How your brand can make waves in the metaverse
In recent months, it’s become clear that the metaverse is more than a passing trend - by 2024, Bloomberg estimates that the platform will be valued at $800 billion. But why is establishing a virtual presence in the metaverse so important not just for online brands, but for those with brick and mortar stores and physical products? Creating ways for your customers to engage with you in the metaverse ensures you won’t get left behind as more brands go increasingly digital. Take a look at what others are already doing, and be inspired to go above and beyond by making the most of the metaverse’s possibility for invention.
Digital fashion is becoming increasingly big business. Metaverse users express themselves through their avatars, and personal style is a key way in which they can show the virtual world what they’re about. Through virtual stores, customers can also experiment with styles through outfit-generator apps, try before you buy options or recommendations from shopping assistants. Virtual shopping has especially high engagement rates: consumers spend more than 14 minutes in 3D virtual shopping experiences, in comparison to less than two minutes on a traditional e-commerce shopping site. With virtual assets such as a Gucci handbag selling for $4100 (much more than its physical price tag) it’s clear that there is money to be made in the virtual fashion world.
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2. Create events that engage your audience
During the pandemic, we got used to virtual events in the form of Zoom conferences, House Party hang outs and Instagram live collaborations. However, the events that are possible in the metaverse blow these out of the water. Last March, the first virtual fashion week took place, with brands presenting digital fashion collections in exceptionally innovative ways. Companies can also engage their customers by creating virtual interactive games or challenges - Nike did exactly this with Nikeland, where users could play tag or dodgeball with their friends. For each industry, considering how to translate in-person or online events into 3D interactive experiences is a must to stay ahead in the metaverse.
3. Try NFTs with a twist
NFTs are the latest phenomenon to capture our imagination, and metaverse users are especially interested in acquiring collectible, rare or swappable digital assets. Many NFTs are exchangeable for physical items as well as being cool souvenirs; tequila brand Patron sold a limited edition NFT for the equivalent of $4500, which buyers could redeem for their corresponding real-life bottle of tequila at any time. NFTs can also be combined with events or games, for example by selling digital fashion at virtual fashion week, or through challenges such as that run by the NBAs, in which users compete to collect NFTs. With 20% of Gen Z intending to spend their entertainment and leisure budget on in-game purchases over the next five years, buying NFTs is fast becoming the new normal.
A survey by Obsess discovered that nearly 75% of Gen Z shoppers have purchased a digital item for their avatar within a video game, indicating how virtual games and digital shopping experiences can combine to capitalise on this spending power. Consider establishing yourself within the metaverse in order to maximise your engagement with customers and make a name for yourself within this growing market.