I recently explored the world’s first 24-hour Metaverse festival.
Wow – what an immersive experience.
Drop the buzzwords: NFTs, Web3, portability, 3D modelling, blockchain, tokenomics, real time supply chains… the list goes on.
If you’re like me, then you can’t ignore it. However, you may be scratching your head about it.
How are leading brands approaching the Metaverse? What are their learnings? What could you take away from this post?
Well, please read on.
New experiences
As I’m sure you’re aware, luxury brands are playing a big role in the Metaverse – as well as exploring ways in which the real world and virtual worlds can merge.
Brands in the electronic, auto, and fashion industries. Typically brands that have traditionally been first movers in new mediums.
There were speakers from Coca-Cola, Tommy Hilfiger, H&Mbeyond (the innovation hub of H&M Group), Volskwagen, Netflix, Epic Games, Heineken, Google and many more. You can listen to them all here.
Have you seen some of these launches and collaborations?
The Incredible Strategy Of Nike And Adidas In The Metaverse!
Burberry’s floating virtual oasis
Making the Metaverse mainstream
Most speakers were in agreement, the Metaverse is still very niche and early days (even though we’ve seen virtual realities for decades now).
Pop culture is still in its infancy in the digital world as it gets redefined with Web3 (read-write-own, the decentralised web).
But how to bring the Metaverse mainstream and ensure social responsibility and protect wellbeing, as well as cracking better user experiences are still a challenge.
Going beyond multi-player games, avatars, and buying jpegs is needed to make it more meaningful.
How to use fiat currency, crypto, wallets, and asset ownership are also critical issues playing out.
However, I enjoyed digging deeper and listening to how brands are approaching the next few years in this space.
Learning more about how they’re removing physical world barriers, and how brands and people are expressing themselves in ways that were previously impossible.
Baby step benefits
The bottom line for marketers is answering the question, “why enter the Metaverse?”
What can you offer consumers that delivers real value, rather than just tech buzz.
There is a myriad of opportunities for retail executions, festivals, events, music, and creating unique collectibles.
However, it’s not necessarily about selling something overpriced with no utility. Sure, that can all be tested and offered.
It’s thinking more about the benefits that make sense for your current, as well as next stage, audiences from a physical and digital world perspective.
Creating something that generates FOMO, but also real, the longer-term value that entice people to engage. And that can create communities of advocates.
My view is that brands that blend physical and digital experiences to build better services, drive multi-way relationships, and create closer attachment will win out long term.
Imagine reducing our physical world assets (clothing, furniture, accessories, plastic toys) and owning digital versions – reducing waste, reducing child labour, helping combat climate change, and saving the planet. Am I pushing the virtual boat out too far? At the very least, it should all be discussed and considered.
Continuing journey
It’s a confusing and emerging area.
If you’d like to delve deeper, then click here, or watch some of the speakers and recordings of the livestreams here.
Stay humble, be curious, keep an open mind, be vulnerable, and keep exploring.
My advice: find the right specialist partners to get you over the first time hurdles as you immerse yourself into this new space.
PS:
And as you explore, keep in mind the legal, accounting, and bureaucracy challenges, as well as diversions of pure playfulness. It’s also important when you have decentralised data to consider how to integrate activity into your CRM system to track customer impact.
We’d love to hear from you if you’re looking into the Metaverse, and how you’re tracking the impact on customer loyalty. Please drop us a message here
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