We’ve heard about the metaverse now for the last 8 months now ever since Facebook decided to change their name to Meta. It seems like adoption for the metaverse is growing although many are skeptical about it taking hold.
Recently brands have invested heavily in the metaverse with brands like Degree hosting a “metathon”; a marathon for diversity and accessibility in this new virtual world. Avatars could have prosthetics or be in a wheelchair and participate in 26.2 virtual miles in the Vegas City Sports Quarter. Logitech hosted a music awards show inside Roblox to honor creators on TikTok and YouTube with a traditional pre event show with untraditional pre event experiences and activities like swimming in a rainbow river and riding virtual roller coasters.
Finally, as more and more people move into the metaverse, there needs to be a way to document their relationships. When a Phoenix couple was married in Decentraland, they recorded their license and prenup as NFTs on the blockchain. Decentraland formalized the process through their City Hall of Love for users to marry their avatars and mint their own NFT marriage licenses.
In addition to the brand and user traction, there are many benefits to artists to extend their reach and create new experiences for fans and collectors. Furthermore, kids today are growing up in these virtual worlds like the aforementioned Roblox. But all of these factors lead to many speculators hedging their bets.
For brands, the metaverse is a welcome format that provides deeper engagement like a live event or activation but measurable data like that of online. However, for influencers, is it worth investing in the metaverse? We believe that it is for the following four reasons:
1- Hedge against the metaverse taking off
It’s still early days in the metaverse and while yachts, prime real estate, and Beeple artwork might be outside of what your budget is, there are still a lot of opportunities. Similar to Bitcoin and crypto during its early days, the risk reward profile is still intact if you make the right decisions. After all, to spend less than $100 for something that might be worth millions is a decent trade off.
2- You can still be an early adopter
If the metaverse takes off, you’d be early in it and most likely be the “Tom” (from MySpace fame) and have the most friends and followers. While virtual influencing might not be for everyone (after all some influencers are very good visually using Pinterest and TikTok masterfully, others are wordsmiths and better at Twitter, blogging, or LinkedIn posts), virtual avatar influencing will for sure be something that the metaverse brings.
3- Network and build a community that can be taken off line or grown within
Like any virtual world or social network, you can meet good people (and bad ones too). There might be a potential collaboration or partnership from someone that you meet in the metaverse. Look at all of the great relationships developed on Clubhouse (before its possible demise)!
4- All the kids are on it and grew up with it
Scarily, all of the GenZ’ers (otherwise known as the future marketable consumers) have grown up with the metaverse in hand and don’t know anything else. Like anything, you always gravitate towards nostalgia and things that are familiar to you. Hence, everyone loves their 80s music, Seinfeld, and collectibles. The next generation of marketable consumers will have grown up in the metaverse and with that opportunity in mind, it might be hard not to be in it.
The metaverse is pretty new but we see some traction and potential for you to continue and grow your following and business there. Some things will work and others will not. While we aren’t sure what is what, we do know that if you pick right you will do well and certain things are still inexpensive for the potential payoff. Are you involved in the metaverse? If so, drop us a line and let us know what you are up to there!