Unlocking the Gold Rush: How Your Business Can Thrive in the Metaverse
What is the metaverse?
What is the Metaverse, you ask? Buckle up, because we're about to take you on a wild ride.
Chances are, you fall into one of two categories: you've heard about the Metaverse and Web3 but don't quite understand it yet (don't worry, you're not alone), or you're a savvy online marketer or entrepreneur looking for practical tips on how to take your business to the next level.
Either way, we've got you covered.
This guide will explain why the Metaverse is the hottest buzzword on the internet right now (and why it might even replace it altogether).
From NFTs to building your own virtual storefront, we'll cover everything you need to know about branding and marketing your business in the Metaverse.
And trust us, it's going to be epic.
At The Branded Agency, we're experts in helping companies and brands make the transition to the Metaverse.
Don't believe us?
Check out our recent case study and see for yourself.
So let's get started on this journey together, and who knows?
You might just become a Metaverse pro before you know it.
Table of contents:
What Is The Metaverse and how to use it?
Let's take a trip back in time to 1838 England, where a brilliant scientist named Charles Wheatstone made a groundbreaking discovery that would pave the way for the metaverse as we know it today.
By combining two 2D images, Wheatstone was able to create a 3D image using a tool called the "Stereoscope".
And while the Stereoscope may seem outdated compared to today's high-tech VR visors, the concept behind it is still relevant and vital to understanding the metaverse.
So what exactly is the metaverse?
And how can you use it to take your business to the next level?
We've got all the answers you need, from NFTs to building a store in the virtual world and branding and marketing your business to a whole new audience.
Get ready to step into the future and discover the power of the metaverse.
Picture this: it's 2023, and you're lounging in your pajamas on a lazy Sunday afternoon. Suddenly, you decide you want to explore a tropical island, but the only problem is that you're stuck at home.
No worries! You slip on your VR headset and dive into the Metaverse, a digital world that's so realistic, you feel like you're really there.
It's crazy to think that just a couple of centuries ago, people were marveling at 3D images on paper. Now, we have the technology to create entire virtual landscapes that are indistinguishable from reality.
The Metaverse is the ultimate fusion of technology and imagination. It's a place where anything is possible, and everything is within reach. And the best part? You don't even have to leave your couch.
So buckle up and get ready to enter a whole new world. The Metaverse is waiting for you.
The first time the "Metaverse" was mentioned.
Ah, the 90s. A time of grunge music, dial-up internet, and the birth of the "Metaverse".
In 1992, Neil Stephenson, a literary genius, introduced the term "Metaverse" in his mind-bending novel, Snow Crash. And just like that, the concept of a shared virtual space where people could interact in real-time was born.
Fast forward a few years, and video game companies like "Second Life" and "The Sims" took this idea and ran with it. They created immersive experiences where players could live out their wildest dreams, and it was a hit. People couldn't get enough of this new way of living.
And the best part? This was all before the Metaverse became the buzzword it is today. So, imagine what's possible now that technology has advanced so much.
We deepened a little this and some other notions about the Metaverse in our previous blog.
The definition of the Metaverse for businesses
Let's face it, the Metaverse is not just a trend; it's a revolution. And businesses need to get on board to reap the benefits.
Think about it, with the Metaverse, you can offer your customers a fully immersive and interactive experience that traditional marketing and sales tactics can't match.
And the numbers don't lie.
The market opportunity for the Metaverse is estimated to be over $1 trillion in yearly revenues. That's more than the GDP of some countries!
And it's not just gamers and tech enthusiasts spending their money on virtual goods anymore. People all around the world are willing to drop their hard-earned cash on digital assets.
With Facebook's recent rebranding to "Meta" and plans to create thousands of jobs and invest billions of dollars, it's clear that the Metaverse is not just a passing fad.
So, are you ready to join the virtual gold rush and take your business to the next level?
Different ways of perceiving reality in the Metaverse
Virtual Reality (VR)
And let's not forget the futuristic gloves and suits that allow users to interact with the virtual world by touch and feel.
With VR, you can explore new places, meet new people, and even do things that you may never have thought possible in the physical world.
But VR is just one aspect of the Metaverse.
It is a critical component, but not the only one.
