Nike. Adidas. Louis Vuitton. Gucci. Balenciaga. JP Morgan. McDonald’s. Coca-Cola. Facebook. What do they have in common besides being globally recognised brands? They’ve all invested in the infinite possibilities offered by the Metaverse and are reaping its rewards.
But what is the Metaverse? Oxford Dictionary defines it as ‘a virtual-reality space in which users can interact with computer-generated environments and other users’. Think of it as a digital realm where people work, play, shop, socialise and get entertained – mirroring real life.
Powered by blockchain technology, these persistent worlds truly took off at the height of the global pandemic, allowing people across the world to participate in social activities whilst in isolation. And they are here to stay. Perhaps even define the future.
Which is why businesses are flocking to this space. It allows them to target audiences in new ways and gain previously unattainable levels of brand awareness and engagement. Traditional marketplace barriers no longer exist and even the sky is not the limit.
Businesses who are early adopters stand to enjoy the best returns. So, if you’re open to innovation or want to spearhead a new paradigm in marketing – now’s the best time to get in the game!
There are many Metaverse platforms out there, such as Decentraland and Sandbox, that you can hop aboard. With established ecosystems, they make conducive entry points.
You could buy land and create virtual replicas of your retail stores, galleries or sales offices. Someone could go in, browse, experience or purchase whatever product or services you have to offer. And you could address their queries in real time.
Regardless of what industry you’re in – from fashion to F&B and even real estate – this is a great marketing opportunity with huge potential for growth. The key is establishing your presence so you can start connecting with your target audience. And then, monetising it.
If you are a big enterprise looking to build for the long-term and aren’t overly concerned about an immediate return on investment, this could be the way to go. For smaller to medium-sized businesses, launching an NFT campaign could be a better alternative.
Virtually unknown just a year ago, NFTs or Non-Fungible Tokens are blockchain-based digital assets that can take a variety of forms – be it an artwork, image, digital collectible, playable character, access pass or something else.
As they are essentially smart contracts, they cannot be altered and serve as proof of ownership. They are easily tradable without the need for a centralised intermediary. Already, some parties predict NFTs will one day replace birth certificates, housing deeds, marriage documents or even business licenses.
Most would have read about the collage by Beeple that sold for US$69.3mil at a Christie’s auction, or the eye-watering prices people pay for a CryptoPunk or Bored Ape Yacht Club NFT. But that’s just scratching the surface of what JP Morgan describes as a US$1trillion industry.
Companies across the world are now using NFTs for giveaways, product launches, membership and even as an authentication tool for luxury goods. It creates a sense of exclusivity and ownership, whilst building interest and loyalty towards your brand.
But before you read this and set off to create a 10,000-piece collection to sell out, remember this – the most successful NFT campaigns always have a strong focus, seek to build communities, and offer good utility.
The latter is perhaps the most important, as that’s what brings value to the customer. Be it exclusive invites to a launch, a free limited edition item, meet and greets with famous personalities or privileged access to future launches, utility is what makes your NFT desirable. Because the unique experiences it brings turn the virtual into something tangible.
Some might wonder – is the market ready for this? But was the world truly ready for Coke, McDonald’s or even Nike? Consumers are always ready for new things, even though they may not always realise it. When something groundbreaking happens, demand automatically ensues.
Keen to get into the space but unsure to go about it? Talk to us at Meta Universe (MU). We help enterprises understand the fundamentals of this new reality and offer solutions to grow existing lines of business into the Metaverse where a whole new dimension of opportunities awaits.
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