What Opportunities Does The Metaverse Open for Business? NFT Auctions and Virtual Stores
According to Bloomberg estimates, in 2024, the Metaverse will become a $800 billion industry, and the VR, AR, and MR (mixed reality) market – $300 billion. Understanding the vast opportunities offered by technologies of the future, brands are already taking their first steps in this direction and building strategies for their presence in virtual reality.
Though the metaverse is only in its infancy, it is safe to say that it will radically alter how most people communicate, work, entertain, or run their businesses. Find out more about this trendy topic in a new video on our YouTube channel, Creativity: Inside & Out. In this article, we’ll share real-world examples to explore how top-notch companies use the metaverse’s possibilities for promotion and reaching new audiences.
Everything you need to know about the Metaverse
The metaverse is a network of 3D virtual worlds based on virtual, augmented, or mixed reality, where people interact with each other and with the digital environment through their avatars. How are users supposed to get there? In the simplest of the ways – using ordinary smartphones or computers. For even deeper immersion, you will need a VR headset, VR gloves, a VR suit, or even a special VR treadmill.
When it comes to the metaverse, the majority of people think of Mark Zuckerberg’s Meta company. But this is just one example of many. Other digital giants like NVIDIA, Microsoft, Epic Games, Roblox, and others are currently working on the creation of their own virtual world variants.
Benefits of the Metaverse for the business
Meta’s experts expect that within the next decade, the Metaverse will reach billions of people, raise billions of dollars in digital commerce, and create jobs for millions of creatives and developers. And these are not all, just some of the opportunities offered by the great migration to the 3D world.
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New ways of audience engagement
The metaverse will become an online environment where users will be able to interact directly. This will be a totally new level of immersive experiences. Even today, brands can use such tools as branded games (for example Louis: The Game by Louis Vuitton), virtual goods (Zara’s Be Generation AZ project), or AR apps (IKEA Place).
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Hosting virtual events
The metaverse offers limitless possibilities for event organizers. The virtual concert of rapper and producer Travis Scott, held inside the popular video game “Fortnite”, was much more successful than his live performances. The artist received $20 million for it. As for the company, the result was also more than successful since over 27 million unique players participated in the live concert. Later, singer Ariana Grande repeated this experience.
Source: The Verge
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Remote work arrangement
Due to the pandemic, remote work has become quite common for many people. But alongside many benefits, it brings many challenges since remote communication is not always effective. The metaverse should solve this problem, because one of its key features is the true feeling of physical presence. According to the Meta concept, our avatars will become as widely spread as our profile pictures are now. Through them, you will see other people’s facial expressions, emotions, and gestures, and even feel like you are next to them. In addition, you’ll be able to easily move to any place in the world.
Photo, video, and audio collection dedicated to the Metaverse
We know how hard it is to convey abstract concepts such as the metaverse. That’s why we’ve created a themed collection of photos, videos, and audio tracks. Take a look to get a picture of what your online experience might look like in the future. You can also choose these files to communicate with your audience on social media or to create exciting projects. It’s a proven way to attract attention, as the metaverse is one of the main creative trends of 2022.
Successful cases: how brands use the potential of the metaverse
1. Virtual bag by Gucci
This digital bag was created as part of the Gucci Garden virtual project on the Roblox gaming platform. It was available for only one hour and cost 475 ROBUX ($6), but after the end of the sale, players began to offer their purchased accessories at cutthroat prices. As a result, one of the users paid for the virtual bag a price equal to $4115, which is $800 more than the cost of a real bag.
Source: Twitter
2. Coca-Cola’s NFT auction
Last year, the Coca-Cola brand arranged a unique 72-hour-long auction on the OpenSea online platform. NFT lot Friendship Box was created as a vintage branded fridge, a custom Coca-Cola Bubble Jacket (wearable in Decentraland virtual space), a sound visualizer, and a themed image (The Friendship Card). The lot was sold for over $575 thousand. Friendship Box made the top five NFTs sold at OpenSea.
Source: Coca-Cola
3. Hyundai Mobility Adventure
In September 2021, Hyundai launched its own virtual space on the Roblox platform. There, users can interact through their avatars, and view the brand’s products and future solutions. With this initiative, Hyundai aims to reach a young audience interested in exploring virtual worlds. Throughout its existence, the Hyundai Mobility Adventure space was visited by more than 4.4 million users.
4. Nikeland by Nike
Nikeland is another brand space on the Roblox platform. It offers both games and digital alternatives of the company’s real products like Air Max 2021 shoes. But there’s more to it than this. To attract as many users as possible, Nike hosts virtual events. For example, the brand invited NBA star, LeBron James, for its Nikeland Initiative. The company’s primary aim of its own space creation was to make sports and the game a lifestyle. This idea won many supporters: since its launch, about 7 million users have visited Nikeland.
https://www.youtube.com/watch?v=U1yX7awE5P0
5. Virtual shop by Samsung
In January 2022, Samsung launched its 837X store on the 3D platform Decentraland. According to the brand’s representatives, it’s a creative hub that pushes the boundaries of a digital and physical world and offers a unique customized quest. Similar to other metaverses, here, users can interact with each other and perform tasks. An interesting fact: Samsung 837X’s interior was inspired by the physical Samsung flagship location in New York at 837, Washington str.. Since its opening, more than 120,000 users have visited the virtual store.
To sum up
The metaverse dominates newsfeeds and sparks huge interest among users. Technologies of the future attract brands that are looking for new ways and platforms for business development. Our examples show how diverse and dynamic a digital economy can be. Although the metaverse is not being used to its full potential yet, we can see that companies are changing their conventional ways of interacting with audiences. Step by step, they’re leading us to the future.
Other thematic articles that may interest you:
Creative Trends 2022: Merging the Future and the Past
Top 6 Virtual Influencers to Follow or Invite for Collaboration
Summer marketing calendar: seasonal holidays and content collections