Other technologies, such as augmented reality (AR), haptic feedback, and blockchain-based NFTs, are also playing a significant role in creating immersive experiences in the Metaverse.
The possibilities are endless, and the Metaverse is only limited by our imagination (and technology, of course).
So get ready to enter a world where reality and fantasy collide, and where anything is possible.
Augmented Reality (AR)
Imagine walking down the street wearing a pair of AR glasses, and suddenly you see digital information overlaid on top of real-world objects.
You can check the weather, navigate through the city, and even try on virtual clothing without having to visit the store physically.
AR technology is rapidly evolving, and its potential for business use is enormous.
For example, it could revolutionize the way we interact with products by creating virtual try-on experiences, enhancing product demonstrations, and providing customers with valuable information about the products they are interested in.
With AR, businesses can create more interactive and engaging experiences for their customers, making their brand stand out in the crowded digital space.
Now that you understand the basics of VR and AR, let's explore how businesses can use the Metaverse to their advantage.
Mixed Reality (MR)
Ah, the beauty of Mixed Reality (MR). It's like a delicious blend of AR and VR, creating a perfect cocktail of reality and fantasy.
With Mixed Reality, you can bring digital objects into the real world and see them in 3D. All you need is your trusty smartphone, tablet, or maybe even some fancy smart glasses to make it happen.
Imagine being able to interact with virtual objects in your physical environment, like playing with digital Legos on your coffee table or designing your dream home right in your living room. The possibilities are endless with MR!
Where is the Metaverse?
So let's take a closer look at how you can dive into the Metaverse yourself.
First of all, you need to choose which Metaverse to enter. It's like choosing a restaurant for a date: you want to make sure it's the right fit for you. You wouldn't take your vegetarian friend to a steakhouse, right?
Once you've picked a Metaverse, you need the right equipment. A VR headset or smart glasses are necessary for a fully immersive experience, but you can also explore some Metaverses through your desktop or mobile device.
Then, you'll need to create an avatar, which is like a digital version of yourself. You can customize it to look however you want, from a realistic representation of yourself to a fantastical creature with wings and a tail.
Now, you're ready to explore! Depending on the Metaverse, you can do anything from attending virtual concerts to buying virtual real estate to battling mythical creatures.
The Metaverse is a vast and exciting place, with endless possibilities for adventure and connection. So what are you waiting for? It's time to jump in and experience it for yourself.
Creating in Decentraland
To enter Decentraland, you can simply search for www.decentraland.org on your computer.
They suggest using a browser like Chrome or Firefox (We noticed Safari gives you some problems). Once there, click "Get started" and see something like this.
Note: you can also access it from your mobile.
You can either play as a guest or use your wallet.
Your digital wallet is basically like having a real one; instead of containing pieces of paper, it contains the Keys to owning cryptocurrencies and NFTs.
You can create one using free tools such as Metamask.
Back to Decentraland, don't worry; you can play as a guest using your email address.
Once from there, it's all pretty straightforward.
Follow the instructions, and before you realize it, you'll be inside the Metaverse.
The view you see from the image is Genesis Plaza, the "Main Square" of Decentraland.
You'll also meet a funny digital Owl that will guide you with tutorials to understand how to command and customize your avatar.
Once again, it really looks like a videogame; your customizable avatar moves with the "WASD" commands on your keyboard; if you are a gamer, you know what we are talking about.
Gaming aside, once you realize how it impacts the real-life economy, you'll be shocked.
In November 2021, a virtual plot of land was sold in Decentraland for 2,4 million dollars.
The platform uses its cryptocurrency called MANA, which is worth double the US dollar, and you can use it to buy lands, NFT and much more.
Samsung invested in buying land, creating a "Samsung mini-city."
Barbados Island in the Caribbeans has an official embassy in Decentraland.
Another unsolved yet interesting question to answer is: "Who owns Decentraland?"
There are no big companies like Meta that runs it, but something called "DAO" (Decentralized autonomous organization).
Think of DAO as a democratic government formed by Decentraland's community.
More technically (as Decentraland describes it), DAO is a decision-making tool for MANA, NAMES and LAND holders in Decentraland's virtual world.
