Web3 and the changes it will bring with it will mark a massive shift in how brands market, engage audiences and create value.
When it comes to influencer marketing, the metaverse will develop opportunities that allow brands to connect to users in new ways through the influencer medium. The metaverse will be a shared virtual space where people can communicate, attend events, purchase items and more.
According to Bloomberg, the metaverse is predicted to be worth 800 billion dollars by 2024. The shift from Web2 to Web3 is moving fast. There is already a pressing need for brands to keep up with consumer trends and exploring the metaverse and its role for brand marketing should be an integral part of digital strategy.
Influencer marketing, outside of Web3, is worth a ton. In 2016 the influencer industry was valued at $1.7 billion which shot up to almost $14 billion in 2021.
The engagement rates and reach of influencers help brands to get in front of the right people. with the growing use of “ad blockers” and “ad blindness”, influencers can cut through the noise online.
Furthermore the rise of the micro and nano influencer has expanded the possibilities for brands. You can leverage the network of small influencers to tap into online communities and get closer to your customers.
When it comes to translating this tactic into the metaverse, virtual events will play a huge role in the interactivity between brand and consumer. There are countless opportunities for creatives to share experiences with their followers. instead of just watching a livestream, audiences can be part of the experience and these immersive experiences can deepen engagement and enhance the value that creators offer to audiences online.
NFTs are also providing opportunities for brands and influencers to collaborate and are creating new revenue streams. Exclusivity also plays an important role here further deepening the brand-user relationship.
Several brands are already taking advantage of these metaverse possibilities. Prada unveiled a CGI influencer to promote its range of fragrances. Named Candy, the influencer featured in photography campaigns, short films and on Snapchat, TikTok and Twitch.
Imma is another virtual influencer, One of the most recognisable faces on Instagram in Japan, she first appeared in 2018 and has attracted over 350,000 followers. She has partnered with many Top brands including Nike, Calvin Klein, Amazon and more.
Overall, where social media powered the rise of the influencer promo we can expect influencer marketing to become an even more important channel within the metaverse. brands will get a chance to Leverage influencer Partners and create their own digital brand avatars. influences themselves will be provided with an opportunity to engage new audiences in a virtual space.
Alongside virtual events, brands can partner with influencers to create more personal and exclusive virtual events in the metaverse. Many brands are already testing out the potential of virtual influencers, NFTs and metaverse marketing. The faster brands adapt to this new change and, the bigger their advantage will be in the shortcoming years.
However, it is difficult to judge just just how seismic the impact on marketing will be in the short coming years as nobody predicted how impactful social media e-commerce would be in the early years of Web2 full stop what we can gauge is that the possibilities are next to endless and the most successful brands common as usual, will be the ones who adapt quickly and Embrace the change rather than avoid it.