The $800 Billion Metaverse: Why Chasing Roblox and Fortnite Trends Fails Your Brand

Before Jumping into the Metaverse which is expected to reach $800 Billion this year 2024, understand that what works for major luxury and fashion brands, most likely will not work for you due to many factors such as their marketing strategy and budget. 

This episode is packed with lessons on how all shiny strategies may not fit every brand, especially when trying to connect with Gen Z and Millennials. 

We're peeling back the layers on why copying big brand strategies in this digital world could backfire, due to not focusing on how you can enhance your loyal customers user experience. 

Think of this as your Metaverse Survival Kit 

To further enrich your understanding and engagement with my content, I invite you to visit my website: www.alwaree.com

To learn more about this podcast, go to: www.techalmighty.com

Episode Transcript

Al Ware (00:00):
Hello and welcome to Tech Almighty, exploring the
fusion of God, technology andbusiness, the show where faith
meets innovation.
I'm Al Ware, your host.
Today's topic the 800 billionmetaverse and why chasing Roblox
and Fortnite trends fails yourbrand.
Let's dive in.
Before I dive into why we needto focus on your brand's unique

(00:20):
dynamics and customers, I wantto first explain all the
important details of themetaverse, particularly through
platforms like Roblox, as it hasseen significant developments
in growth, reflecting a broadinterest in virtual interactions
, entertainment and onlinecommunities.
Here are some statistics andinsights related to the
metaverse and Roblox.
The metaverse market, includinggaming, reached roughly around

(00:43):
13.84 billion in 2023, with anexpectation to grow to 710.21
billion by 2027.
Notably, the metaverse inentertainment is projected to
increase to 28.92 billion by2026.
Additionally, the metaverse'srole in education is also
expanding, with the marketexpected to generate 24 billion

(01:07):
in revenue worldwide by 2030.
Roblox itself showcases a vastuser base, with over 200 million
monthly active users as of 2023, emphasizing its role as a
significant player in themetaverse.
Roblox is available acrossvarious platforms, including PC,
mobile devices and consoles,ensuring a wide accessibility.

(01:28):
Hosting over 40 million games,roblox offers an extensive range
of game modes and genres,supporting user creativity and
development.
Players can enjoy various gamesand create their own using
Roblox development tools.
With a focus on social gaming,roblox provides a platform for
users to make new friends, joincommunities and engage in

(01:49):
collaborative play.
The platform's emphasis oncommunity has helped its growth
significantly, especially amongyounger audiences.
Roblox rewards its developerswith Robux, which can be
converted to real money,incentivizing content creation
and innovation on the platform.
Looking ahead, roblox isexpected to play a crucial role

(02:09):
in the evolution of themetaverse.
Driven by advancements in VRtechnology and a growing
emphasis on digital learning andcreativity, the metaverse is
experiencing rapid growth andtransformation, impacting
various sectors likeentertainment, education and
remote work.
Here are some key insights onuser engagement and trends in
the metaverse.
The number of metaverse usersis projected to exceed 1.4

(02:31):
billion by 2030, with asignificant increase in user
penetration to hit 18%.
Currently.
I'm doing some research, butsupposedly the metaverse gaming
market alone has reached 13.84billion last year in 2023, and
it's expected to grow to 710.21billion by 2027.

(02:51):
Many people think that themetaverse is just about gaming.
It's also about collaboration,education and entertainment.
It offers a new world forremote work, enhancing
collaboration and saving time ontravel.
The education sector, which Itouched on a little in episode 9
, is also leveraging themetaverse, with projections
indicating it could generate $24billion in revenue worldwide by

(03:14):
2030 through immersive learningenvironments.
Despite the technologicaladvancements and investments in
the metaverse, there is a gap inpublic understanding and
interest.
A study showed that only 16% ofthe population understands what
the metaverse entails.
However, over 25% of globalconsumers are interested in
trying virtual experiences suchas museum tours and fitness

(03:36):
classes within the metaverse.
Significant investments arebeing made in the metaverse,
with companies like Epic Gamesand Unity spending billions to
advance their capabilities.
The metaverse real estatemarket saw a boom in 2021 and
2022, with sales reaching $1.4billion.
However, there has been adownturn in value and trading
volumes, suggesting a coolingoff in the hype around metaverse

(03:59):
real estate.
Despite the challenges andchanging market dynamics, the
metaverse continues to evolve,offering new possibilities for
interaction, entertainment andwork.
Bloomberg Analysis haveforecasted the metaverse market
to be worth nearly $800 billionthis year, 2024, indicating its
growing importance and theincreased need for marketers to

(04:20):
understand how to leverage thisplatform effectively.
What many marketers don'tunderstand present day is that
marketing within the metaversediffers significantly from
traditional marketing approaches.
It offers brands the ability tocreate their own worlds,
providing a fully immersiveexperience that can't be matched
by traditional media.
This new form of marketing isparticularly aimed at reaching

