The metaverse offers endless opportunities to businesses and individuals, and some media reports even indicate that the metaverse will be a one trillion dollar industry. Now, those are some big figures. Right? Well, wait till you hear the figure put forward by Morgan Stanley. Recently, Morgan Stanley, the leading global investment bank, stated that the metaverse’s market size will touch eight trillion dollars in China alone. So, any business worth its mettle would love to carve a niche for itself in the metaverse.
If you own a business and are looking to leverage the potential of the metaverse, we have some good news for you. The metaverse space is just in the initial stages, and any company that makes a move now will surely benefit from the first-mover advantage. Now, considering how metaverse will be just like an extension of our real world, we can safely assume that it will open new avenues for businesses, which would mimic the real world.
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Metaverse Advertising: What You Should Know?
With so many opportunities waiting to be explored in the metaverse, the businesses will also need to spread the word about their products & services, and for that, they will need advertisement services. There’s one problem here! Metaverse isn’t a single entity that owns the entire metaverse. After all, the metaverse is a virtual world that focuses on social connection, and many companies run such metaverses.
For instance, Decentraland and the Sandbox are two separate metaverses. So, if you want to advertise on both Decentraland and the Sandbox, you will have to separately negotiate with the individual landowners in these metaverses. As you can see, it will be a highly time-consuming process. But what if we tell you that there’s an option for you to bid digitally on advertisement spots across various metaverses?
Yes, that’s true, as Cros Network has developed a smart contract-operated decentralized ad bidding platform for the metaverse. With its solution, Cros Network has made cross-platform advertising a reality in the metaverse. Thus, Cros Network’s tagline perfectly sums up what it stands for: “The Cross-Org of Blockchains.”
Powered by advanced DeFi integrations, Cros Network will notify businesses about the advertisement spots before every event in the metaverse. The metaverse events are still in the growing phase, but with more and more users joining the metaverse, the number of users attending the virtual events, too, will grow. So, virtual events will become the trend sooner or later.
As for the type of advertising spots available, it will include billboards, giveaways, among other things, and these will be tied to NFTs. Thus, the advertisers would actually bid on the NFTs tied to the ad spots. As the number of advertising spots is limited during the virtual events, the demand, too, would be considerably higher, depending on the number of users attending the event.
The ad bidding platform is powered by smart contracts, and a unique consensus mechanism will handle the bidding and settlement process. As for the payment mechanism, the advertisers will use Cros Network’s native token to bid on advertising spots. Also, these tokens will be used by Cros Network as a reward for honest advertisers. On the other hand, it will also act as a punishing mechanism for users not complying with the platform’s rules.
The Team Behind Cros Protocol
Already profiled by several major business and crypto industry publications, such as Bloomberg, The Cointelegraph, Yahoo Finance, MarketWatch, and Benzinga, the Cros protocol leadership is an able mix of business and tech experts fully aware of what the industry needs and how the bottlenecks can potentially be removed.
Ajay Bhandari, one of the Cros Protocol founders, comes with the experience of serving as a chief architect at Microsoft and Google. With nearly two decades of experience in engineering, tech strategy, and architecture, Ajay’s expertise lies in building scalable, resilient, and high-performing tech products and solutions.
A serial tech entrepreneur, Hussein Abdelkarim, has built several tech companies that received funding from Goldman Sachs, Mastercard, JP Morgan, and others. Abdelkarim is a keen observer of blockchain’s growth and enthusiastic about the use of technology as a problem-solving paradigm that can bring meaningful changes to people’s lives.
Apart from its three co-founders, the Cros Protocol team is full of experienced professionals working in various roles relating to the product, its engineering nuances, architecture, program design, and more.
The metaverse market is growing rapidly, with the likes of Decentraland, the Sandbox, among others, attracting new users in large numbers. Take Decentraland, for example. The number of Decentraland residents grew to 800,000 recently, marking a 3300% growth rate between December 2020 and December 2021. As for the Sandbox, it touched the user base of 500,000 in 2021 alone, which points to a growth rate of 500%.
Numbers like these have captured the attention of businesses like Adidas, Nike, PWC, Mediahub, among others, as these businesses have already opened an office in the metaverse. What it points to is that it’s just a matter of time when the businesses will start advertising en masse in the metaverse, and Cros Network is perfectly placed to leverage the demand to its benefit with its metaverse-specific advertisement solution.