But most brands still aren’t 100% sure what to make of it and don’t understand how this could become part of our daily reality. While it’s still new and relatively unexplored territory, change is good. So, whether you’re ready or not, the Metaverse is here, and brands who are quick to act can also be quick to reap the rewards.
Let’s look at the numbers
The trusty folks at Gartner have already reported that at least 25% of us will be in the Metaverse for at least an hour a day in the next few years. That’s 30 hours a month. 30 hours that can captivate your audiences and get their attention that you could be missing out on if you don’t start now.
Why would anyone spend that much time in the Metaverse? Because you can do almost everything there you’d do in real life, other than brush your teeth. Cryptoslate essentially says everything from work, shopping, picking up new skills adding to your digital and real-world collections and gaming.
This has major potential for business. In fact, the Bloomberg forecast estimates market opportunity at about $800 billion. So now that you’re sitting up, let’s take a look at how to get ahead and champion effective brand building in the Metaverse – before your competitors.
What is the “Metaverse”?
When it boils down to it, the Metaverse can be broken up into 2 parts.
Part 1 is “Meta”. This can refer to something within or self-aware (like metadata) and sometimes “beyond” or “after”. Think metamorphosis, like the changing of a caterpillar to a butterfly.
Part 2: “verse”, is referencing the universe created around these ideas.
So,the Metaverse is a hybrid 3D environment you interact with beyond your physical form. You create an avatar that represents you (or anyone you want to be) that plays, shops, learns and interacts in this progressive virtual universe with a sense of self awareness.
It might sound like an attempt to escape reality, but think of it more as a playful, creative spin on real life. If anything it’s only a small step ahead of what most of us are already doing.
If you really want to simplify it, you can think of it as a combination of your standard daily activities online and a game – giving you the chance to do more. But here’s the kicker. This Metaverse is made up of multiple 3D worlds hosted on platforms like Decentraland, The Sandbox and Rooom. Welcome to the “multiverse” (many meta universes).
How does it all work?
To get to grips with how this works for brands we first need to consider the capabilities of Web 3.0 (the evolution of Web 2.0 that most people are used to). This is a new era of the web that now incorporates blockchain technologies, decentralization, artificial intelligence and connectivity, among other things, to redefine what it means to be “online”.
With Web 2.0, there were specific organizations and platforms running the show. They controlled access to services, creating a top-down power dynamic that is now evolving at a rapid pace. Today, the progressive focus on web decentralization is broadening that access to users, making them the builders of the new web.
The Metaverse is built on the currency of Non-Fungible Tokens (NFTs). NFTs, which are digital assets like art, are securely stored on the blockchain and can’t be duplicated or changed.
There’s an original NFT, and while reproductions may exist, there is only one master version. Within the Metaverse, an NFT is verified by metadata and timestamps that are recorded on the blockchain. As a result, NFTs can be owned, bought and sold, traded, collected, admired, and shared within the virtual world.
What does this mean for brands?
We get to decide where and how we exist in the Metaverse. And there’s more room to ideate by creating places and characters for potential customers to interact with.
But how do we prevent a free-for-all in a universe that seems to have little regulation? This is where things get a bit more technical. Metaverse Decentralized Autonomous Organizations (DAO) are transforming how cryptocurrencies, autonomous governance and community actions work within the space.
Start Building your brand in the Metaverse
The Metaverse presents an opportunity for brands to increase revenue and establish a presence, as demonstrated by the success of Nike, Louis Vuitton, and Coca-Cola. And yours could be next. Here’s how:
- Level up your gamification: You can create gamified experiences in the Metaverse that make it fun to interact with your brand. Plus, NFTs easily integrate into these experiences providing opportunities for you to reward your consumers. The more desirable and scarce the NFT, the better the incentive.
- Create immersive experiences: Replicating the sales funnel in the Metaverse gives you a chance to do what works and couple it with creativity. This is the next level of social engagement with more opportunities for immersion at your fingertips. Play with avatars and bring your products into the virtual world for people to interact with. They can create their own NFTs using your products and even display them in virtual galleries.
- Keep an eye on the landscape and the competition: As so many new technologies come to the fore, it’s tricky to determine what will happen next. It’s important to mention that Metaverse adoption has been slower than expected but that doesn’t mean it won’t explode in the next few years. Keep an eye on your competition and the landscape for fresh inspiration on how to get ahead.
Marketers and growth strategists should always consider new opportunities to connect with audiences beyond driving revenue and create sticky, immersive experiences for consumers.
The Metaverse enables you to do all this and more, and if adoption does take off as expected, you’ll be way ahead of the curve. However, like anything worth doing, it takes time, effort and support. Learn how YDA services can help you grow your business in the Metaverse or contact us for more information.
