In the first half of 2022, the word metaverse appeared more than 1,100 times in the regulatory documents of the United States Securities Bureau, a record when compared to 260 mentions in 2021 and less than a dozen mentions in the previous two decades. On the surface, this points to a larger trend in the market. Brands and investors are clapping to find their way through the metaverse and create unique spaces. Global market valuations say the same. In the first five months of 2022, companies, venture capital firms invested $120 billion in immersive experiences on the web3, more than double the $57 billion invested in 2021. But if you dig a little deeper. One thing is clear. Most brands are flying blind to every crazy debut in the Metaverse. As a studio developing Web3 experiences with brands. We face many questions and misunderstandings when it comes to the metaverse. Having allowed brands to enter the market with varying degrees of success, these are some avenues to enter that market.
The “new” internet
Web3 is the next evolution of the web. It is here that virtual reality events will end up intersecting in fully immersive 3D digital worlds. Currently, most brands and projects operate in the Web 2.5 space. We’re moving towards Web3, but we’re just getting started. The metaverse is unlike anything we’ve ever known, so the old paradigms don’t work. Namely, the control of information by large companies, the constant flow of disruptive marketing aimed at the consumer and the predictable ROI of brand campaigns. Rather, the basis of the metaverse is decentralization. Where ownership and user-generated content dominate. This means that we cannot assume that legacy brands or personalities that benefit from success in Web2 environments will at least translate to Web3 in the same way. Sure, your market cap or TikTok followers might be impressive, but that won’t give you an edge in the metaverse ecosystem. Instead, Web3’s currency is creating engaging experiences that deliver value and serve your audience where they are, not pushing your brand’s agenda or using your virtual space as advertising space. That way, have a clear idea of where your community is and what kind of experience they want with a view to building it. Let’s assume that whatever brand equity you’ve created so far needs to be translated into a responsive, interactive experience that puts your needs first, not your lofty brand goals.
Things don’t work alone anymore
The old phrase “if you want to go fast, go alone, but if you want to go far, go together” couldn’t be truer here. Attempting to enter the metaverse without using existing knowledge of culture and technology leads to disaster. Nike is a great example of getting this approach right. With the purpose of offering unique products and virtual experiences to connect communities and build a brand presence in the metaverse. Rather than trying to build everything from scratch, Nike acquired RTFKT, a leading digital fashion design studio that specializes in creating virtual collectible sneakers. The duo then created virtual sneakers called Cryptokicks, as well as a virtual space where people could interact and hang art and NFTs on the walls. This highly successful partnership helped Nike quickly establish itself in the Metaverse, with 7 million people interacting with its Metaverse creations in just six months. Since you want long-term success, consider creating metaverse team roles in your organization. There’s a reason why Microsoft and other legacy brands do team restructuring. Write a new job description and recruit talent who are so obsessed with everything in the Metaverse that they stick around for a long time.
The importance of communities
Your community is the foundation of success in the metaverse. It’s easy to get lost in the wonder of exciting new technologies, but the metaverse is more than just a digital space. It creates a sense of belonging, identity and community. For example, NFTs like Bored Ape Yacht Club or DeadFellaz provide a mechanism for people to express themselves in unique ways and connect with like-minded people. This creates a common theme of acceptance and ownership. As a brand, you can use this power as fertile ground to foster strong brand affinity by providing thoughtful interactions. Ultimately, as the world enters the web3, keeping this information in mind will put you ahead of those who enter unprepared. Instead of asking the community to invest, focus on investing in the community. Find the right people and partners to help you serve them. Understand that all the rules are evolving, so be prepared to experiment for the long haul.
Warning: The text presented in this column does not necessarily reflect the opinion of CriptoFácil. Also Read: XRP Price Towards $0.48, Says Expert Read Also: Do you want to be able to buy a Cryptopunk? Meet Fractional NFTs Also Read: Shanghai Hard Fork Could Boost Ethereum Price To $1,500, Says Analyst
