Increase your brand value online by venturing into the Metaverse

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Innovation is key for brands that want to stand out from the competition and embrace creativity. Companies are starting to see the utility of NFTs – digital products with unique identifiers. Companies incorporating NFTs into their branding should consider partnering with NFT creators, tokenizing events, turning physical products into NFTs, licensing, and running NFT contests and giveaways. Zipline survey results showed that 84% of Gen X, 70% of Gen Y and 63% of Gen Z would be interested in an NFT from brands they value.

NFTs enable brands to add value to digital products; however, the product must have value for consumers. Brands like Gucci have created NFT apparel, and Nike has digital sneakers that avatars can wear in the metaverse. The new use of NFTs now allows brands to merge the digital and physical worlds; consumers can buy or win a digital product such as a photo or video, and then the company can deliver a physical branded product to complete the marketing loop. Companies can design NFTs themselves or hire a company that specializes in creating NFTs and NFT platforms. NFTs are a viable option for brands to connect with the consumer and increase brand recognition. Brands that invest in using a pre-defined NFT platform are more likely to realize market gains.

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Related: Your Brand Can Be Part of the Metaverse. Here’s how you do it.

Design an interactive virtual storefront

In the past, customers would visit a website or app to access products offered by a company. Thanks to advances in technology, brands can create more immersive experiences for customers. Customers can visit a virtual storefront, like the one created by Nike, to go beyond just viewing products. In the metaverse, customers can interact with digital products by using an avatar to try on clothes and other products. Brands’ opportunity to elevate the customer experience from a bland website visit to a rich and immersive encounter should be explored. A consumer survey by Accenture found that 64% of respondents have made a virtual purchase and 83% are willing to make a purchase through the metaverse.

Brands that simulate the convenience and efficiency of a traditional in-store shopping experience are more likely to retain customers’ attention. Once the decision is made to launch a storefront in the metaverse, businesses must decide which metaverse platform to use. There are well-known platforms, but brands should consider creating their own platform for more control. The storefront design can be a stand-alone application or a virtual space. Media companies can help the brand create and design interaction layers that define storefront functionality and the ability to integrate with third-party tools. Customers can experience 3D using wearable devices such as virtual glasses, haptic gloves, smart glasses and VR headsets. Well-built storefronts enable a high level of interoperability with increased access to data and manipulation of digital objects by the consumer.

Related: 4 Ways to Revolutionize Your Customer Experience in the Metaverse

Create virtual events

Virtual meetings are all the rage thanks to the Zoom boom, and brands can take advantage of the change by hosting in-person virtual events. Immersive virtual experiences can attract new business customers for brands looking to expand across geographic boundaries. The type and structure of the virtual event is limited only by the level of creativity and allows unlimited customizations. Brands can partner with influencers or even create their own virtual influencer.

Businesses can host live or pre-recorded events that are accessible from a mobile device or laptop. Although 3D events that require VR glasses or headsets are possible, they are not as popular now.

Artists are one of the largest groups leveraging the metaverse to engage customers with live music, comedy shows and other social events. Attendees of a virtual event can be present in the virtual world using avatars that allow them to dance with others while listening to their favorite artists. Roblox has leveraged the innovative technology of the Metaverse with over 33 million attendees for their virtual concert event. The gaming market, including Fortnite, has successfully used VR games to promote products during customer interactions, demonstrating the power of virtual branding.

Virtual exhibitors can create lifelike interactions like traditional meeting room events. Companies can use branded booths to showcase different content, but high-quality productions are key. Brands can use virtual tokens, badges, avatar upgrades and digital gifts to convert fans into customers. The Metaverse provides an opportunity to engage more with the participants. Brands need to make targeted decisions to ensure potential customers are part of the event, not just spectators.

Related: 5 Content Ideas to Draw People to the Metaverse

Start your own metaverse

Having a presence on virtual platforms is good, but having your own is even better. Brands should consider creating their own virtual platforms. Although it may seem financially risky at first, the ability to deliver targeted and branded customer interactions will only improve the consumer experience. Companies that want to launch successfully into the metaverse must prepare a market analysis to ensure that the project meets the customer’s needs and outshines the competition. Some companies even offer the ability to create your own secure smart contracts, NFT marketplaces and more.

Related: Back to the Future: What It’s Like to Use a VR Headset for the First Time

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