The media coverage surrounding the Metaverse has been -at best- mixed, with some portraying it as the logical evolution of the internet and others dismissing it as mere hype. This is nothing new. The media's relationship with emerging technologies has always been complicated, marked by a mix of skepticism, fascination, and, at times, hysteria. The parallels between the media coverage of the internet in the late '90s and early '00s and the Metaverse narrative of today are striking. In the late '90s, the internet was a new and unknown territory, and many people were skeptical about its potential. The media coverage of the internet was often negative, portraying it as a breeding ground for hackers, cybercriminals, and Chis Hansen catching predators. Terms like "cyberspace," "virtual reality," and "dot.com" were new and confusing to many, and the media struggled to explain what they meant.

Fast forward to today, and we are witnessing a similar situation with the Metaverse. In my recent article (The Metaverse is Gone, and the Dream With It), I took old articles from the late '90s and early '00s and replaced the word "internet" with "Metaverse." The result was strikingly similar to the media coverage around the Metaverse today. The media's FUD approach to the Metaverse, crypto, and Web3, in general, is understandable, given the uncertainty that surrounds these emerging technologies. However, it is essential to remember that every new technology is often met with skepticism and criticism. The internet, which is now an essential part of our daily lives (and, according to a 2021 report by Oxford Economics, an economy worth $11.5 trillion), was once, exactly like the metaverse, dismissed as a fad that would soon fade away...

That being said, if I should give a piece of advice to start testing the waters in the Metaverse, it would be to follow these basic rules:

DYOR (Do Your Own Research)

The first rule is to conduct thorough research and planning before entering the Metaverse. This involves identifying the most suitable platforms and technologies to use and defining the hotel's goals and objectives that align with your brand and audience. Implement a Metaverse strategy with a proper roadmap in mind. Hotels should not rush into Metaverse adoption but take a strategic approach, considering the challenges, risks, and opportunities. The strategy should outline the goals and objectives of the Metaverse entry, including the desired user experience, the target audience, and the metrics for success. When deciding whether to adopt Metaverse technology, hotels should ask themselves whether it solves a problem. If so, what problem is it solving? If a hotel is only joining the Metaverse scene out of fear of missing out, my suggestion is pretty straightforward: don't. 

Advertise

Creating a virtual presence in the Metaverse can be a powerful way for hotels to engage with customers and create immersive experiences. However, building a virtual hotel is not the only way for hotels to enter the Metaverse. Advertising in existing platforms, such as ROBLOX, can be an effective way for hotels to reach their target audience and achieve a good return on investment. Hotels should take a strategic approach to effectively leverage Metaverse advertising, treating it as an additional marketing channel, similar to Google ads, sponsored social media, or OTAs and metasearch ads. Metaverse advertising can range from VR billboards to immersive native ad experiences, in-game product placements, and AI-powered avatar concierge services. Another important consideration for hotels is to use utility tokens to incentivize customers to engage with their Metaverse ads. 

Pick a world

When considering entering the Metaverse, choosing the right platform is crucial. With so many options available, deciding which platform aligns with your goals and target audience can be overwhelming. Here are my personal ten commandments to follow when selecting a Metaverse platform:

1. How many users are using it?
2. How popular is it?
3. How long do users stay?
4. How often do they return?
5. What is their demographic?
6. What do they do?
7. What are its rules/restrictions?
8. How much does creating a digital twin cost?
9. Is it interoperable?
10. Do you have to purchase land?

By answering these questions, hotels can narrow down their options and select a Metaverse platform that meets their requirements. Here is an (incomplete) list of Metaverse platforms (both centralized and decentralized) to consider: Avakin Life, Axie Infinity, BigScreen VR, Bloktopia, Breakroom, Decentraland, Fortnite, Gather, Illuvium, Immersed, IMVU, MeetinVR, Meta (Horizon), MetaverseGG, Microsoft Mesh, Minecraft, Mozilla Hubs, Musee Dezentral, Noda, Noknok, NOYS VR, OtherSide, Over the Reality, PartySpace, PocketWorlds, Realm, RecRoom, RendezVerse, Roar Studios, Roblox, Rooom, Second Life, Somnium, Spatial, Stage11, StageVerse, Star Atlas, Surreal, The SandBox, The Wild, TreeVerse, Upland, Voxels, VRChat, Wave, and Zepeto.

