How the recession could impact brands’ metaverse spending
February 3, 2023 • 4 min read | By
Ivy Liu
Over the past two years, the metaverse has been marketers’ preferred wall to throw things against, with brands pumping millions of dollars into virtual events and NFT drops with little concern over the ROI of those activations. But as a recession mounts, the need to generate tangible revenue from the metaverse has become increasingly urgent.
Four metaverse marketing experts shared their thoughts on how the recession might impact spending in the space with Digiday. Here are some of the biggest takeaways.
‘Metaverse platforms’ are out, user-generated content is in
With crypto winter in full effect, metaverse platforms that are rooted in blockchain technology, such as Decentraland and The Sandbox, have experienced a massive decline in traffic. On the other hand, player counts in game-centric virtual worlds such as Roblox and Fortnite continue to rise. Brands might not have cared about user numbers in 2021 and 2022, when they were racing to stake a claim to the metaverse — but in 2023, they’re more likely to spend their marketing dollars activating inside the platforms people are actually using.