The community can vote, change the lists of banned names and other things. The DAO also controls the LAND and Estate smart contracts.
Here is what your customers love about the Metaverse:
People love the idea of being finally part of the decision-making machine.
The Metaverse, in its purest form, is something owned by its users.
Big companies like Google and Facebook will no longer own the structure like it was for Browsers and Social Media.
That's what we mean when we say it is a Decentralized Experience.
So, a quick recap.
Now you have the basis for understanding:
What is the idea behind the Metaverse
How to enter and start exploring the most famous Metaverse
Why your customers love it
But don't get distracted now because to fully understand this frontier of your new Online journey, we have to step back to where it all started.
Web 3.0 VS Web 2.0
Just like Archeologists divide the Dinosaur era into three periods, Triassic, Jurassic and Cretaceous… so experts have divided the internet era into three distinct phases, Web 1.0, Web 2.0 and (finally) Web 3.0
The only difference is that the Dinosaur era lasted for millions of years while we have 30 years on the other side.
Web 1.0: A game changer (with some limits)
It all started with web 1.0, where people could not do more than read websites and extract information from them.
In web 1.0, the websites didn't have login capabilities or interaction with posts or analytics.
In other words, Web 1.0 was a big Wikipedia where people could just read.
The infrastructure was a significant limit too (some will remember waiting 10 minutes for the first images to download).
Web 2.0: The freedom of interactions… (again, with some limits)
Then a new world opened with web 2.0, where big companies like Google and Facebook came into play.
Web 2.0 is what we have gone from 2004 until now. The main change is interactivity: we get information from the internet, but the internet also receives information from us.
So, for example, Google, Youtube, and social media started to collect our data to "better serve us" with tailored content so we will stay on their website longer.
However, companies realized they could save users' data/behavior and sell it to other companies and advertisers, making data collectors much more money.
Users produce content, but they are not the owners. For example, this extensive blog you are reading results from hours of research from our writers.
Still, if Google tomorrow decides that we at The Branded Agency are not that good anymore, they can obscure our content, making it impossible for users like you to find it… and we can do nothing about it.
Well, until…
Web 3.0: Interaction and freedom
Web 3.0 can be seen as the next evolution of the internet where blockchain and other decentralized technologies will take over.
This new internet idea promises to eliminate individuals and corporations that own the servers.
Everything will be kept in a decentralized, open network where users will make sure everything is legal.
Does this ring a bell?
This is precisely the same concept that runs Decentraland.
The whole idea of the Metaverse is based on web 3.0.
Web 3.0 VS Metaverse: Are they the same?
The short answer is no; they are not the same thing.
Web 3.0 is more of a concept.
It is the next stage of the internet when, finally, people will regain possession of their data and privacy, and they'll be the real owners instead of companies like Google and Facebook (ehm, Meta).
As you can see, this is more like a novel plot that still has to be fully developed.
On the other side, we have the Metaverse, which takes the same core idea of Web 3.0 and translates it into virtual worlds (Virtual Reality) or as extensions of reality thanks to technology (Augmented Reality and Mixed Reality).
The different Metaverses (Decentraland, Horizon, The Sandbox…) are still at the starting phase, but (according to data we have shown you before) they are here to stay.
So, the correlation between the Metaverse and Web 3.0 can be seen as cause-effect.
The Metaverse is the effect of Web 3.0.
The components of the Web 3.0
Blockchain
Before talking about NFTs and Cryptocurrencies, we first have to introduce the technology that backs them up.
As IBM defines it: "blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network."
It includes tangible assets (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding).
As a result, if you own anything valuable you can track and trade it on a blockchain-based network, such as the Ethereum one, reducing risks and costs for you and other users involved in the transaction.
The blockchain improves trust and digital security and makes transactions more efficient.
NFT (Not just digital art)
NFTs are digital tokens (assets) that can be used as proof of authenticity and ownership, allowing users to sell or exchange digital assets such as video, images, GIFs and any document that can be digitalized.
After many celebrities have shown their interest in NFTs, such as Paris Hilton, Snoop Dogg, Shawn Mendes and Leo Messi etc.
NFTs have become valuable for content creators in the digital space with guaranteed ownership and authenticity for their work.
