Level Up Your Brand: How to Dominate Marketing in the Metaverse
Branding and Marketing in the Metaverse
Unlocking the Power of Branding and Marketing in the Metaverse: Embrace the Future!
Are you ready for the next big thing? The Metaverse is here, and it's creating endless business opportunities. Whether you're a fan of digital currencies, non-fungible tokens (NFTs), or virtual reality, there's no denying that the virtual world is evolving rapidly.
Even big companies like Facebook are jumping on the bandwagon, rebranding themselves as Meta to better represent their vision of bringing the metaverse to life.
But what exactly is the metaverse, and how can businesses leverage it to supercharge their branding and marketing strategies?
At The Branded Agency, we're here to help you navigate this exciting new world. We'll show you how to create new connections with your audience, maintain existing ones, and stay ahead of the curve.
Our most recent case study showcases how we helped a company thrive in the metaverse.
So, are you ready to unlock the power of branding and marketing in the metaverse?
The Branded Agency is helping companies transition to the Metaverse, see our most recent case study.
Book a consulting call with us now and let's explore the possibilities together!
What is the Metaverse?
Okay, so first things first. What the heck is the metaverse, anyway?
Not to be confused with the multiverse (a topic that is arguably just as hot right now with the release of each new Marvel movie), the metaverse is a virtual land and reality for people to explore.
It’s a place for people to connect and interact with others, express themselves, and build virtual lives.
The term ‘metaverse’ is a portmanteau of ‘meta’ and ‘universe’ and was first coined by author Neal Stephenson in his 1992 science fiction novel Snow Crash, which describes a dystopian society where people use digital avatars of themselves to explore an online world and escape into virtual reality.
Knowing this makes the rise of the metaverse eerily timely given that many would gladly take any means of escape from the pandemic if given the chance.
According to Meta, “the “metaverse” is a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you.
You’ll be able to hang out with friends, work, play, learn, shop, create, and more.
It’s not necessarily about spending more time online — it’s about making the time you do spend online more meaningful.”
We know what you’re thinking.
Don’t we already get all of that with the internet, social media, and video games?
Yes, you’re right, but the metaverse explores the potential for so much more.
It’s true that there are aspects of existing technology, social media platforms, and video game worlds that currently lend themselves to the development of the metaverse and they will undoubtedly all play a crucial role in its success.
Take virtual reality (VR) and augmented reality (AR) technology in gaming for example. VR headsets like the Oculus or PSVR place users inside the virtual world, while apps like Snapchat and Pokémon GO use AR to bring virtual creatures to life in ours.
These types of technology are slowly merging and even blurring the lines between real life and the virtual world.
Fortnite and other popular massively multiplayer online games (MMOs) often offer players extensive avatar or character customizability to help build their online identity.
Some games like World of Warcraft even have persistent thriving virtual economies.
The ideal version of the metaverse is one where all of these components and ideas are able to work together seamlessly across different platforms.
It’s bigger than a game or an app and Meta says that “the metaverse will be a collective project that goes beyond a single company.
It will be created by people all over the world, and open to everyone”. And that’s really just the tip of the iceberg.
If you’re still having a tough time picturing what the metaverse could look like, we don’t blame you.
Nobody can really say with absolute certainty how the metaverse will ultimately take shape, but chances are that you’re already familiar with some portrayals of the metaverse in pop culture.
To give you a better, albeit highly fictionalized, idea, think about films like Ready Player One (2018), Wreck-It Ralph (2012), The Matrix (1999), and Free Guy (2021). Are you starting to see where this is going?
What is Branding?
Ah, branding – everyone’s favourite topic.
We know a thing or two when it comes to branding and we’ve got a lot to say about it on our blog, but here’s a quick reminder about what it is.
Much like how the metaverse is larger than a single product or platform, branding is also greater than the sum of its parts.
It’s more than a logo, slogan, identity, or colour palette. It’s all of it and more.
It’s about building a connection with your audience through shared values and goals.
The metaverse is a brand new playground and while the rules of branding and marketing are largely the same, we’re now working with different tools.
With increased interest in the metaverse and in cryptocurrency, businesses could see their primary audience spending more time in the virtual world.
This changes how businesses look to connect with their customers and build relationships but doesn’t make it any less important.
Businesses had to adapt to the rise of the internet and adjust to the boom in social media usage, so it goes without saying that brands will need to do the same to keep up with the emerging metaverse.
Need some guidance on how to craft a branding or marketing strategy? Not sure how to write your brand pillars or mission and vision statements?
We’ve got you. Contact us and we’ll work with you on all of your branding needs, from developing your brand identity and positioning, to creating an amazing logo or website – we’re here to help, every step of the way.
Branding and Marketing in the Metaverse
Alright, so how in the (virtual) world do you prepare yourself for the metaverse?
How can you proactively take advantage of what the metaverse has to offer and what does it take for successful branding and marketing in the metaverse?
Well, there’s a lot that you can do right now to start dabbling in the virtual world; there are things you can do to prepare for the development and expansion of the metaverse, and there are things that we have no idea we should be doing yet because they don't exist.
