The metaverse is an immersive virtual reality that allows users to be present, it is a persistent space in which blockchain technology could be used to pay for items that we can bring with us through various experiences. The term “metaverse” refers to an all-encompassing digital world that exists in alongside with the physical world.
According to JPMorgan, global metaverse revenue opportunities in areas such as live events, ads, social commerce, and hardware are expected to exceed $1 trillion, and $800 billion according to Bloomberg. The market for game developers and gaming hardware alone could be worth more than $400 billion.
Brands looking to enter the metaverse should first figure out where they fit in and weigh the risks and rewards of entering the digital landscape. Following that, they should determine whether and how much of their target audience spends time in the metaverse, and adjust their strategy accordingly. The metaverse may be the next iteration of how we use the internet to connect, communicate, and transact, so brands must maintain a “test-and-learn” mindset and remain agile as they venture into this uncharted territory. Let’s have a look at what brands have done on metaverse so far.
SANDBOX
The Sandbox is a virtual world on the Ethereum blockchain where players can create, own, and monetize their gaming experiences.
The Sandbox is best known for its two smash mobile hits, The Sandbox (2011) and The Sandbox Evolution (2016), which together have received over 40 million downloads on iOS and Android.
In The Sandbox metaverse, a LAND is a digital piece of real estate that players can purchase in order to create interactive experiences. You can populate a LAND with Games and Assets once you own it. Each LAND is a one-of-a-kind (non-fungible) token that exists on the public Ethereum blockchain (ERC-721).
SAND is an Ethereum-based ERC-20 utility token that will soon be used to carry out transactions within The Sandbox.
How do creators generate Revenue?
- Create Voxel Assets: Create ASSETS in Voxedit, then import and sell them as NFTs on the Marketplace.
- Building games with Game Maker: Using your LANDS, create and monetize games and interactive experiences with the Game Maker.
- To own a LAND: During one of our LAND Sales, you can purchase a block of land. Increase their value by renting them or filling them with content.
GUCCI AND ROBLOX
The Gucci Garden Archetypes installation, a physical recreation of 15 of Gucci’s most fantastical advertising campaign sets, debuted in the brand’s Florence palazzo. Now there’s a new garden, one that’s open to the world and doesn’t care about time zones. Here’s a fantastical virtual Gucci Garden to wander through, immersing you in creative director Alessandro Michele’s everything-goes universe.
The Gucci Garden will debut on Roblox on May 17th, a popular gaming platform for pre-teens that is quickly growing into a major metaverse platform for everyone. The Gucci Garden on Roblox, like the real-life version, features multiple themed rooms that pay homage to Gucci campaigns while also adding features that aren’t constrained by physics.
Roblox wants users to put as much effort into their avatars as they do in real life by investing in them. People can mingle with others exploring the space and purchase digital pieces created in collaboration with Roblox in the Roblox Gucci Garden. The clothes are designed to be collectables and can be worn in other Roblox experiences.
BENETTON
United colors of Benetton opens its store in metaverse. Visitors will not be able to purchase clothing, but they will be able to collect QR codes through various gaming experiences. These QR codes can be used in Benetton’s physical stores to make purchases. “By doing so, the brand establishes an additional point of contact with the customer, bolstering the omnichannel strategy.
The goal is to create a three-dimensional link between the present and the future, the real and the virtual, through an immersive brand experience that speaks to young people’s language.
SELFRIDGES
Selfridges has opened the world’s first metaverse department store featuring 70 brands. The store, which is part of Decentraland’s Metaverse Fashion Week, allows shoppers to see exclusive NFTs by Paco Rabanne and Fondation Vasarely in a virtual store and accepts crypto payments. The retailer joins Tommy Hilfiger, Etro, Dolce & Gabbana, DYNY, Privé Porter, Charles & Keith, and WyldFlwr in opening virtual stores during Fashion Week this month, each offering exclusive NFT versions of items for sale for use elsewhere in the metaverse, as well as NFTs that can be redeemed for real-world exclusive goods. The virtual sites link to the brands’ and retailers’ regular e-commerce sites, demonstrating how the metaverse could lead to more real-world sales.
JP MORGAN
The metaverse, according to JP Morgan’s report, provides opportunities to:
- Transact – US$54 billion is spent on virtual goods each year, nearly double the amount spent on music.
