flyers, and newspapers were the early channels of advertising. As technology advanced, radio and TV adverts also became widespread. Today, the prevalent form of advertisement is internet ads. YouTube, Google, and Facebook are giants of online ads.
As the world embraces the future of the internet, it is safe to expect a new channel for advertising to emerge. Virtual worlds are the upcoming internet form that will likely dominate the world. Accordingly, advertising in virtual worlds might also be the future of digital marketing.
Virtual worlds deliver digital reality. Likewise, the metaverse industry is said to offer a trillion-dollar opportunity. Therefore, advertising in virtual worlds will enhance such predictions and make adverts more effective.
There are different ways to advertise in virtual worlds. The following are five ways to promote your product in the metaverse.
Events such as virtual meet-ups, concerts, or parties are a great avenue to advertise in virtual worlds. Metaverse events often provide an opportunity to promote your brand and even generate revenue.
An example of such an event was the Coca-Cola Rooftop Party held in Decentraland on International Friendship Day of 2021.
The Rooftop Party was a free event for avatars who were able to make their way to the venue. Here, Coca-Cola gave away wearable T-shirts and other gifts in the form of NFTs.
Meanwhile, the central part of this event was the Coca-Cola Friendship Box auction, which sold for 217 ETH.
Through this event, Coca-Cola was able to achieve three goals. First, the company successfully advertised its product in a metaverse by hosting the event in public and on a can-top.
Secondly, revenue generation was also possible through the auction sale despite giving the money away.
Through proper planning, virtual events are a creative way of advertising in virtual worlds. How else can virtual events contribute to brand awareness in the metaverse?
Avatar Merch and Wearables
Continuous publicity is vital to set a footprint for your brand in the real world. Similarly, to successfully advertise in virtual worlds, brands should be able to keep reaching avatars.
A cost-efficient way to advertise in virtual worlds is by giving away wearables bearing your brand in a virtual event. As said, avatars were able to win free NFT T-shirts during the Coca-Cola event. Therefore, the third achievement of Coca-Cola through the event is the continuous awareness of their product using avatars.
Suppose a company does not own virtual land. When hosting a virtual event, it might need to rent a parcel of land.
Consequently, the public advert ends immediately after the event. However, by giving out free wearables, avatars can help carry the brand’s name across the metaverse free of charge.
Physical billboards are public advert channels typically found in busy places. Similarly, virtual billboards are essential channels to advertise in virtual worlds. The preferable locations for virtual billboard advertisements are premium locations in a virtual world.
Premium locations are virtual lands surrounding areas with high avatar traffic. These are lands close to social hubs or major partners that attract thousands of avatar visits in metaverse platforms. Accordingly, premium lands are most suitable for billboard advertising in virtual worlds.
On the one hand, you may purchase premium land to mount your billboard. Or, rent a small portion of land from premium land owners and place your advert.
On the other hand, you may hire the services of a metaverse billboard agency like NFT Plazas. These agencies own multiple billboards in premium locations across a virtual world. Thus, they will display your advert in numerous places simultaneously.
Some billboard agencies might charge you for the time they display your ad. However, others like NFT Plazas are pay-per-view agencies. In essence, they track how many avatar views your advert can gather.
Virtual influencers or virtual models are human-like fictional characters used for advertising purposes. They are similar to virtual avatars. However, virtual influencers are not limited to metaverse platforms.
Instead, virtual influencers primarily serve as models for social media marketing. Recently, multiple brands, including Dior and Samsung, have hired one or more of these virtual models.
Due to their large social media followers, virtual influencers can be effective for advertising in virtual worlds. The following are some ways to advertise in virtual worlds using influencers:
- A brand might hire a virtual model to advertise its product by performing at a virtual event.
- A virtual influencer for a traveling agency can take avatars on a free metaverse adventure.
- Similarly, a food-producing brand might hire a virtual model to host a cooking event on the metaverse.
Meanwhile, companies have the option to either hire or create their virtual model. Regardless, using virtual influencers can prove to be a cost-efficient way of advertising in virtual worlds.
In Metaverse Ads
Advertising in virtual worlds sometimes requires worthy investment. This form of metaverse adverts requires creating a permanent footprint in a premium location of a metaverse.
A company can buy virtual land and build a house dedicated entirely to its products. As said, a worthy investment is essential because purchasing virtual land and developing it can be expensive.
Fidelity Investments and Binance are some brands that own metaverse real estate. Fidelity Investments owns a building in Decentraland where visiting avatars can learn everything about its Roundhill Ball Metaverse ETF for free.
Likewise, back in September 2020, Binance bought 4,012 LANDs in The Sandbox for $3 million. The LANDs are a location for Binance to organize NFT creation contests and gaming experiences.
A permanent footprint, especially in a premium location, will keep new and old avatars updated about your brand. Thus, you can easily attract new product users or buyers.
Advertising in virtual worlds requires creativity and investment. Nevertheless, brands that set a permanent footprint in the metaverse today are making a big bet on the future of the internet and marketing.