• by Richard Whitman , Columnist, March 18, 2022

I think it's pretty clear that the marketing buzzword of the moment is metaverse, a web 3.0 experience that is in its early days but developing rapidly.

To shed some light on just how fast it is developing and how marketers might optimize their spending there, McCann Worldgroup presented a Metaverse live video primer to employees earlier this week.

Elav Horwitz, svp/director of innovation, and Mathieu Albrand, senior global innovation strategist, did most of the presenting.

Estimates from the group suggest that by 2026 2 billion people a day will spend at least an hour in the metaverse. They will go there to socialize, be entertained, shop, learn, among other activities.

By that time, about a third of global companies will have products available on the metaverse, comprising a marketplace valued at $200 billion according to MWG’s estimates.

Horwitz outlined some the potential benefits to both consumers and brands.

Consumers will gain new forms of ownership and monetization and new ways to engage in personal expression and community and what Horwitz described as “democratized experiences.”

Brands, she said, will be able to activate personalized experiences at scale, drive loyalty and build community in new ways and drive revenue.

Albrand asserted that the flexibility of the metaverse will let brands deploy assets in new ways. One possible example: George Clooney in avatar form could offer a tour of a Nespresso Coffee production farm. Participants might be gifted a real cup of coffee or some other reward.

The metaverse, Albrand said, allows brands to advocate, empower, support, enable and drive brand awareness and lift.

NFTs will figure greatly in some metaverse loyalty applications. One example the presentation offered was Marriott, which has created three NFTs that will serve as passes to access its upcoming metaverse. Those who gain entry will have an opportunity to win 200,000 award points.

So-called “immersive commerce” will proliferate in the metaverse. Adidas was cited for its recent NFT debut that provided users access to exclusive events and merchandise, generating $22 million in sales in the first weekend after the NFT dropped.

While the metaverse is a potentially lucrative marketing platform, brands need to have a vision going in about what they hope to accomplish. Just as importantly, they should have an idea of the value and meaning that metaverse experiences can offer individuals and communities, Albrand said.

You can check out the full presentation here.