Mapping An Entrance
WHERE DOES YOUR BRAND FIT IN THE METAVERSE?
FIFTEEN’s PR Manager and mom to three boys, Tara, recently received a marketing email from Target promoting their Roblox Avatar T-shirt Collection that allows kids to sync their real-life style and virtual look. When they buy an actual shirt, they also get a free digital version their Roblox avatar can wear inside the video game. Little did she know, Tara just had her first experience with the metaverse.
The metaverse is very quickly integrating itself into our daily lives by including immersive learning, shopping, education, travel and other applications beyond our present imaginations. In fact, you may have even already experienced facets of the metaverse, like Tara, without even realizing it.
If you watched Super Bowl LVI, you might have even caught several metaverse mentions or references in ads and game day announcements. Miller Lite announced a month prior that it was heading to the metaverse for the Super Bowl at a virtual bar in Decentraland, where viewers could watch the brand’s exclusive game-day ad. Meta, Facebook’s parent company, encouraged viewers to look to the metaverse for hope by making reality seem depressing using animatronic characters. The Foo Fighters even took the virtual stage for a Super Bowl after show in the metaverse.
Could it be that this new shift for the internet is as paramount as the original dot com boom or the launch of social media? We certainly think so.
SO, WHAT DOES THIS MEAN FOR YOU AND YOUR BRAND?
The metaverse eliminates geographical limitations, opening the door for new opportunities for brands that have never been possible before. While it’s a bit Wild West right now, it’s never too early to start thinking about how your brand could show up in the metaverse and when it makes sense for you to make an appearance.
From virtual fashion to virtual real estate and avatar accessories, there are endless opportunities for brands to dive into the metaverse, no matter your objectives – and a number of brands have already entered the ring. Some brands are releasing NFT collectibles or limited editions to open up new revenue streams, build brand awareness, raise money for a good cause, give special discounts or rewards, live event ticketing and so much more.
VIRTUAL STORES
Stores like IKEA have created immersive virtual reality experiences that allow customers to explore and visualize products through hyper-realistic applications, whether they’re shopping from their couch or in-store. Users can design and envision their dream living room through intuitive UI, configuring furniture and layout, swapping fabrics, colors and more – even while changing the time of day to see their creations in different lights before making a purchase.
NFTs
Clothing, footwear and accessory brands are wedging themselves into video games and online communities with the sale of real-wold fashion items that have a digital life as an NFT or exclusively digital items. Nike is capitalizing on NFTs with collectable digital sneakers, which you can purchase for your virtual avatar.
Blockchain-based NFTs can also be a great way to raise money for charities or non-profit organizations. Taco Bell auctioned NFT GIFs, giving the buyer of the original ‘Transformative Taco’ a real-world $500 electronic gift card incentive while supporting the Live Mas Scholarship, which supports young people’s education.
VIRTUAL EXPERIENCES
The NFL is offering virtual commemorative tickets fans can collect, buy and trade. Bands and artists like The Weeknd and Ariana Grande are also taking the stage in the metaverse with virtual concerts in games like Fortnite and Roblox, introducing plenty of opportunities for advertising and sponsorships.
VIRTUAL REAL ESTATE
Encompassing everything that exists virtually, the metaverse even presents real estate investment opportunities in virtual worlds such as Decentraland and The Sandbox. Not only have celebrities like Snoop Dogg and Paris Hilton bought property in these virtual worlds, but brands like Samsung and Adidas have even invested in plots of land to fill with exclusive branded content, experiences, performances and more.
As you can see, the possibilities in the metaverse are truly limitless – finding out exactly where your brand fits in is the first step. Then, you can tell your brand’s story in new ways while evoking new consumer interaction, and even collecting new data on your customers.
Navigating this new frontier, or even knowing where to start, can be intimidating. But the way we see it – the sooner you get in on the action, the better. As an early adopter, you have the chance to dominate the space and make a big impact in the metaverse.
If the concept of the metaverse is foreign to you or if you’re having trouble wrapping your head around all this, you’re not alone — and FIFTEEN is here to help with a handy glossary of key terms.