In October, Facebook’s rebranding to Meta caused a stir. Then came the news about the huge digital land grab. The Metaverse is now important.
The Metaverse is made for personal branding. However, marketers share a common thought. “How can my brand position itself in the Metaverse in 2022?” What is the Metaverse, and how does it work?
Let’s answer that first question about what the Metaverse is by stating that the Metaverse is a 3D digital world. Additionally, it’s a place where users may explore, socialize, play games, and/or shop using an avatar to navigate around.
For example, if your children play Roblox or Minecraft, or if you grew up playing The Sims, you’re already a step ahead of the game — these are examples of a Metaverse. Additional examples might include Animal Crossing and Fortnite. One distinctive of the Facebook Metaverse is the enhanced presence of many celebrities.
What is the mechanism through which the Metaverse operates?
That being said, the Metaverses that are now generating the most significant interest among brands and investors are open and run on blockchain technology. You can purchase and sell a property and then manage the land like you would in an actual city.
In the case of Tokens.com, for example, the company has bought a property lot in Decentraland, which will be utilized to develop the Metaverse’s Rodeo Drive. This space will be used for holding fashion events and leasing shop space to premium real-world firms.
Additionally, companies and individuals who own assets in the Metaverse may produce actual money for themselves and their shareholders.
What role can brands play in this initiative?
Brands such as Gucci, Jimmy Choo, Nike, and Balenciaga have jumped at the opportunity to reach a new audience consuming differently. Increased reach of technology is prompting them to make swift transitions to Metaverses.
These well-known businesses sell things as non-traditional retail (NFTs), hold events, and advertise in virtual worlds. The year 2022 will only see an increase in brand involvement in the Metaverse.
Is the Metaverse worse?
As you enter the Metaverse, look for virtual flagships. For example, NFTs purchased in the Metaverse often have a connection to a real commodity. Additionally, avatars are becoming methods of self-expression via fashion NFTs.
Organizations couldn’t ignore social media and its influence on marketing and commerce ten years ago. Today, brands that ignore the impact of blockchain and the Metaverse do so at their peril.
Expect to see a C-level Metaverse lead appearing at big corporations in the coming years. As a result, be prepared to have a team of specialists that can assist you in navigating this rapidly changing digital environment.
There are presently more than 3 billion gamers who spend more than 100 billion dollars each year in Metaverses! Don’t miss out on the potential to capture their imaginations (and a piece of their wallets). You scoff at your own risk.
Well, yes…and no.
The Metaverse of things continues to expand.
The “digital big bang theory” behind this is that the continuing pandemic conditions make reality boring. Life is now more stressful. Thus people feel a growing sense of confinement.
Escaping into any online reality is one way people have of coping with this.
For the price of a bus ticket to Disneyland, they can experience anything. Exotic tropic climes. Ferocious space aliens invading Earth. Dinosaurs roaring in their ears. Race cars zooming madly around. Not to mention lots of, ahem, hanky panky.
The only thing confining the Metaverse is a person’s imagination. That’s a strong positive, at least most of the time.
Increasing imagination is what modern education stresses. The digital playacting available online can take a child to Saturn, the Stone Age, or help them study the argot of pirates. All without leaving their home or schoolroom. No more field trips!
On the other hand, in adults, the Metaverse can prove to be debilitating, eating away at ambition and eroding curiosity. We could be facing a rising generation of dedicated couch potatoes. Of course, this is not a pleasant prospect.
“To be continued…”
In conclusion, it’s still too early to say with any certainty what the impact of the Metaverse will be on business and marketing. Suffice to say that, for now, business owners owe it to themselves to at least start poking around and asking a lot of questions.