In May this year, one of the world’s leading events in cryptography and the blockchain, Consensus 2021, premiered “Long the Metaverse,” a virtual reality exhibit featuring dozens of cryptography artists at the heart of a financial movement. It was released in collaboration with the producer Godfrey Meyer and curators Annissa, Justin and Decryptolorian of the $ WHALE community. Every day, during the consensus, they organized 30-minute roundtable talks on the metaverse, accessible via a PC browser or virtual reality headset. There was talk of both the artwork and the world of non-consumable tokens (NFT).
Right now, it looks like big brands from various industries are dipping their feet into the metaverse. Consensus was strategically related to the word “metaverse”. Louis Vuitton launched an exclusive collection of capsules featuring the League of Legends universe, including special Prestige skins for League of Legends champion Qiyana.
Just as many in the early 2000s thought they would never need a social media presence (many leaving it in the hands of their summer interns to manage and set up corporate social media accounts), brands of the 2020s will have to start creating teams of will help them enter the web 3.0 era.
One thing is clear, some brands are ready to play and stay in the metaverse.
The metaverse evolves
Vlad Panchenko, CEO and founder of DMarket, a marketplace and technology for creating virtual worlds, claims that current metaverses are simplified virtual items or virtual services accessible with or without VR headsets.
The metaverse of the future, says Panchenko, includes:
- Ubiquitous networks.
- Blockchain with non-consumable tokens (NFT).
- Extended reality (XR) with VR and AR.
- And maybe other newer technologies.
Also, for him, the metaverse will grow into the omniverse with multiple cross-chain possibilities. The virtual economy will become as important as the physical economy. “Many brands are intuitively or on purpose moving towards metaverse, which is creating a global economy on the way to surpassing the current one on many occasions. There will be no choice but to join. Otherwise, you will not survive as a company, ”Panchenko adds.
Some of the pioneers of the industries to be the first to build metaverses are video games, cryptography, fashion and Hollywood. In addition, more clothing brands and celebrities are joining game metaverses. Recent examples include the collaboration of Gucci and Roblox. “The House brought some rare objects to the platform last year with the support of ours community of creators, we are now delighted to announce the next phase of our collaboration, as Gucci enters the metaverse in a new and exciting way, “said a Roblox ad. Fallen simultaneously with the presentation of the Gucci Garden archetypes home: an immersive multimedia experience in Florence, Italy that explores and celebrates the unique creative vision of the home, a Gucci Garden virtual space was available to everyone at Roblox for two weeks in late May.Gucci also released an edition limited virtual bags to the game that sold for $ 4,115 (350,000 Robux, the game’s currency), which exceeds the retail value of $ 3,400.
Need for knowledge marks
For Panchenko, it is very clear: “It is crucial to develop a strategy on how to transfer your activities to the virtual world and prepare your business for virtual reality, today. And in three years we will witness millions of jobs and thousands of metaverse companies. Those who are preparing today will be part of the multimillion-dollar economy tomorrow. ”
A co-founder of Twiz.io digital marketing agency Christian Velitchkov says building a metaverse around your brand currently means creating a user-driven engagement design that includes fully immersed digital experiences. In addition, it is the creation of a design that allows veteran users to become your internal and external brand ambassadors. “Your design needs to be attractive so that users are interested in interacting with your product. Your design needs to be optimized in the long run and develop deep user interaction,” he adds.
David Kleinman, CEO of Giantstep, a creative technology company, said much of the work they are currently doing on the metaverse is for SM Entertainment, one of Korea’s largest entertainment companies, which represents several High profile K-Pop. artists. From virtual characters and avatars to the first virtual concert experience with entry into the world to a full web series and even merchandise, everything is tied to a metaverse.
“It is not known to what extent it can be expansive for a traditional brand with a large number of products and infinite points of contact for the consumer. What we can talk about is how design, storytelling, and real-time technology can come together to create the quintessential metaverse. No matter what the “brand” is, the intention is clear: to instill brand loyalty through real and virtual commitments, ”Kleinman insists.
Panchenko suggests that it’s a good idea for each brand to start by creating a virtual analogy of its product: digital items. People are eager to get closer to brands with virtual assets and not real ones. According to a Wired article, the virtual goods market, the world’s largest bridge to the virtual world, is already worth $ 50 billion and will only grow rapidly in the coming years.
The future of brands in the metaverse
Today, many brands are digital. Some built their online identity before creating a real product. They can apply these skill sets to the metaverse. They can continue with their digital characters, their content and expand into products that digitally connect with consumers. Those who understand online culture, digital art, and gaming experiences will thrive on the metaverse.
Now is the opportunity for brands to move forward by adopting the digital future. Businesses can apply the way they adopted the Internet and social media to not lag behind competitors in the new digital world. The metaverse may seem like something else to do as part of the digital transformation. Instead, take metaverse as an opportunity to expand your brands, what they do, and how they do it.