(04:41):
younger generations like Gen Zand Millennials, who are more
engaged in virtual worlds anddigital experiences.
Companies have the opportunityto showcase their products in 3D
, allowing consumers to interactwith them in ways that closely
mimic real life experiences.
For example, ikea uses themetaverse to allow customers to
view furniture in their homesvirtually before making a

(05:04):
purchase.
Unlike traditional marketing,where ads can be as simple as a
poster or a TV commercial, themetaverse is a fully immersive
3D world.
This means that ads have to bepart of an engaging experience
rather than a message or animage.
For example, a billboard in themetaverse might not catch as
much attention unless it'sinteractive or part of a larger

(05:25):
engaging event.
Now, when it comes to userinteraction, people in the
metaverse can interact with theenvironment and each other in
ways that aren't possible in thereal world.
They can fly, teleport or eventransform into different avatars
.
Traditional marketing doesn'taccount for these unique
interactions, which meansmarketers need to think of new
ways to engage users that fitthis dynamic environment.

(05:46):
As of right now, the metaversemainly attracts younger
generations like Gen Z andMillennials, who have grown up
with technology and expect morefrom digital experiences.
They are looking for fun,engaging and authentic
interactions, rather thanstraightforward ads.
Traditional marketing methods,which is more direct and less
interactive, typically don'tresonate with this audience.

(06:06):
One of the key aspects of themetaverse is its use of
blockchain technology, whichallows for a decentralized and
secure way of owning digitalitems.
Traditional marketing doesn'tusually involve direct ownership
or transactions of digitalgoods.
In the same way, in theMetaverse, marketing can involve
selling virtual products orexperiences directly to users,

(06:26):
which require a differentapproach.
The Metaverse is not limited bytime or space, meaning it's
always active and constantlyevolving.
Traditional marketing campaignsare often designed for a
specific time frame and the end,but the Metaverse marketing
needs to be ongoing and adaptiveto the world's changes.
High-end luxury and shoe brandshave been quick to explore the
Metaverse, leveraging this newdigital frontier to engage with

(06:49):
consumers in innovative ways.
Among the notable luxuryfashion brands making their
market in the Metaverse areGucci, louis Vuitton, nike,
adidas, prada, burberry andBalenciaga.
These brands have launchedvarious initiatives, ranging
from NFTs, which stands forNon-Fungible Token, digital
fashion collections, tointeractive worlds and games

(07:09):
within platforms like Roblox andFortnite.
Gucci, for example, has beenparticularly active, launching
its own virtual spaces and NFTcollections.
Nike has created Nike AtlantaRoblox, inviting users to engage
in a digital world inspired byits real-life headquarters, and
has released digital sneakercollections as NFTs.
Even Adidas entered the scenewith its into the Metaverse NFT

(07:29):
drop, blending digital andphysical worlds.
Prada collaborated with Adidasfor a unique NFT project, while
Burberry released a digitalcollectible within the game
Blankles Block Party.
Balenciaga has partnered withFortnite to bring its
high-fashion designs into thegame, offering players unique
virtual clothing and accessories.
Hermes has hinted at futureplans for the Metaverse by

(07:50):
filing trademarks for virtualgoods and services.
These brands have recognizedthe Metaverse not only as a new
channel for creative expression,but also as a significant
opportunity to connect withyounger, digitally native
audiences.
Please understand, throughthese ventures, luxury brands
are still experimenting with howthey want to blend their
traditional values ofexclusivity with the balanced
possibilities of digital worlds,ensuring they remain at the

(08:12):
forefront of innovation andconsumer engagement in the
evolving landscape of theMetaverse.
Currently, there is a lot ofdata and research surrounding
the brands I just mentioned, andmany companies and individuals
are using that information tobase how they will build their
brand in the Metaverse, and I'mhere to tell you that you are
only hurting yourself by doingthat.

(08:33):
Just because the researchworked for those brands doesn't
mean it will work for you.
For starters, the vast majorityof companies and individuals
will not have the same type ofmarketing budget as the brands I
named, nor will they have thesame type of loyal customers.
You have to stop focusing onwhat everyone else is doing and
focus on how you can enhanceyour customer's user experience.