Additionally, each sale of an NFT is recorded on the blockchain, creating a digital provenance that just no one can alter.
Cryptocurrencies
A cryptocurrency is a virtual currency secured by cryptography, making it nearly impossible to fake.
Cryptocurrencies introduced a decentralized concept as their network work based on blockchain technology.
"Cryptos" are generally not in the hands of a central authority, making them theoretically immune to government interference or manipulation.
Who is the Metaverse for, and why do your clients love it?
Now that you have the theory set up, let's see some practical examples of using the Metaverse to your advantage from a business perspective.
As you have surely realized, the Metaverse makes sense as long as there are people (or players) interacting and investing in it every day.
We can boil down these players into three main categories.
The users (a.k.a your clients)
Businesses
Investors
How your clients are enjoying the wonders Metaverse has to offer.
The Metaverse is the Promise Land for its users, a place to finally be the real owners of digital assets, data, privacy, interactions and achievements.
It started with gaming…
You might have heard that recently Microsoft bought Activision (one of the biggest gaming houses in the world) for a whopping figure of $69 Billion.
This shouldn't be surprising. The gaming industry is worth the Cinema and Music industry put together, and it is projected to reach a total market of $256.97 billion by 2025.
The top three 'metaverse' tokens by market capitalization are all gaming-related. These are Axie Infinity, The Sandbox, and Decentraland.
It is also important to note that 2,4 Billion people worldwide play video games every week, (which means there's one in a four chance that you are a gamer too).
Axie Infinity: It ended up making money by gaming
Play-to-earn games are becoming a popular trend recently, especially in different Metaverses.
As the term suggests, in "Play-to-earn games", you earn some tokens (NFTs) by playing, you can sell them in cryptocurrencies inside the game and then convert cryptocurrencies for real money.
Just to bring you the most famous example, Axie Infinity is a play-to-earn game based on the Ethereum blockchain in which players buy and mint NFTs of cute creatures.
It has gone viral in developing countries like the Philippines and Ghana. In many cases playing this game has become an alternative source of income that is above the standard wage.
You might have heard stories of these characters sold for thousands of dollars.
The record of selling an "Axie" (the name of these cute creatures-NFT) was $800 thousand.
Here it is compared to 2 other worldwide NFT projects (not game-related).
These success stories are enough to incentivize millions of people to play these games, therefore supporting the economy of Metaverses.
Events in the Metaverse
Gaming is the most significant chunk of how users enjoy the Metaverse, but it is not the only one.
Mark Zuckerberg described his idea of the Metaverse as "a set of interconnected digital spaces characterized by the social presence and the feeling that you are right there with another person."
Social events like festivals, concerts, and conventions are just a few examples of social interactions people love.
Talking about Concerts, the American rapper Snoop Dogg was one of the first big names to enter The Sandbox's Metaverse.
He created "the Snoopverse", where users can explore a virtual version of the rapper's colossal mansion and attend virtual concerts. These passes cost up to $2000.
Someone even spent $450,000 after Snoop put on sale a parcel of the Snoopverse, so basically, now someone is his virtual neighbor.
Justin Bieber was another singer to perform in front of a virtual crowd of more than 10 million people in November 2021.
Interactions in the Metaverse
We can state with total certainty that Interactions are the real new currency in the Metaverse.
Users can now express themselves without the interference of big companies like Google or Meta (Unless you are inside Meta's Metaverse, of course).
The number of new interactions within the online world has skyrocketed. In the Metaverse, users can:
Express themselves by customizing unique avatars.
Explore Metaverses like Decentraland meeting people and attending events.
Play games (in which they can also win real-life money).
Buy NFT's
Buy digital lands and build whatever they want, just like in The Sims or Second Life.
Meet with friends and with new people.
Collaborate with colleagues while working from home.
Go shopping in the Metaverse.
Now compare all these possibilities with Web 2.0, and you'll notice a substantial gap.
Admit it or not, Social Media has stayed the same for eight years. Comments, likes and some new minor features are not enough compared to what users can do in the Metaverse.
Sure, you can create content and become a famous Influencer… but nowadays, Social Networks are so crowded that Big Companies are reducing the visibility of your content, even on TikTok. Users and creators have to find new avenues if they want to be noticed.
