Have you ever heard of the word "Metaverse"? If yes, you might know it's a digital world that allows people to do daily tasks virtually, like playing, shopping, etc. People can easily take a virtual tour to any famous place in the world and have fun with their friends sitting in a particular place.
The metaverse concept is a hot topic, but brands are more interested in showcasing their products virtually. Although the metaverse is not a new concept, it became a household chat topic when big brands like Facebook, Nike, Gucci, etc., shifted their brands to Metaverse.
Idea of a Metaverse is not new, but it has recently gained widespread attention as big brands such as Facebook, Nike, and Gucci have embraced it as part of their branding strategies.
Making it clear, the answer is yes. Today, tech giants are investing in this digital world to become early adopters of this virtual technology by collaborating globally with leading metaverse development companies.
Suffescom Solutions Inc. is an emerging metaverse development company with more than 6 years of metaverse experience. We provide 360-degree innovative metaverse services that are revolutionising the virtual world. Suffescom Solutions Inc. recently bagged the “Best in the market” award in the metaverse and blockchain field by the leading national media.
This blog will discuss " Metaverse " and how this emerging virtual space will impact brand growth. Let’s begin with the Metaverse history.
Metaverse may be the most common tech term, but it was coined in 1992 by sci-fi writer 'Neal Stephenson.' In his novel, Snow Crash, he described it as a virtual space parallel to the real world. Further, in 2003, Philip Rosedale created an online virtual world, Second Life, at Liden Lab with his team.
In 2011, another sci-fi writer, Ernest Cline, connected people with virtual reality through his novel, Ready Player One. In 2014, a Social media platform - Facebook, acquired VR hardware and Oculus. And just one year later, in 2015, Decentraland's virtual world was built.
Another three years were the development phase for famous virtual games like Pokemon Go, Fortnite, and Axie Infinity. And in late 2021, Mark Zuckerberg shocked the world by changing the name of Facebook to 'Meta.’
The best way to explain the metaverse is: A virtual world within a world where a group of people can gather to perform day-to-day activities like playing, working, shopping, or socializing. The Internet's next iteration brings the virtual experience into the real world, taking global connectivity to the next level.
Every metaverse is unique in terms of experiences, targeted audience, and marketing environments, creating different strategies for brand growth. Here are some of the ways by which brands can leverage existing metaverses:
The landowners rent their virtual land to the business to host the virtual events. Some entrepreneurs or big brands have purchased their own lands to host art shows, conferences, or meetings to showcase their products. Metaverse event management platform helps brands gain revenue in cryptocurrency and build awareness among relatable customers.
Low-budgeted brands can even buy event tickets to attend and speak at any event. It helps you know and analyze other industry competitors and ways to sell your products.
Metaverse allows you to connect with influencers to mention your product details. Brands can pay them to speak about their brand or services, making others familiar with your products. Brands can bring their audience together who are interested in your services. It will enhance brand network, credibility, and product selling.
Many metaverses like Decentraland and Sandbox allow high-budgeted brands to purchase branded land or stores to sell NFT products. Many brands have opened virtual stores that help customers purchase any product that will be shipped to their address.
This is the best way to advertise your brand products if you cannot create your own virtual land yet. Somehow, this is more challenging in the decentralized metaverses; brands can give money to events, games, and stores to feature their products or NFTs. Always remember, there is no comeback in the decentralized metaverse if coinage is given to different avatars.
Many marketers and sales representatives use messages or emails to inform prospects about the company’s product or service. And on occasion, we might attend a networking event or meeting where we can interact with potential clients in person.
Imagine carrying out all of these tasks using digital avatars. You can explore a location and interact with other people for free in practically all metaverses. This implies that if you market or sell a B2C product, you can mention it in passing during a networking chat, just like you would with anybody else, and then direct users to additional information.
Get ready to dive into a world of limitless potential with these innovative brands leading the way in the metaverse.
There are two ways to market your brand services in the metaverse. One is to choose the early adopters of the metaverse if you want to be quick to enter the metaverse world. Another way is to look for vast demographics and choose focused applications to market your brand at a low pace. Both ways are different but focus on avoiding overspending mistakes.
The main thing you must remember is to be consistent and get moving through the process. The use cases for low-cost, risk marketing includes physical products, NFTs, virtual tours, and digital swag to collect and trade with real money.
One must think beyond the brand and marketing regarding your metaverse presence. Always consider the high security with zero risk to reflect the brand value. You must consider a safe and ethical virtual presence like the physical world.
