POV

Metaverse, Web3, virtual reality, and NFTs have quickly escalated into buzzwords that we encounter every single day. They are quickly going beyond just that, though. They are challenging businesses and individuals every day to test the limits of our current world, and all of that is thanks to innovative technology. The Metaverse, and all things included, are no exception from the world of business either. Let’s establish a better understanding of what the Metaverse entails exactly, how other renowned brands are incorporating it in their strategies, and how your business can benefit from utilizing it to the best of your abilities.

What is the Metaverse?

What definition of the Metaverse you receive depends on who you ask. Believe it or not, the idea of the Metaverse isn’t very concrete at the moment and means several things and nothing at the same time. But how is that possible? The Metaverse in the absolute sense that people imagine doesn’t necessarily exist yet. The goal is to have an entirely decentralized, digital world that exists parallel to our own reality, all while being entirely separate from it. The best examples are video games, especially those accompanied by AR/VR. When you put on those special glasses and immerse yourself into an entirely new world and new avatar, you experience something beyond your regular reality. However, it’s not possible to link the worlds and universes of different games into one world, which is still something that needs to be developed. Right now, we have various elements of the Metaverse that are available to us until a more high-tech and immersive version is present. People are currently able to buy, sell, and trade products, and even land, in a reality entirely separate from our own.

4 Ways to Make the Most of the Metaverse as a Business

Learning how to be flexible and adapt to the trends and demands happening every day, all around us is what defines the strength of a business from its very core. Here are a handful of approaches you can take with your digital marketing and other internal strategies to make the most out of the metaverse.

1. Launch an Immersive or Virtual Event

Arguably, virtual events started gaining traction in the post-COVID world and show no signs of stopping. If anything, they are beginning to become even more unique, complex, and inviting. When a major marketing campaign is in the making, you can take it to the next level by marking those milestones with virtual events. Openings, pop-ups, educational events, showcases, and live entertainment are only a few of the most eye-catching virtual events you can produce within the company. This is certainly something you can incorporate into your strategy for 2022, as the year is only halfway through. There’s still plenty of time to organize the event of the year.

2. Create Branded NFTs

Non-fungible tokens (NFTs) are among the most popular features of Web3 that are taking the world by storm. Ultimately, just about any virtual asset can become an NFT: from images to gifs, songs, videos, website domains, and more. As a business, you can utilize NFTs to your advantage, but it requires a little extra planning, effort, and investment. You will need to think of a concept first and then find the resources to produce the actual token, which may involve the touch of a graphic designer or digital artist. A famous example of a renowned brand making smart use of NFTs is Louis Vuitton. They developed and launched a game called Louis: The Game that included various exclusive NFT rewards for players as opposed to selling or auctioning off the tokens. They received massive engagement spikes and game downloads all while seizing the opportunity to tap into new trends and technologies. One brainstorming session with your internal team is all you need It is possible to come up with a plethora of ideas and opportunities that are completely feasible to turn into reality.

3. Expand to New Platforms & Collaborations

The sense of community among Web3 and Metaverse enthusiasts is very strong, especially on social platforms like Twitter and Discord. If your brand can relate to and reach out to these audiences, you will be able to tap into a new pool of potential clients that you wouldn’t have acquired any other way. It goes without saying, though, that you should still remain true to your branding values, vision, and mission. This means, don’t immerse yourself artificially into the world of Web3 unless it genuinely aligns with your business goals and prospects. People will be able to sense the inauthenticity from a mile away and that will only lead to a backlash.

4. Strengthen Your Brand Image

As mentioned above, staying true to your brand image is important, and that shouldn’t change no matter what new strategies you decide to implement. With that being said, you can carry your current methods to the Metaverse. For example, if you have a foundation or a company that is keen on fundraising, make the most of Web3 and carry out a fundraising event with NFTs. Not only will you set out to accomplish the plans that you already had, but, as we mentioned before, you can tap into new audiences with new interests that can be just as attracted to your brand as your current user base. Similarly, if you own an e-commerce business, there are multiple ways to expand the concept to the Metaverse, starting from NFTs and ending with selling or auctioning exclusive collectibles in AR/VR.

Hopefully, this article will help you navigate your branding and marketing campaigns through the fast-paced and constantly evolving world.