With all the Web3 hype dominating the press, companies are having to consider whether or not to invest efforts into this new trend. The metaverse, for those that don’t know, is a collection of virtual worlds put together to create new experiences. These worlds utilize blockchain technology and NFTs in order to promote interactions and transactions. The new Web3 movement has a focus on decentralization and digital ownership. Blockchain technology enables this by creating a “ledger” to store data and create one of a kind digital signatures.
So why shift towards the metaverse? Well, simply put, Metaverse worlds are being developed to create new forms of engagement for companies. For artists, there have been many examples of metaverse concerts. Recently, Justin Bieber and Coachella have held concerts digitally which proved to be a large success. In the past, Fortnite hosted a concert with Marshmello which had an audience of 10.8 million fans. These worlds that are being created are catered towards achieving a goal of the creator, whether that be to create a new way for fans to engage with the artist from anywhere in the world or using game engine platforms to create new content.
Metaverse worlds are also the hub for users to experience new content. For those in film and media, utilizing metaverse worlds to host watch parties, celebrity meet and greets, or red carpet events are all ways in which creators can create new forms of engagement for fans. Doing so will capitalize on new forms of revenue streams. Here, fans can pay to access the events listed above and more. Exclusive NFT tokens can be collected at these events and showcased outside of the event to friends.
There is also opportunity for brands to use metaverse worlds to market IRL products. Brands can use NFTs as a way to market their product in the metaverse, but to also create brand loyalty. Coach has been using NFTs as a way to engage directly with their fans. Recently, holders of Coach NFTs also received a custom Coach handbag for being an NFT holder. Likewise, shoe company Adidas has been creating IRL copies of NFT tokens that fans have purchased, allowing their NFT holders to enjoy a sweet pair of new shoes both virtually and physically. Doing so creates brand loyalty, as users will sport a brand virtually to people as well as in person. The results from this are outstanding, as Adidas has made over 43 million dollars off of their NFT drops.
How do you build a metaverse world that best fits your brand? Some preliminary questions to ask are the following:
Want to learn more? Liveplex has insights on all topics Web3 and is the perfect place to understand how your business can leverage this new industry.