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Making Sense of Metaverse Opportunities

September 5, 2022

Making Sense of Metaverse Opportunities

From excitement to cynicism, opinions of the metaverse are divided. Over the past couple of years, digital experiences have grown and evolved, and many will argue that the future of the internet lies within these virtual spaces.

Already, the metaverse has grabbed headlines around the world and has seen many brands turn their attention to virtual experiences and innovative NFT projects.

It's fair to say that the metaverse represents an exciting marketing tool for brands to connect with their audiences.

What is the Metaverse?

Put simply, the metaverse is a virtual-reality space on the internet where users can engage with each other in activities like those in real life. Users can connect, work, play and shop in a rich computer-generated environment, with many immersive experiences to choose from.

So, why are brands getting involved?

 

Next-Gen Opportunities

 

There are endless possibilities in the limitless virtual environment, offering brands the chance to make their own mark and engage with their audiences.

Many pioneering businesses have already started shaping metaverse marketing, with design, entertainment and gaming leading the way.

With the wide acceptance of major console games, such as Fortnite and Roblox, one of the first places brands can look is at the broader culture of gaming. The metaverse is heavily influenced by the gaming industry, and that’s because connection and social interaction in a single location make for a great experience.

We’ve seen many high-profile brands leap into the metaverse over the past couple of years, with unique experiences and collectable content at the centre of many projects.

Fashion brands have been amongst the first major businesses to launch campaigns in the metaverse. Their prevalence is surprisingly simple – Outfits and styles for in-game avatars have long been desirable and sought after and, with exclusivity and virtual proof of ownership in the metaverse, owning a Gucci jacket within a game is much like owning one in real life. This offers brands an innovative revenue stream whilst benefitting reputation and visibility in the real world.

Virtual storefronts, concerts, activities, and collectables are just some of the unique projects we’ve seen in the metaverse. Here are some examples of how your brand can get started:

  • Create unique NFTs that showcase your brand
  • Sponsor metaverse events, such as concerts and tournaments, with digital billboards and advertisements (exclusive positions available through Paradox Group)
  • Build virtual storefronts or platforms for unique shopping experiences
  • Host experiences and events to drive visibility for your brand

 

A Space for Any Brand

 

The metaverse isn’t limited to consumer-facing companies and many other brands will be turning their attention to the virtual space.

The possibilities of the metaverse are endless, from meeting clients at your virtual headquarters to training staff and having experience days on the platform.

This month, the University of Tokyo will begin rolling out courses hosted in the metaverse, further showcasing metaverse applications.

 

The metaverse is rapidly growing in popularity. With brands already jumping in, it’s important to start exploring the metaverse within the context of your brand and strategizing how you will enter this exciting new world.

The metaverse has the potential to shape everything from entertainment to retail and socialization. Keep an eye on this constantly evolving space!