Brands to enter the Metaverse
The metaverse is getting popular in our physical world. Put simply, the metaverse is a virtual reality world where users can interact, game, and experience things as they would in the real world. Using current Augmented Reality and Virtual Reality tech, they can dive into this world and interact with virtual objects and people.
The metaverse is considered the next evolution of the internet. It will take many forms, including watching a live concert, shopping, gaming, online communities, and business meetings where people collaborate via a digital facsimile or avatar of themselves.
Interest in this digital universe skyrocketed in 2021 when barriers have sprung up and countries closed borders, people have become fully immersed in digital spaces.
Major brands made significant investments in the metaverse in 2021, indicating that the virtual world will be increasingly dominant in our lives.
Facebook changed its corporate name to Meta in December 2021 as part of a major rebrand and shared its intent to invest heavily in the metaverse. Marc Zuckerberg recently told tech podcaster Lex Fridman that the metaverse is where everyone will live in the future.
Zuckerberg claims humans will leave reality behind for a virtual world that they completely control.
Zuckerberg said: “A lot of people think that the metaverse is about a place, but one definition of this is — it’s about a time when basically immersive digital worlds become the primary way that we live our lives and spend our time.”
Mesh, a Microsoft Teams add-on, will bring the metaverse to Microsoft Teams in 2022. Microsoft Mesh is a solution that enables face-to-face cooperation amongst people who are physically separated. Even when working from home or abroad, the goal is to provide a familiar work environment. Mesh is currently being used by early testers in a limited capacity, primarily for presenting Microsoft Teams Avatars. You can roam about with your avatar in this digital area and have face-to-face conversations and collaborate.
To summarize, the metaverse is the link that exists between our physical and virtual worlds. The lines between the two worlds are getting increasingly blurred. In the coming year, we may see significant changes as brands continue to experiment with the various virtual platforms and technologies available.
Monetization will be a critical component of brands succeeding in the metaverse. For example, users can buy a plot of virtual land as NFTs with their MANA cryptocurrency on platforms like Decentraland, allowing them to establish their metaverse. That land, purchased as an NFT on the Ethereum blockchain, is entirely owned by the buyer and is bound by a smart contract. They can rent and sell their land, just as in real life. Part of the appeal of the metaverse is that it allows all humans to become proprietors.
Despite the limitations of the technology, marketers may engage with a new, larger audience in novel ways.
How have brands interacted with the metaverse thus far? Let’s look at a few examples:
Gucci Garden via Roblox
Gucci opened a digital garden exhibition for 2 weeks in May 2021 marking its 100 years in business. In this virtual space, which took place on the Roblox gaming platform, each visitor transforms into a digital avatar that takes shape as a genderless and ageless mannequin. Then guests start a conceptual journey through a range of garden’s themed rooms.
Coca-Cola via Tafi
In partnership with 3D creators at Tafi, Coca-Cola is set to host an auction for special-edition virtual ‘loot boxes’ of NFTs. These loot boxes contained a custom Coca-Cola bubble jacket wearable NFT, which could be unlocked for use in Decentraland.
Snoop Dog via Sandbox
Snoop Dog has his world on Sandbox, called the Snoopverse’. A virtual model of his entire LA mansion is featured in it, where users can interact with their friends, attend Snoop Dogg virtual concerts and party with the man himself.
A plot of land in the Snoopverse was sold for nearly $450,000, making this NFT collector Snoop’s new virtual neighbor.
Snoop said about the project: “I’m always on the lookout for new ways of connecting with fans and what we’ve created in The Sandbox is the future of virtual hangouts, NFT drops, and exclusive concerts.”
Balenciaga via Fortnite
Balenciaga has become the first high-end fashion brand to drop in Fortnite. Players of the open-world video game could buy digital outfits inspired by real-life Balenciaga pieces in a virtual version of the Balenciaga boutique.
A real-life Fortnite x Balenciaga series were also available in select brand stores and on its official website. Fans who purchased the real-life apparel could unlock the Balenciaga outfits in Fortnite.
Louis Vuitton via Louis the Game
Louis Vuitton launched a new mobile game with embedded NFTs for iOS and Android, in celebration of the 200th birthday of its founder. In the game, the main character Vivienne, the LV mascot is on a quest to find 200 birthday candles. Each adventure teaches fans about the history and heritage of Louis Vuitton. Additionally, 30 NFTs could also be collected including 10 NFTs by the artist Beeple, whose digital collage was sold as an NFT at a Christie’s auction this year for $69.3 million.
Nike via RTFKT
In December Nike bought the NFT studio RTFKT and stepped closer to the metaverse. RTFKT is a virtual shoe company that makes digital sneaker NFTs. Nike has revealed their intent to sell virtual footwear, apparel, and accessories for use in digital environments.
These are just a few examples of brands exploring and engaging in unique ways with the metaverse.