- Roblox is used to send approximately US$60 billion in messages per day.
- Create – In 2021, Second Life’s GDP was around US$650 million, with nearly US$80 million paid to creators.
- Own – NFTs have a market capitalization of $41 billion dollars.
- Experience – The Sandbox has formed 200 strategic partnerships to date, including one with Warner Music Group to launch a virtual world themed around music.
It was the first bank that was launched in the metaverse. The bank’s Onyx lounge, which is named after the bank’s suite of Ethereum-based services, allows institutions and businesses to access the metaverse.
A tiger roams the first floor of the Onyx Lounge, which is located in Metaiuku, a virtual version of Tokyo’s Harajuku shopping district, while a person’s avatar can watch experts discuss the crypto market on the second floor, which is overseen by a portrait of the bank’s CEO Jamie Dimon.
AMAZON
Amazon took unboxing to metaverse with the OnePlus 10 Pro. As we all know unboxing a phone is like an industrial ritual and taking unboxing to the metaverse amazon is giving it a fresh new twist. The unboxing took place in Decentraland where users could experience the remarkable new features in the virtual world.
MARRIAGE IN METAVERSE ?
Forget zoom wedding. US citizens Traci and Dave Gagnon got hitched in a virtual ceremony with digital avatars dressed like them. Guests were sent a link to download the software and create there own avatars..
The ceremony saw the bride walk down the aisle, the best man delivering a toast and even a dance performance by the 7 year flower girl and ring bearer.
META ECONOMY
More people are entering the meta-economy as a result of supply and demand dynamics. This, in turn, will necessitate the acquisition of new skills and the creation of new revenue streams. After all, people will be required to create and develop the products that are consumed in the virtual world, presenting enormous opportunities for the creator economy.
The advent of Web 3.0 has ushered in the ownership of the economy. You can purchase an original piece of art tokenized as a digital asset to personalise a virtual home. You can even own the land on which the house is constructed. Platforms based on Ethereum, such as Decentraland, are already selling virtual plots that people can develop. The market for virtual real estate is expanding.
MARKETING STRATEGIES IN METAVERSE
VIRTUAL WORLD
Virtual reality will transform business and marketing mindsets by allowing people to create, explore, identify, express, connect, and socialise.
AVATAR MODELS
Influencer marketing in the metaverse is important for engaging consumers in metacommunities because it is purpose-driven and community-led.
IN-GAME ADVERTISING
In-game virtual billboards in sports or other event venues have also replaced real-world outdoor advertising. Brands can now set up digital booths with customer service catering in one of those digital events/exhibitions, in addition to billboards.
NFTs, DIGITAL GOODS & COLLECTIBLES
The metaverse and NFTs are intertwined. Users can use blockchain-backed NFTs to showcase and trade digital forms of art and property in the metaverse, making it a new marketing dimension for brands to develop their digital assets.
THE METAVERSE MAP
On the map, on the left toolbar, there is also a “lite mode.” This mode hides all small images on the map, which helps some devices and networks load faster. If this option is enabled, images will only load based on the zoom level. To see the differences, switch between the gallery tabs below.
ADDITIONAL LINKS
https://hbr.org/2022/01/how-brands-can-enter-the-metaverse
https://www.bloomberg.com/professional/blog/metaverse-may-be-800-billion-market-next-tech-platform/
https://medium.com/sandbox-game/what-is-the-sandbox-850de68d893e
https://www.vice.com/en/article/93bmyv/what-is-the-metaverse-internet-technology-vr
Very well presented and informative blog. Keep up the good work 👍
Very insightful. Thank you for sharing.
This was a very insightful read. You have clearly researched a lot and it really refreshed my knowledge about the Metaverse!
Love this! Gives a new perspective about the change in technology. Got to know a lot about Metaverse.
Thank you Jasmit!
Very interesting. Got a lot of information from this blog.
Very interesting!
One of the most cut sharp reads on the Metaverse subject that I have come across. Well written!
Such an insightful read. No fluff, just helpful information. Keep up the great work!
Very good and interesting content.
Very cool piece. Thanks for all the infos
Thank you!
Very well informative guide for Metaverse, amazing work!!
Glad you liked it.
This is a very informative blog regarding brands in Metaverse! Well done Jasmit!
Thank you!
Very interesting information Jasmit! Thank you!
Very informative. Keep up the good work