One of the most significant technological advancements on the horizon is the migration from WEB 2.0 to WEB 3.0. Experiences on the WEB are becoming and are expected to be more immersive, three-dimensional, and virtual.
What we see now is that many companies are wondering what the Metaverse can do for their brands.These virtual worlds have a big potential to give a brand-new approach to stay relevant in the industry and to existing customers.
Currently, we are seeing entertainment and luxury brands making steps in the Metaverse. There is a shift and disruption in the marketing happening and long-established and newer companies need to consider various immersive and engaging strategies to reach audiences of all shapes, sizes, and ages. There are many ways brands can reach consumers in the Metaverse.
Engagement and Awareness
This is the basic way that a brand can get started in the Metaverse, and the way to do it is by taking advantage of gaming that offers immersive, engaging experiences that many cannot provide at this time and place. A lot of brands have partnered with established video game developers and platforms to create interactive experiences.
For instance, Nike’s partnership with Roblox to create Nikeland, where users can play games like tag or dodgeball.
Some companies do not desire to fully immerse their brand into the Metaverse just yet and instead they decide to have a one-time special event. This is a good option for a brand to take on and test the market and opportunities.
For instance, Warner Bros., in preparation for the launch of the film ‘In theHeights’, Warner launched a virtual block party hosted on Roblox. Another good example is Fortnite hosting virtual music events.
In most cases, when companies think about engagement, it is often referred to converting users into consumers. Many legacy and cult brands are looking for solutions to further facilitate the value of their memorabilia, logos, and other intangible assets virtually.
For instance, Coca-Cola created NFT collections of their valuable memorabilia. Balenciaga has accessories such as backpacks and even digital outfits available in Fortnite.
Before brands get involved in the Metaverse they must ask themselves why is the Metaverse relevant for their business, how they can make their product interactive. Currently, many brands will find it too expensive to create their own Meta experiences, while this might be the case, in the future this is going to become a norm for brand awareness, brand identity, and advertising.