(08:56):
Even though platforms likeRoblox and Fortnite boost over
200 million users, launchingyour world or game on these
platforms doesn't automaticallyguarantee you'll attract a lot
of users.
Here's a simple breakdown ofwhy that is and how you can find
success on these or otherMetaverse platforms.
1.
Vast competition Both Robloxand Fortnite are filled with

(09:19):
millions of games andexperiences.
Your world is one among manycompeting for attention.
Chess being on a popularplatform doesn't ensure
visibility.
2.
User preference Users havespecific interests and
preferences.
Not every user will beinterested in what you are
offering, making it essential totarget the right audiences.
3.
Discoverability challenges Withso many options available,

(09:42):
users might not even come acrossyour world unless it's marketed
effectively or featured withinthe platform.
4.
Engagement and innovation Usersare attracted to unique and
engaging experiences.
Offering something new,exciting or valuable can help
draw users to your world.
5.
Community building Creating acommunity around your world can
foster loyalty and repeat visits.

(10:03):
Engage with your users, listento their feedback and involve
them in development processes.
6.
Effective use of social mediaand influencers Promoting your
world on social media platformsand collaborating with
influencers can drivesignificant traffic to your
world.
Tailor your marketing effortsto platforms where your target
audience spends their time.
Roblox and Fortnite are not theonly Metaverse platforms out

(10:26):
there.
Depending on your targetaudience and the nature of your
experience, other platformsmight offer better opportunities
for success.
As one of the leading designMetaverse studios in the world,
as of right now, there is onlyone platform I recommend anyone
to use with, just spatialio, andhere is why.
For developers, the platformprovides a powerful creator
toolkit powered by Unity.

(10:46):
This toolkit allows developersto build interactive worlds and
share them across multipleplatforms, including Web, ios,
android and MetaQuest, withoutthe need for coding skills.
Developers can bring theirimagination to life by
customizing stunning 3Denvironments, creating quests
within interactive stories,importing custom avatars and
even designing vehicles toexplore these virtual spaces in

(11:08):
style.
The Creator Toolkit supportsimporting 3D models from various
design software and offersintegration with Sketchfab for
environment models.
Spatial updates the toolkitevery couple of weeks based on
community feedback, anddevelopers can share their ideas
or feedback through theplatform's community channels.
For users, spatial provides arich and engaging experience

(11:30):
with its free version and offersenhanced features with Spatial
Plus.
Some of the exclusive SpatialPlus features include host tools
, token gating for exclusiveaccess, overflow groups or
instances to manage large groupsof users, live speech,
translations for globalcommunication and unlimited
storage for all your Spatialneeds.
These features enhance thesocial and interactive aspects

(11:52):
of the platform, making iteasier for users to host and
participate in virtual events,collaborate on projects and
engage with global communitiesin real time.
The platform emphasizes theimportance of community and
creative expression, allowingusers to explore a wide range of
virtual spaces and experiences.
As we come to a close, keep inmind, the Metaverse is growing

(12:13):
rapidly, offering new ways tointeract, play and learn in
virtual worlds.
With platforms like Roblox andFortnite leading the charge, the
Metaverse market is expected toskyrocket, showcasing its
massive potential.
However, having a presence onthese platforms, or any platform
, doesn't guarantee instantsuccess.
Moral of the story relyingsolely on current success

(12:33):
stories or the size of aplatform isn't realistic for
everyone.
The Metaverse is still evolving, and success depends on
understanding your specificaudience's needs and creating
engaging, accessible experiencestailored to them.
It's about innovative marketing, community engagement and
offering something unique andvaluable.
So focus on what sets yourworld apart and how it meets the

(12:53):
desires of your users.
This approach, rather than justaiming to be part of a big
platform, will pave the way toyour success in the Metaverse.
Now let's end this episode witha prayer.
If you're in a place where youcan close your eyes and focus, I
invite you to join me.
Heavenly Father, in the vastexpanse of this new digital
frontier.
We come before you seeking yourwisdom, guidance and discernment

(13:14):
as we navigate throughuncharted territories.
Let your light illuminate ourpaths and your truth be our
compass.
Grant us the wisdom to discernthe opportunities and challenges
that lie ahead.
Empower us to use thistechnology to bring glory to
your name, to spread your loveand to connect in meaningful
ways that reflect your kingdom.
Provide us with the guidance tomake decisions that align with
your will.

(13:34):
Help us to use the tools andplatforms responsibly, in a
manner that uplifts others andfosters genuine community.
May our digital interactions beseasoned with grace, kindness
and understanding, lord, in allthings.
Let us remember that in ourultimate guide is the trends of
the world, but in the enduringwisdom found in your word, as we
explore this digital age, keepour hearts anchored in your
internal truths and may ourlives be a testament to your

(13:57):
unfailing love and grace.
In Jesus' name, we pray.
Amen.
Thank you for tuning in to TechAlmighty.
I'm Al Ware and it's been ablessing to discuss this
critical aspect of the 800billion metaverse and why
chasing roadblocks and Fortnitetrends fails your brand.
Join me next time for moreinsights where technology,
business and Christianityconverge.
Until then, keep striving forexcellence and all you do, god

(14:20):
it by faith.