Marketing in the Metaverse
Let's summarize the user's behavior:
They want total freedom and "live" in a fully decentralized digital world.
They are looking for new engaging ways of interacting with the Metaverse and other users.
They want a new social status (by owning rare NFTs and virtual lands)
How can your Business enter the Metaverse?
Would you have guessed that the future of Shopping in the Metaverse lies in the hands of a Canadian videogame where half of its users are less than 13 years old?
If you have a young son, cousin or brother, you might have guessed what we talked about.
The game is called Roblox (currently with 49,5 million daily users), and today, it counts several partnerships among the most famous brands such as Gucci, Nike and Ralph Lauren.
The strange case of Roblox
Roblox was launched in 2006, but it boomed only during the pandemic.
Users, especially kids, could find new ways of interacting with peers and enjoying this "archetype" of Metaverse.
Roblox is a game platform where users can create games for free. To do that, you just have to download the official app Roblox Studio and start creating.
You don't even need to be a master at coding; using Roblox studio takes a little knowledge, but it's the same as learning to use a video editing software or a photo editor like Photoshop.
How can you monetize on Roblox?
There are both free and paid games you can play in the game.
In Roblox, you don't pay directly in actual money but with their official currency, called Robux (800 Robux = 13 Canadian Dollars).
When you buy a custom game in Roblox, the profit is split among the platform, the creator and the seller.
So, creating games and selling tickets for them is the first way to monetize.
In Roblox, users give extreme value to their looks in this game. That's why Roblox offers countless opportunities to customize and personalize avatars.
Yep, you got it; users can also pay for virtual clothes.
Developers started collaborating with the Italian Luxury brand Gucci to design digital recreations of real clothes on Roblox, like the famous bag "Dionysus", sold in the real world for $3,400 and the digital replica on Roblox for more than $4,000.
Experts agree that as users spend as much time in the Metaverse as in real life… virtual clothing will have the same value.
Digital fashion is the second way you can monetize in Roblox.
So, in case you were wondering if opening a store in the Metaverse is expensive, one possible answer would be: sign up on Roblox and start creating games for free.
Once you have good feedback from the audience, you can start creating clothes and hiring developers, but that is another story to deepen.
Owning a shop in web 2.0
After the pandemic, the e-commerce market grew by almost 33%, and it doesn't seem it will stop booming.
Businesses have many platforms at their disposal; for example, Shopify is a Canadian company that allows businesses to move digitally.
More than 1 million businesses use this platform for its intuitive and straightforward approach.
Recently Shopify has also started to offer AR plugins to give a 3D experience to customers worldwide.
Instead of looking at yourself wearing shoes in front of a mirror in a classic store, you can frame yourself with your smartphone to see a digital preview of what you would look like.
Ikea has done the same for their products, introducing "Place".
This app uses Augmented Reality to give potential customers a real-time preview of how Ikea products would look in their house.
Owning a Shop In The Metaverse
Gucci was a great example of building a store in the Metaverse (“Gucci Vault” is their next big project in The Sandbox).
But not all the stories reach that level of success.
Samsung's Metaverse approach was a flop?
Samsung was one of the first Big Companies to move their Business to Decentraland.
Like many other users, we visited the place and thought… "they could have done better".
Despite the futuristic look of the facility called 837x (a recreation of the historic 837 in New York)... it is not that interactive.
People would expect to see digital products, but most users still don't own a Metamask Wallet, so it isn't much you can do than wander.
We hope this is just a Beta version that still has to improve because, according to users' feedback, this is something "No one asked for this. No one needs this".
The lack of interactions in this project should be ringing a warning bell both for Samsung and you reading.
5 Best practices of Entering the Metaverse
So, what are the benefits of taking your Business to the Metaverse?
The following are some strategies that companies can use to transition to the Metaverse starting from now.
❖ Take a look at how big brands create new experiences.
Companies must remember, at all times, that users who enter the Metaverse want to experience things and not just see them (the Samsung flop was a great example).
If everything a person gets from a virtual world is a plain vision of what you are selling, then why would people need a virtual world? It would be almost the same as seeing things on a website.
Here’s a good example.
