The Metaverse and the Future of Affiliate Marketing

Brands must use affiliate marketing in some capacity if they want to remain competitive in the highly competitive industry of today. There are very few exceptions to this generalization, which holds true for all brands regardless of their business.

In less than ten years, affiliate marketing has evolved from a profitable sales channel accessible to a select few to a vital component of any marketing strategy. Actually, almost 80% of brands use affiliate marketing in some capacity nowadays. Furthermore, affiliate marketing programs are cited as the primary client acquisition route by nearly 40% of American brands.

The Metaverse is positioned to evolve similarly to affiliate marketing, which has evolved from an optional luxury to a vital necessity for a brand's survival. Similar to affiliate marketing, the Metaverse is transforming how consumers spend, make money, and engage with local companies.

However, what exactly is the Metaverse, and why is it generating so much attention these days? There was so much excitement surrounding it that Facebook rebranded itself as Meta in the process.

What is the Metaverse, Exactly?

The Metaverse is, simply put, a virtual network of 3D worlds where people create avatars of themselves and interact with others and the world around them, just as they would in the real world. The Metaverse is made possible by a combination of technologies, such as Virtual Reality, Augmented Reality, and the blockchain, just to name a few. Typically, users access the Metaverse through virtual reality headsets such as the Oculus VR headset. But, users can access the Metaverse through their computer screens or any device with an internet connection. 

The world is increasingly turning into an interconnected global village. Through the Metaverse, people worldwide can interact with each other and the things around them through 3D rendered worlds and simulations. The virtual, life-like experience is similar to experiences users encounter in popular games such as Fortnite and Roblox. These gaming platforms, by definition, comprise the Metaverse and allow people worldwide to build and interact in virtual 3D communities, equipped with their own currencies and other societal elements and frameworks.

The Metaverse still isn’t a single, unified platform but rather a collection of separate Metaverse-esque platforms, such as Fortnite and Roblox, to use our previous examples. However, in the not-so-distant future, the Metaverse will transform into a single open platform where people worldwide will be able to access it, much like the internet. 

Why the Metaverse is Kind of a Big Deal

The Metaverse is steadily growing and is expected to become an $800 billion market by 2024. In less than a decade, it’s projected to become an astonishing $30 trillion market. Yet, the Metaverse is still relatively in its infancy stage and is virtually a blank canvas for brands and marketers alike. In other words, now is the time for brands to act and get in on the action while competition is still relatively low. 

The Metaverse will forever change the world, just as the internet did a few decades ago. It will allow brands to target their audience and develop meaningful relationships with their customers worldwide, opening up whole new revenue opportunities through a never-before attainable medium in the process.

Just like the early adopters of the internet, such as internet giants like Amazon, who saw the massive potential of the internet and became hugely successful in the process, the same is shaping up to be true for the Metaverse. 

Big household name brands, such as Disney and Nike, are already investing heavily into the Metaverse and witnessing high user engagement with their brand in the Metaverse. Similarly, the same companies are doubling-down and creating new job positions by the day, specifically focused on the Metaverse. For example, Facebook (aka Meta) has recently announced that it will create 10,000 jobs in Europe over the next 5 years to help build the Metaverse. 

Limitless Opportunities for Brand Advertising and Affiliate Marketing

The Metaverse is already presenting perfect marketing and advertising opportunities for the brands investing in it. An excellent example of this is Fortnite’s partnership with Nike. Nike’s Jordan brand partnered with Fortnite to integrate its footwear apparel into the gaming platform through its iconic Jordan footwear product drops. This form of branded integration allows Fortnite players to purchase a variety of iconic Jordan sneakers for their in-game avatars and limited-editions skins – downloadable character attire variants – that boast exclusive Nike footwear like the iconic Air Force 1’s. 

Similarly, the Metaverse presents endless opportunities for brands to grow their affiliate marketing programs in the new medium. The Metaverse fosters an environment that promotes immersive user-generated content and experiences. Hence, by partnering with the right affiliates already present in the Metaverse, brands can reach their target audience and promote their products in an all-new way with affiliates that will shape the future of the Metaverse and take their brand along with it. 

As affiliate marketing in the Metaverse is still in its infancy, companies in various sectors and specializations can produce original digital content that is compatible with the Metaverse and can be used and promoted by affiliates. Since affiliates are currently searching for affiliate programs from tech companies in Virtual Reality, Augmented Reality, and other areas, tech brands are a great fit for Metaverse. 

The Metaverse is steadily growing and is not going anywhere but up in the foreseeable future. Like with affiliate marketing in its early days, brands that take advantage of the infancy stage of the Metaverse and start tapping into its massive potential will effectively future-proof their brand and products. 

Not too far off, firms of all sizes will soon follow household names like Nike and Disney, who are already enjoying the rewards of putting their advertising dollars into the Metaverse. 

Brands have the ideal platform in the Metaverse to connect with their target consumers and interact with them in ways never possible. Through early adoption of the Metaverse, marketers can expand their affiliate program beyond the existing physical world and into the growing interconnected virtual world, as well as access brand-new revenue streams.