Manifest Metaverse, the new research paper by Essence outlines the current status of the daily active usage of this Web3 service, how brands can monitor the potential as per their target audience, and how they can activate the marketing potential it holds with a guide that outlines these elements.
Before jumping into the metaverse as a marketing platform, or discussing ad or promotional product placements, it is important to understand what the platform exactly is, and what consumer inclinations do the users present on this platform hold. This research paper by Essence offers end-to-end insights for marketers looking at the Web3 world as a potential marketing platform.
Web3 services and NFTs are on an upsurge, and while artists and creators are diving deep into it, brands and advertisers in India have been hesitant. Its standing in the current digital ecosystem and how Web3 and NFTs can be used for advertising & marketing is a question that usually has vague or multiple answers as clarity on this concept has been blurry. According to Bloomberg report, the global market for metaverse is estimated at 478.7 Bn USD in 2020 and projected to reach 783.3 Bn USD by 2024 at a CAGR of 13.1%.
While the potential of the metaverse is not clearly defined or rather limited yet, the research paper mentions, that perhaps the ad unit is driving people to an in-metaverse retail chain where they can shop for virtual goods and real-world goods at the same time. In most conversations, metaverse has been touted as a virtual space that users can move in between and engage in various activities.
In a conversation with Social Samosa, Deepak Salvi, Co-Founder & COO, Chingari, stated that in simple terms, Web1 was information-based, Web2 was interaction-based, and Web3 will now hold immersive experiences.
And these immersive experiences can be monitored and experimented with, and several popular brands have already launched various activations.
For a deeper dive into this new frontier — including a look at consumer sentiment, marketer activations, sustainability, and next steps — check out this latest guide from Essence about the current state of the metaverse: