What Does the Metaverse Mean for Small Businesses?
You saw Facebook's rebrand → Meta, and you have heard that investors are spending millions on NFTs and virtual land. But what is the hype all about, and why should you care as a small business owner or a marketer?
Content creators finally getting what they deserve
For years, big brands and social platforms have made billions off the backs of content creators. Influencers have pumped out hundreds of hours worth of content - most of whom are making essentially pennies, while social platforms pocket billions of dollars in advertising revenue.
In the metaverse, this model will be turned on its head. Content creators will have full ownership over their content, allowing them to earn the profits they deserve.
This will revolutionize marketing.
Consumers crave experiences and authenticity from brands. The metaverse provides experiences unlike any other; completely authentic, all-encompassing, real-time experiences.
Tapping into the metaverse as a small business
As a brand, you'll be able to co-create content with your consumers in ways that we haven't even discovered yet. Instead of celebrity models and influencers, this space will foster inclusivity and representation of your entire audience, on the most personable and real level. You'll build 1-on-1 experiences and relationships directly with your consumer, who will become personally invested in your brand.
There is a lot left to be defined before we can say exactly what this world will look like. But, mark our words: this will be much larger than Facebook and TikTok.
If you're interested in reading more, here's a great article from Harvard Business Review on how brands can enter the metaverse.