Taking a step back on Roblox, a company called Alo Yoga created a digital island where people meditate to achieve collectables and digital clothes.
This is an excellent example of how to make a Metaverse Experience Interactive, and it worked!
On Roblox, the virtual Alo Sanctuary has received more than 90 million visits since its opening in February 2022.
In your e-commerce, the experience should take the same path.
Three dimension display is now the standard. People want to see products all around, try them on, see the textures, patterns, and anything that simulates being in the physical store (even the "hang-out" experience after purchasing.)
❖ Master the Web 2.0 before Web 3.0
Since we talked about video games, you shouldn't skip from level 1 to 100 without earning it.
The Metaverse is an evolution of the internet, meaning that many rules, strategies and functionalities that already exist will apply in this digital world.
The idea is for companies to master current platforms, such as social media, online stores and websites, before starting with virtual or Augmented Reality.
Organizations need to understand how to generate attraction, build communities, increase traffic, and feel comfortable with platforms like Amazon, Facebook, Instagram, eBay, Shopify, etc.
❖ Focus and target the right audience
It is essential to notice that not everyone will use the Metaverse the same way.
For example, Roblox is an excellent place to target younger generations, but not 60 years old.
In that case, you might need to accelerate the transition and be very creative, including high customization and many features.
Older generations will require a more intuitive environment, focusing on user experience because this audience will be less tech-savvy and will spend much less time in the Metaverse.
❖ Keep your current digital asset (Websites, Social Media Profiles)...
Remember that not everyone will support the Metaverse, and many will continue with regular websites, social media platforms and e-commerce experiences.
The complete transition will take years, plus older generations will maybe never adapt to the Metaverse.
So even as you position your company to be ready for the digital 3D world, don't be quick to forget the old ways.
For many of your customers, they are the best.
Let your audience engage with your brand using more traditional methods.
❖ …And Remain Adaptable
Keep an open mind; the Metaverse and everything it involves, such as the blockchain, cryptocurrencies, NFTs, web 3.0, etc., is just starting.
Things will continue to change, and the main characteristic of successful entrepreneurs and organizations is to adapt and be ready for anything.
Investors in Web 3.0 and Metaverse
Companies and investors are planning to monetize the Metaverse without entering it.
As well there is always a Warren Buffet behind the curtains; people can make money during a Goldrush by selling shovels to miners.
Direct ways of investing in Web 3.0
Real Estate
The first direct investing method is buying virtual land plots in Metaverses like Decentraland and The Sandbox.
Like Bitcoins (one day, miners will remain with just 1 Bitcoin left to mine), real estate is not infinite in the Metaverse.
Decentraland has "only" 90.601 land plots, The Sandbox a little more; 166,464 (square plots of 96m/315feet in length.)
Republic Realm, a Metaverse Real Estate company, made history when they bought a plot in the Sandbox for $4.3 million in November 2021.
It is an investment firm and their strategy is to buy, manage and create interactive experiences within the Metaverse.
According to their CEO, they bought the equivalent of a city, and they paid so much for it because the idea is to build something big and very immersive.
At the time of writing, the minimum price to own land in Decentraland is approximately $13 thousand.
So, if you consider it a high-risk/high-profit investment (and you know how to bring traffic and interactions), this could be a choice to consider.
Buying NFT's
People love that NFTs are unique and that there will never be an exact copy of them.
This introduces a new way of living ownership and gaining social status in the Metaverse.
In rough terms, the more unique your NFT is, the cooler you are.
So people start buying NFTs and directly collecting them.
Do we suggest this practice?
First, of course, this blog is not intended to be financial advice but more a comprehensive tour of the different opportunities of what the Metaverse has to offer.
That being said, NFT's market has seen a lot of speculation and flipping strategies.
The term flipping in the crypto world means buying an NFT or other digital assets, hoping that someone will be willing to pay more for it.
Therefore it's a short-term strategy, and sometimes things do not go as expected.
For example, an NFT investor, Sina Estavi, bought the NFT of the first Tweet in history, paying $2.9 million.
Recently he put it on sale on Open Sea, the largest "eBay" of NFTs.
He started bidding at $48 Million, sure of the fact that everyone would have wanted it.