For a beginner, metaverse brand marketing is a new concept unless you're a pioneer in this field. Still, you need to kickstart your business with a great place to take off. The brands need to connect with the metaverse platfrom providers to collect all relatable information and strengthen their virtual presence.
For brands, it is time to leverage the metaverse. As the virtual economy is coming its way and showing the same importance as the fiat economy, the brands are shifting to the virtual world. Have a look at some of the successful brand marketings that carved the brand's presence in the virtual world:
Nike was the first to adopt the metaverse world. The brand launched a metaverse, Nikeland, allowing players to create virtual avatars and win P2E rewards by doing real-life exercises and mini-games. Nike launched its metaverse with the game platform "Roblox," which offers products like virtual sneakers for the users to purchase avatars. This helped Nike generate revenue of $12 billion by the end of 2021.
The company doesn't have its own metaverse; still, it earned $500,000 in an online auction of the NFT launch that went on for 72 hours. Coca-Cola Creations events include real and virtual worlds integrated AR experiences accessible by the bottle or can scanning. With Coca-Cola Creations' launch, the company increases its revenue by 30% and GP by 25%.
In 2021, Gucci launched Gucci Garden, a virtual approach that allows avatars to shop from a garden-themed store. Gucci became a partner with Roblox to create Gucci Garden. Gucci sold its virtual products at lower prices than its traditional products. For instance, the virtual purse was sold for $6 (475 Robux), with an average traditional Gucci bag costing $2,377.
Vans connects with its targeted audience with the help of virtual reality. The brand created Vans World, a virtual skatepark in Roblox, to make people learn new tricks to earn Robux. Over 48 million visitors joined the skatepark and helped the brand generate high revenues from its apparel sales.
Dolce & Gabbana is a famous luxe clothing brand that took a justifying advantage of the metaverse along with Gucci. The brand became a partner with UNXD, an NFT marketplace for virtual luxury. The partnership launches the DGFamily community in March 2022. The brand members receive exclusive digital wearable drops in three digital boxes.
Suffescom helps brands create their own virtual world with planned objectives and perfect tech stacks. We help you understand the reliability of the metaverse and provide end-to-end metaverse branding solutions.
Metaverse is proliferating, and the brands need to show consistent growth to stay at the competitive edge. Many brands have shown constant growth when shifting to the virtual world. The metaverse has changed the way people communicate and socialize. The brands need to leverage the metaverse and should focus on the virtual economy in the way they focus on the fiat economy.
Learn metaverse with a quick resource list to create a high virtual value for your brand.
These are the most important metaverse resources for the content. It can be created in different ways with unique costs and utility.
These platforms allow gaming brands to create a fully interactive experience with the help of 3D assets (models and environments) creation. The brands create the games and share them with billions of people. Some best-known platforms are:
Unreal engine gaming solutions mainly focuses on photo-realistic games and experiences.
Unity Engine is the most common engine, with over 60% of mobile games creations.
MetaVRse is a new platform that focuses on publishing web-based applications without app store permission.
Avatars are the most prominent metaverse elements created on how we want to represent it in the digital world. These virtual characters are considered Metahuman, i.e., anyone can feel them as a real thing. They can be any blocky character, cartoon avatar, and photorealistic beings. It can provide many opportunities for brands to communicate with their customers.
Payments are the only way to trade (buy or sell) in the virtual world. Every brand needs to consider the modern ways to make a payment that must be seamless across any 3D world device.
NFTs (Non-fungible tokens) are a hot topic in the virtual world. NFTs allow customers and players to move their avatars and virtual commodities across platforms as the creator economy within the Metaverse grows. It makes NFTs more crucial as proof of ownership and provenance of physical and digital things.
Step into the metaverse and explore how these innovative companies are redefining brand engagement in a digital world.
Brands can enjoy some perks while switching their business to the metaverse world. Some of them are:
Our metaverse experts create complex solutions for brands complying with VR and AR to create a 3D world for your brand awareness approach.
We don't just provide services and solutions for brand metaverse development but also provide strategic consulting services for new brands.
Our modern approach (human + machine) creates new ways to grow brands in this digital world. We build and market numerous brand platforms in the virtual world.
Be in Touch With Suffescom Solutions Inc. Experts and create a whole new opportunity to grow your brand in the virtual world. Drop your ideas, and our professionals will guide you to take your brands to enormous heights.
The metaverse is a blend of art, entertainment, and technology. It's growing and giving many opportunities for brands to create a better virtual world. Be more creative, conduct experiments to grow more in a 3D world, and make all tech pioneers proud.
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