For now, let’s focus on what we do know.
Non-Fungible Tokens (NFTs)
NFTs, or non-fungible tokens, are one-of-a-kind digital assets that cannot be replicated and often represent goods like art, music, videos, games, tweets, and more.
NFTs are huge in the digital art world, rewarding digital creators with mind-boggling sums of money for their work. Mike Winkelmann, professionally known as Beeple, is an artist dominating the NFT world, selling his piece “Everydays: the First 5000 Days” for a whopping $69 million.
While the idea of NFTs might be hard to grasp at first, it’s clear to see the opportunities that they present and it’s no wonder companies want in.
Big brands are embracing NFTs by creating their own with their in-house design team or through partnerships with artists.
These NFTs are then released to the public or sometimes even given away as gifts or as part of a promotion. Nike, Coca-Cola, Taco Bell, and the NBA are just some of the big names jumping on the NFT train.
Using campaigns from these big brands as examples, here are some tips to keep in mind when using NFTs for your next branding and marketing strategy or initiative:
Find ways to link the benefits of owning your NFT with the real world, whether it’s access to physical goods, discounts, or events.
Use scarcity to increase the value of your NFT. Making NFTs that are one-of-a-kind or part of a limited series will help increase their worth.
Create NFTs as a way to raise awareness and funds for a good cause. Coca-Cola, for example, ran a campaign where the proceeds from an NFT auction went to support the Special Olympics.
Celebrate, commemorate, and immortalize key moments in your brand’s history through NFTs.
This allows customers to become a participant by owning a piece of that moment. The NBA is doing this by giving fans the ability to purchase digital assets of in-game moments featuring their favourite teams.
Have fun and get creative. There’s still plenty of room to experiment and push boundaries when it comes to what NFTs can or can’t be.
Don’t use NFTs as a way to get rich quickly. Instead, focus on creating something meaningful for both your customers and your brand.
As long as you’re releasing something that people want and can support, branding or marketing strategies incorporating NFTs are a sure way to get noticed especially with all of the buzz surrounding the metaverse.
NFTs are the hot thing right now.
They’re cool, they’re fun, they’re trendy, and they’re the future.
As with everything in life, do your due diligence as a consumer to protect yourself from falling prey to scammers.
Exercise caution when purchasing NFTs or when dealing with any crypto transaction to ensure that the seller actually owns the digital asset they’re selling.
Virtual Real Estate in the Metaverse
Now, here’s one that might lose some of you, but stick with us – virtual real estate.
It might seem absurd right now to invest in virtual real estate by purchasing land/space in a virtual world but imagine for a minute that a version of the metaverse was fully operational, hosting thousands of users daily.
Now imagine that you owned property in a high traffic area where hundreds of thousands of avatars travel through.
You could then set up shop and have people purchase your goods and services virtually and redeem them in real life.
Here’s the kicker, you don’t have to imagine it because it already exists.
While still in their early stages, Decentraland and The Sandbox are two metaverse platforms that are open for people to explore.
You can hang out, interact with others, play games, and build your own world.
On January 6, 2022, South Korean tech giant Samsung officially entered the metaverse by opening up a virtual version of their flagship 837 stores in Decentraland.
Named Samsung 837X, the virtual store is available to explore for a limited time and is a virtual model of their physical store located at 837 Washington Street in New York City.
Check the following image from Decentraland.
According to Samsung, “Samsung 837X is a fully immersive experience, featuring quests and live music events.
To see it for yourself, you must enter Decentraland using your desktop browser.
It’s a blockchain-powered virtual space, where you can buy and sell exclusive digital assets, like land and wearables.”
Samsung 837X features a Connectivity Theater for showcasing Samsung news, a Sustainability Forest that customers can journey through and experience and a Customization Stage that will be host to a mixed reality live dance party.
If Samsung can get behind the metaverse, the idea sounds a lot less silly now, doesn’t it?
Branding and marketing your company in the metaverse is now an amazing strategy and is really no different than having a store or billboard in the heart of NYC or even purchasing ad space online.
That being said, at the time of writing, the cheapest piece of land in both Decentraland and The Sandbox is going for a little more than $13,000, so make sure you’re acting quickly and accounting for these costs in your branding and marketing budget.
Closing Thoughts
The thought of entering the metaverse can be intimidating; change always is, but from a brand perspective, it gives you access to an audience you might not have been able to reach otherwise.
Potentially a different audience than you’re used to, sure, but the thought is that eventually shopping, playing, hanging out, and exploring the metaverse will be the norm and become more easily accessible.
With the way things are headed, joining the metaverse seems inevitable if companies want to stay relevant, and thinking about branding and marketing in the metaverse now is crucial to staying ahead of the game.
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Other Resources
Branding in a Box for Small Businesses
Digital Marketing Report for 2023
The Ultimate Guide to Creating a Brand Identity
A Guide to Creating a Buyer Persona
A Beginners Guide to Writing a Business Plan