The auction ended with the highest bid of… $12 thousand; a.k.a 0.4% of what he paid for it. Not the highest return on investment, we would say.
Buying cryptocurrencies
A virtual world requires a virtual currency.
One direct way to be investors in the Metaverse is by owning cryptocurrencies such as MANA for Decentraland and SAND for The Sandbox.
You can purchase them from apps like Crypto.com and create a Metamask Wallet (a pretty simple procedure, just like signing in to a new platform).
Although it might still be a complicated topic for many, organizations must become familiar with digital currencies and their functionalities.
In addition, understanding cryptocurrencies and their security system, the blockchain, will be essential for organizations to succeed.
Since many Metaverses such as Decentraland and the Sandbox are built on the Ethereum Blockchain, investing in the crypto Ether could be smart.
Once again, not financial advice, but it might give you an excellent perspective of how you could play indirectly in the Metaverse.
The high demand for them in the future puts the Ethereum Cryptocurrency above the other hundreds of various cryptocurrencies around.
Indirect ways of investing in Web 3.0
This means investing in stocks of companies that will play a significant role in the Metaverse, such as Google, Apple, Meta, Nvidia and many others.
These companies put billions into building the foundations that will keep the Metaverse in its momentum.
Investing in these players might be safer than directly owning plots of land in Decentraland or buying rare NFTs.
How do you Market your Business in the Metaverse?
In this final chapter, let's answer the question “Is marketing my business in the Metaverse possible?”
Well, here are a series of ways you can promote your Business in the Metaverse.
The importance of Discord
We know You have a lot on your plate today. but we left Discord aside for the big Finale.
Discord is a social platform that features chats, video calls, groups, and worldwide conversations. It is a sort of Zoom that young generations love.
Gamers initially used it to chat with people worldwide during gameplay.
Nowadays, brands and businesses use Discord to create their servers to attract Metaverse's enthusiasts and share NFT projects with existing fans.
In Discord, you can create Servers, divided into dedicated channels, in which people can follow your Metaverse projects.
Brands can divide channels by theme. The "updates and announcements" channel for official news is a "general chat" channel where members can discuss upcoming releases and meet each other.
You can pour in your branding assets to create unique channels reflecting your brand guide.
With more than 140 million active monthly users and 300 million registered accounts (according to 2022 stats), Discord servers have the critical role of collecting direct user feedback to improve their experience.
Bear in mind that up to 70% of Discord Servers are gaming-related, so if you plan to create gaming experiences in The Sandbox, Roblox, Decentraland… creating a dedicated Discord Server is a crucial step in the process. After all, it's free!
The Metaverse Itself
Here are three ideas:
Renting billboards
Right now, you could rent a virtual billboard in Decentraland like you would do in a busy street.
There are pros and cons.
Indeed, your clients see (and ignore) ads and billboards on websites at least 500 times a day, but they are not used to seeing them in the Metaverse.
If you use the same tactic and copywriting techniques for your billboards in the Metaverse… people will just be bothered by them.
You can take a tour on metaverse-billboards.com to see what is working right now.
Hosting events
Interactive live events/experiences are composed of interactive elements such as VR, gaming, live shows, etc., which offer an immersive medium for people to connect & boost engagement.
Just to give you an example, the Gucci Garden event was a two-week virtual collection exhibition on the Roblox platform, which garnered more than 19 million visitors. These virtual events allow companies to showcase their products or services, create awareness, have conversations with customers and build a strong community.
Creating digital-only Products
A study found that 92% of people value customization in creating their virtual avatars.
Although we have seen this for years in video games, like buying skins or special weapons for game characters, now people will be able to purchase digital assets for themselves.
Final Thoughts
Well, we have covered a lot in this guide, but you can now start putting the pieces together to shape the Metaverse in your head (and in your marketing plan).
Everyone is talking about it and this load of information might seem overwhelming.
In cases like this, it is essential to have someone you can rely on, someone with experience that guides you through the clutter taking only what matters for your Business.
You can write us a message at the Branded Agency.
We've worked on several NFTs and Metaverse projects, and we help small, medium and large businesses take their Business into the Metaverse.
Checkout our Other Blogs
Checkout our Other Blog Posts
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