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The Role of the Metaverse in Your 2024 Brand Plan

Everyone has encountered the word ‘Metaverse’ at least once in the last year, but what is it, and does it have any purpose for already existing businesses? In its truest form, the Metaverse is meant to be a virtual, 3D world that exists parallel with our current universe, but is entirely separate from it. Virtual worlds within video games are an accurate representation of a smaller scale Metaverse. Essentially, the Metaverse is an umbrella term that encompasses an array of different elements such as virtual reality, artificial intelligence, Web3, cryptocurrency, blockchain, and others. This sounds like a lot of information to take in, so let’s take it one step at a time and take a closer look at how already up-and-running businesses can make use of this timely phenomenon.  

4 Ways to Incorporate the Metaverse in Your Brand Strategy

Depending on your industry and niche, there are different ways your business can benefit from any of the elements of the Metaverse we listed above. It’s important to keep in mind that any time you decide to utilize elements of the Metaverse or Web3 in your business, make sure there is a purpose to it and you aren’t simply doing it just because it’s the next best trend. Chances are high that audiences will be able to tell when you aren’t genuinely interested in the projects you are undertaking. With that said, let’s take a look at a few ideas to incorporate in your business strategy if they align with your goals and vision. 

1. Produce and Sell NFTs 

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Non-fungible tokens are all the rage now with a whopping $17.7 billion trading volume in 2021 alone. They are also among the easiest and most cost-effective ways to immerse your business into the Metaverse. Just about any virtual asset can be considered an NFT — from images to videos, gifs, domains, avatars, and so on. The options are endless when it comes to what you can create in the name of your business. Creating an avatar or exclusive collectables is one of the easiest and most cost-effective NFT ideas you can opt for. Additionally, you can decide to add additional perks to your NFTs such as granting access to special advantages outside of the NFT platform for whoever purchases and owns a token. Creating a branded NFT is similar to developing and distributing a physical good, except now it’s a virtual asset! 

2. Host Virtual Events for Metaverse

The need for social distance-friendly events arose back in 2020, and they’ve developed to become even more innovative and refined since then. This approach has proven to be quite popular, especially for major clothing and luxury goods brands who host virtual pop-ups regularly now. There’s no longer a limit to how many guests you can invite to an event without worrying about it becoming crowded or saturated. Virtual pop-ups are a great marketing strategy to showcase a new collection to your target audience that may be in any corner of the world. Digital marketing service providers are more open now than ever to support you in finding creative and innovative approaches for your campaigns, so certainly take a look at your options.  

3. Collaborate With the Gaming Industry 

A lot of internationally-renowned brands like Louis Vuttion and Nike are immersing their brands in the world of AR/VR or video games. They have created anything from branded clothes that users can purchase for their avatars to entire playable worlds sponsored and inspired by the brand. This is quite a bold strategy, but it can work to your advantage when executed with precision. You will need to do some market research and find the best opportunities out there for a collaboration that is cost-beneficial, but at the end of the day, the hard work will pay off.

4. Host Contests or Charity Events 

If contests or donation collections are things your company organizes often, then you can move the venue to the Metaverse. For example, create and giveaway NFTs as a prize. This will help you cross-promote both the brand and your new collection of NFTs. You can also create NFTs with the purpose of auctioning them off and then allocating the funds to the charity of your choice. This way, you can do all the things that have been a part of your business plan and regular operations before, but now simply in a new format that may help you reach out to new audiences, promoting brand awareness in the process.

Hopefully, these ideas will help spark your imagination when it comes to tying the Metaverse with your business. 

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