What opportunities exist on metaverse for brands?

Metaverse for brands - Key Advantages

It was 12 pm; the sun was at its blistering self. Even animals took shields, but you had an event to attend, and going out did not appeal to you. Instead, you opened your MacBook, wore your AR headset, and logged into the metaverse as a keynote speaker at the event.

Everyone could hear you like you were physically present, people could shake your avatars like it was you, and everyone interacted, clapped, and laughed like they were together – that is the promise of the metaverse, to make humans live beyond the limit of physical boundaries.

The metaverse are digital worlds where avatars represent humans to live, interact with others, shop, learn, and partake in games and other leisure activities. Besides these benefits, metaverse offers fantastic marketing and revenue-generating opportunities for brands and startups.

For instance, brands can purchase virtual real estate on Upland to market their products to unending visitors, build a virtual store, rent their space to generate revenues, host their brand logos on the land, or lease the land to other brands.

 

CONCEPT OF THE METAVERSE

Apart from the blockchain technology where the Metaverse is developed, it incorporates virtual reality (VR), augmented reality (AR), 3D holographic avatars, computers, and phones to teleport our physical world, including wealth, socialization, entertainment, and productivity, into the digital world.

Thus, the whole concept of the metaverse is to live in a world where it feels like we are together while we are not. Facebook rebranded to Meta shows the big techs also have  eyes for the opportunities in the metaverse.

Technological advancements are creating an immersive experience with better human interactions in the digital space.

This advancement is leading the charge for our behavioral changes, and with increased dependence on digital space and infrastructure, there are myriads of opportunities to follow.

Still, many brands who have heard about metaverse find it difficult to grasp the opportunities, especially to promote their brand and engage the audience. Hence, here are the opportunities for brands in the metaverse.

 

 

Opportunities for brands in the metaverse

Many brands have joined metaverse with the vision to open a new communication channel for better brand engagement, especially with the Gen Z —regarded as the future customers. The interoperability of different metaverse platforms allows you to purchase a virtual item from one platform to another. NFTs also provide a means for brands to improve engagement and incentivize customers while serving as digital certificates to real-life assets. But what are the real opportunities of the metaverse?

At Bitsapiens we can create Metavere and Digital worlds projects to engage our community in a completely new way

 

Improve brand engagement and awareness

Gaming is the industry currently leading the metaverse charge, and it is the one brands can leverage to boost engagement.

With gaming, brands can bring customers an immersive experience about the brands. For instance, Nike partnered with Roblox to create Nikeland, where users can participate with friends in games like tag or dodge ball. Many brands create video games in the metaverse, where players learn more about the brands and collect digital collectibles. The collectibles can be exchanged for money or sold. Additionally, brands like Ferrari are creating digital twins of their cars to allow customers to compete in virtual racing. All these initiatives will promote awareness and engagement for brands.

 

Contact us and discover how metaverse and digital worlds can project you brand to the future!

 

Participate in special events

A special event is a leverage for brands to take their marketing campaign before the eyes of many. Brands can take advantage of virtual events in a global environment to showcase their products, services, and partnerships to a global audience, especially if they don’t have the resources to create their separate metaverse. For instance, Fortnite has hosted numerous virtual music events like Premieres and concerts that have featured many brands. Another example is Warner Bros., which launched a virtual block party on Roblox as preparation and awareness for the launch of In the Heights film.

 

 

Marketing Opportunities

Brands engage their audience with the mindset to convert them into customers, which memorabilia, logos, and other minor assets can work wonders. For instance, Coca-Cola auctioned their memorabilia as NFTs; Balenciaga has a virtual boutique in Fortnite to sell designer pickaxes and backpacks. Also, Nike is selling virtual footwear, clothing, and accessories in Nikeland. Hence, there is no limit to the E-commerce opportunities in the metaverse, with virtual stores leading among the opportunities; this has made Walmart and Amazon announce plans to venture into the metaverse.

 

 

Sell virtual goods

On gaming platforms in 2021, over $100 billion was spent on virtual goods, approximately the same amount as the California economy recovery package. With virtual goods, there is no cost of transportation, manufacturing, or other associated costs linked with physical goods. Brands selling avatars, upgrades, and virtual twins of physical products now have opportunities to market their groups.

Virtual items are also an opportunity for artists, entertainment brands, football teams, and others to sell in-game assets, music, video, and digital collectibles to earn more revenue.

 

 

VIP access to brands through NFTs

One of the major disruptions of blockchain technology is NFTs. Non-fungible tokens can be certificates of ownership to physical goods, including real estate and digital art. Brands now use NFTs to offer VIP access. When a brand launches a new product or wants to hold an exclusive event, brands can sell special NFTs to provide customers with the NFTs exclusive access. These NFTs can serve as tickets to virtual events where they can have a say in the new product designs. The NFTs can also be a ticket to DAO- decentralized autonomous organizations where individuals have rights in the brand’s direction.

 

Virtual showrooms

Besides selling virtual products in digital worlds, the virtual world allows brands to showcase their products and other major assets through virtual showrooms. A virtual showroom provides an in-depth way to show products to customers before purchasing. Before buying an unseen or untested product, consumers can interact with the goods; try on their avatars to see how they fit. Interestingly, virtual showrooms reduce the rate of good returns and build the gap between online and in-person shopping.

 

 

Product customization

What is better than a product that fits perfectly to a house or the person the product is meant for? Metaverse allows product customizers and configurators; users can leverage these live demos to customize their products, like sunglasses, to perfect specifications. Therefore, users can also try on the product to see how the products perfectly fit.

 

 

Conclusion

Opportunities in the metaverse and digital worlds for brands are numerous, with no one way to enjoy the exciting benefits. Even without being a giant tech platform or a global brand, there is a way for you to leverage metaverse to your advantage.

 

We work for visionary clients that with our advising and consulting service will not only create innovative and disruptive digital products but help them imagine new realities. Our key areas include web3 and blockchain, development studio, digital business strategies, gamification, and business model innovations.

 

Let’s build together!
we’re all gonna make it!

 

Contact us and discover how metaverse and digital worlds can project you brand to the future!