Design/build/upload

To create a virtual presence in the Metaverse, hotels must design, build, and upload their presence to the chosen Metaverse platform. This process requires the services of experienced Metaverse developers and designers who can help bring the hotel's vision to life. Here are some companies to consider when looking for Metaverse development and design services: Bit Space Development (Canada), Erectrus (Thailand), iARC (Canada), iCreate (UK), LKDN Metaverse (International), Local Studios (India), Mirum (Hong Kong), Noesis Tech (India), Olimaint (Italy), Polycount (USA), SPACES (Spain), Studio MBUS703 (Korea), Treeple Dreamers (USA), Visionaries777 (Hong Kong), ZenFri (Canada). When selecting a Metaverse developer or designer, it is crucial to consider their experience, portfolio, reputation, and confidence with specific languages (Unity, Unreal Engine, Godot, CryEngine, Vuforia, Amazon Sumerian, A-Frame, etc.).

Engage with (existing) communities

Creating a digital twin alone is not enough to engage with new audiences. In order to make the most of the Metaverse, engaging with existing communities and incorporating their interests into your strategy is crucial. One way to engage with the metaverse community is to host social events and virtual tours within your digital space. This allows people to explore your space and interact with one another, building a sense of community and engagement. Another way to engage with the community is through creating and exhibiting NFT art. Gamification is also a popular strategy for engaging with the metaverse community. You can create a more interactive and engaging user experience by incorporating game mechanics into your digital space. Drops and collectibles are another way to incentivize engagement, as they encourage users to return to your space to collect limited-edition items. And, please, don't be THAT guy embracing the Facebookization of everything. It is essential to understand the lingo and values of the metaverse community to create an engaging space.

Promote

After creating a presence in the Metaverse, promoting your property in relevant marketing channels is the next step. Social media platforms like Twitter, Discord, and TikTok are great places to connect with the metaverse community and promote your property. Online advertising on platforms like Google and Facebook can also help attract new users to your digital space. NFT marketplaces are another avenue to consider when promoting your property. It is also important to integrate metaverse marketing with real-life marketing efforts. While the Metaverse is a virtual space, it can have a tangible impact on your business. Promoting your property in both the physical and virtual worlds can create a more cohesive and impactful (phygital) marketing strategy.

Track, track, and track

Before the New Coke disaster, Sergio Zyman said, "If you can't track it, then it's not marketing." Use the same approach with the Metaverse. Tracking your results is crucial in any marketing effort, and the Metaverse is no exception. Before even embarking on a metaverse marketing campaign, it is important to have a solid understanding of how you will track your results. Tracking your virtual presence is the first step in this process. This includes monitoring engagement metrics like views, clicks, and time spent in your digital space. It is also important to track user behavior within your space, such as which areas are most frequently visited and which features are used the most. Once you have established a baseline for your virtual presence, making necessary adjustments to improve the user experience is also essential. This may include improving UX, adding new features, or updating the overall design of your space. Tie your metaverse marketing efforts to tangible business outcomes, such as increased revenue or customer acquisition. This may require integrating your metaverse data with your existing CRM or marketing analytics tools.

Decentralize

Don't just create a digital twin and keep doing business as usual. The concept of decentralization is at the core of the Metaverse and Web3. To fully embrace the potential of the Metaverse, it is important to flirt with the idea of decentralization, particularly when it comes to distribution. Start experimenting with dApps and decentralized marketplaces to reduce dependence on third-party platforms and create more personalized and engaging experiences for your guests.

Conclusion

When it comes to the Metaverse, it is important to strike a balance between optimism and caution. While there is certainly a lot of hype surrounding the Metaverse, it is important to approach it with a critical eye and not get swept up in unrealistic expectations. The key is to approach the Metaverse with a balanced and critical mindset. Don't believe the hype, but also don't fall for fearmongering. Because, as always, veritas in medio stat.