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Crypto Weekly

ƒ Facebook, Microsoft, and other tech giants are boosting the metaverse. ƒ In these virtual spaces, advertisers are scrambling to get their share of the action.

A big boost is being given to the "metaverse" by Facebook, now known as Meta, which invested $10 billion in it. As well as Apple, Google, and Microsoft, other big tech companies are working on their versions of this concept.

This vague term refers to a variety of shared spaces and assets that people can access via the internet, sometimes using virtual reality and augmented reality devices, and interact with one another and purchase virtual goods.

However, Facebook itself says the payoff won't be immediate, and top executives have widely varying expectations when it comes to the metaverse.

Gaming in the Metaverse, Virtual Reality, Crypto, and NFTs

Whether people play video games, explore virtual worlds, or buy NFTs using cryptocurrency, marketers and advertising agencies are racing to take advantage of the metaverse. Brands launched a variety of initiatives in 2021 to stake their claim in the metaverse, including the creation of non-fungible tokens, experimenting with smart contracts, and building metaverse and Web3 experiences. With new opportunities come new challenges, such as high unpredictability, lack of standardization, and inauthenticity.

If brands are to be successful on the newest version of the web, they may need to rethink their approach to digital marketing. They're getting bombarded with proposals and need to figure out which tech and ad partners to work with which consumers to prioritize.

Experts in the Metaverse are Needed

As a gateway to the metaverse, advertising companies increasingly create gaming and entertainment divisions. Vayner Media is hiring for metaverse roles for its new VaynerNFT division; and S4 Capital's digital creative and production agency Media Monks, which is heavily focusing on the concept.

Deals in the Metaverse

The metaverse will also drive dealmaking this year. Investors are looking at companies that help marketers master virtual reality.

Crypto companies could buy ad agencies to build awareness for themselves, now that Facebook and other platforms have relaxed limits on crypto advertising.