Metaverse has been one of the trending keywords in the digital marketing space during 2021. The renaming of Facebook to “Meta” elevated the popularity factor of Metaverse to an unprecedented level. The extent of advancements in software, hardware, and connectivity has made virtual interactions more human-like, more than ever before.
The daily dependency on online interactions and transactions, coupled with the behavioral changes that have brought in humanity as a whole, has opened a floodgate of opportunities for brands to cash in the concept of Metaverse.
However, the general trend is that most brands are still in a “wait and watch” mode of perceiving and accommodating Metaverse into their business plan. Let’s explore some trends that are arising as the boundary between real and digital tends to reduce.
Valuation Of Digital Assets Are On The Rise
As the world spends an increasing amount of its time in the digital space, people tend to give higher value to digital assets and ownership of the same. This behavior applies to enterprises as well.
One of the most trending categories of digital assets is Non-Fungible Tokens (NFTs), which revolutionizes the ease of transferring virtual assets between various companies and among the general public.
Since many are still not educated enough and are yet to feel confident in the field of NFT transactions, digital marketplaces are being set up using technologies like Blockchain. The top NFT marketplaces make it easy for beginners to create and launch their own NFTs.
Increasing Investments On Virtual Assets
The willingness of people to throw in their money for non-tangible digital assets is surprisingly high. Their spending behavior ranges from buying in-game accessories, virtual fashion to even digital real estate that resonates with their values and needs.
Gaming companies are researching and innovating in developing wearable technology for more life-like or immersive in-game experiences. Brands can potentially gain big bucks by partnering with popular gaming franchises like League of Legends or Fortnite.
Fashion brands are also not behind on cashing in, in this regard. They leverage Augmented Reality (AR) based lenses for providing outstanding fashion experiences.
Virtual Stores Replacing Brick And Mortar
Ever since the onset of the pandemic, retail businesses, among others, have been relentlessly on the move to establish their digital presence. The shift from brick and mortar to the online alternative is evident in the gaming and entertainment segment. For instance, one of Asia’s most trusted online gambling platforms attracts over 120,000 per month. Players experience near real-life online casino experience from a handpicked set of casinos and sportsbooks recommended by industry experts.
Brands are investing in creating digital replicas of in-store experiences. “If they can’t come to our store, we bring the store to them.” is the motto of the present times.
Bring In The Social Aspect In Virtual Experiences
As brands are busy creating their empire in the virtual space, the focus is on bringing in more engagement from the target audience by including a social element. The onus is to make the virtual experiences interactive and meant to be experienced with friends and family.
Snapchat glasses featuring mobile AR technology are one of the leading technological advancements taking this trend forward. Here, you can co-experience AR with another person located remotely. This brings in an element of physical closeness among the users.
Creating Virtual Venues To Host Events
Another business opportunity for brands in the Metaverse is to create virtual spaces that host events and customized experiences. A notable example of such a virtual venue was Eurovision’s ambitious online village initiative for hosting their annual song festival. It led to attracting over 500,000 visitors, with the primary hosting city being Rotterdam, Netherlands.
In addition, brands also have the option of partnering with existing players in the virtual hosting arena. Marvel movie franchise or Disney are two extremely popular names.
The business possibilities of leveraging the growing interest in the Metaverse are expanding. For all those brands that are skeptical about making a move, the focus needs to be on starting small. With top brands like Facebook investing in the Meta, this concept of virtual experiences is bound to make progress in the times to come. The last thing your brand needs is to be left behind!