In the Metaverse world, it appears that a competitive atmosphere is emerging, with two major players poised for action against each other.
Roblox Corporation is actively expanding its vision of the Metaverse. In its pursuit, it boasts over 2 million active players in Russia alone. Among its new initiatives are Metaverse advertisements featuring high-profile partnerships with brands like Gucci, Ralph Lauren, and Chipotle.
Developers will have the opportunity to integrate advertisements into their games and earn a portion of the ad revenue.
This can be achieved through interactive mediums such as billboards, taxi roofs, posters, or other spaces within the game. Additionally, there will be in-game 3D portals designed to transport players to unique experiences, like visiting Gucci Town or exploring Chipotle’s virtual restaurants.
Brave Move from Roblox
Roblox has seen its user base in Russia grow following the withdrawal of major gaming companies from the region as a sanction against Russia’s invasion of Ukraine.
The exit of heavyweights such as Electronic Arts, Ubisoft Entertainment SA, and Nintendo Co. from Russia created an opportunity for Roblox to establish its presence more firmly. In the US alone, the game boasts around 11 million active users.
At its recent developer conference, Roblox indicated a cautious approach in deciding which brands will be allowed to develop real estate in the Metaverse. The immersive advertisements are aimed at players aged 13 and older and will adhere to new age guidelines set to be released by the company.
As Roblox accommodates prominent brands in its virtual real estate, questions arise about Meta Platforms’ (formerly Facebook) trajectory in becoming a commercial hub in the Metaverse.
Meta CEO Mark Zuckerberg envisions the company’s Metaverse as a multifaceted environment conducive to virtual meetings, socializing, shopping, learning, and gaming. So far, the company has focused on training as a means to acquaint virtual world developers with the requirements of building the Metaverse.
Oculus Quest VR headsets have led the way with Horizon Worlds VR, a virtual reality experience available to users. This platform is seen by experts as a testing ground for commercial opportunities and a measure of what consumers are willing to spend in the Metaverse.
To date, Roblox creators have used a virtual currency called Robux to purchase advertising space and attract players to their games. Players also utilize Robux for transactions within the Metaverse, with a portion of the proceeds benefiting Roblox.
Meta has not yet revealed if it plans to use cryptocurrencies for transactions in the Metaverse. Its earlier attempt to launch its own virtual currency faced substantial regulatory pushback and ultimately failed. However, earlier this year, it introduced a cryptocurrency targeting a select group of developers for VIP access and special items like jewelry. The role of this new currency in shaping a Metaverse economy remains uncertain.
Which Will Be Successful?
Who will succeed in monetizing the Metaverse? While Roblox is navigating the relatively uncharted territory of Metaverse advertising, it’s worth noting that the platform originally began as a physics simulation engine, not as a company primarily focused on advertising revenue.
In contrast to the significant PR crises that have impacted Meta in recent years, Roblox emphasizes optimism and kindness as crucial elements for engaging its players.
Nonetheless, considering Mark Zuckerberg’s relentless ambition and Meta’s aggressive history, it wouldn’t be surprising to see him make a substantial move to claim a significant share of the billion-dollar Metaverse revenue. However, Meta still has some ground to cover in this endeavor.
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