‘A poor decision to ignore it’: why the metaverse matters for marketers

The shift from Web2 to Web3 is one of the most significant developments on the technological horizon – many marketers however, are stuck scratching their heads at the terminology alone. The metaverse, an immersive virtual world powered by Blockchain technology, is set to be the next big frontier for brands to build engaged communities while capitalising on a burgeoning multi-billion dollar opportunity.

Experiences on the internet are set to become immensely more three-dimensional, with Meta’s announcement of a virtual metaverse sending shockwaves around the world late last year. Several brands have successfully marked their territory in the metaverse, leveraging token economics and audience engagement to foster a deeper sense of brand connection.

Jordan Fogarty is the founder and CEO of Perth-based Be Media by Animoca Brands, an agency that helps businesses strategically take advantage of emerging Web 3.0 technologies by providing a framework for go-to-market strategies, community building and token economics. The agency was acquired by Hong Kong-based gaming company Animoca Brands in April 2022 – a tech unicorn that was delisted from the ASX two years ago before going on to receive a $5 billion market valuation.

Right now, marketers may be eluded by the tactile value of curating a metaverse strategy, but Fogarty believes there is no better time to capitalise on this rapidly-growing collection of communities. Fogarty emphasised several core elements as key to the development of a successful brand presence in Web3: community, patience, psychographics, and a utilitarian approach to creating brand NFTs.