How Brands Can Enter the Metaverse: Here Is All You Need To Know

How Brands can enter the Metaverse

A new report from BCG (Boston Consultancy Group) suggests that the Metaverse could have a $1.3 trillion potential by 2030. Almost every industry, from healthcare to manufacturing and entertainment to education, will find its place in the Metaverse. If you are an enterprise, startup, or just a Metaverse enthusiast, then you are in the right place. This article will talk about what the Metaverse is. What brands can enter the Metaverse? What kind of activities can they do there? And how to think creatively about building their presence in the digital space?

What is the Metaverse?

Although there is no universally accepted definition of the Metaverse, we can say that it is an online three-dimensional space where people can come together to interact, play games, buy digital experiences, and work with their colleagues from the comfort of their homes. 

How brands can enter the meta verse
Source: https://beckyjewellart.com/blog/2019/1/7/books-2019-snow-crash

The term “metaverse” was initially coined by an American author, Neal Stephenson, in his 1992 cyberpunk novel, ‘Snow Crash,” where he described the Metaverse as an open space for people to move freely from one place to another, just like we do in the real world. 

Recently, Mark Zuckerberg, CEO of Meta, who seems to have revived people’s interest in the Metaverse by rebranding his company’s name from Facebook to Meta, said that the Metaverse includes feeling like you’re present with other people or in another place. 

How Brands Can Enter the Metaverse?

  1. Selecting the right Metaverse platform
  2. Device-agnostic experience
  3. Start exploring the Metaverse

Selecting the right Metaverse platform

As of now, many brands have started setting up their offices across decentralised metaverses like Decentraland and Sandbox. On the other hand, you will find centralised ones as well, like Facebook’s Horizon and Microsoft’s Mesh. 

Device-agnostic experience

One of the best things about the Metaverse is that it is device agnostic. Although many consider VR the best tool to experience the digital world because of its immersive experience, one can use a laptop or a smartphone to join the Metaverse.

Create a digital avatar

Instead of displaying our profile pictures, we will be using customizable Avatars to represent ourselves in the Metaverse and use them while exploring or interacting with people in the digital sphere. Centralized and Decentralized metaverses allow users to create avatars that can be modified using platforms’ in-game design tools.

Start exploring

After completing all of the preceding steps, brands can purchase virtual lands to create a digital twin of their office, invite colleagues to join them for a cup of virtual coffee, or conduct serious brainstorming sessions prior to a client meeting.

How Have Brands Started Incorporating Metaverse?

Business leaders from around the world have started asking pertinent questions like, “What is my Metaverse strategy?” How can I be a part of the new internet of Web 3.0? Here are a few examples of what brands are doing in the Metaverse. 

How Can Brands Use the Metaverse?

How brands can enter the meta verse
Samsung’s showroom in Decentraland

The Metaverse is a massive opportunity for B2C and B2B brands to connect with their audiences just like in the real world. Although we are yet to see a fully grown, interoperable Metaverse, many brands have started incorporating layers of the Metaverse for onboarding and training, organising events, conducting research, and creating and uploading NFTs. 

Building Virtual Offices for Employees to Work Together

The best thing about the Metaverse is that it allows you to create a digital twin of your office. Not only that, but you can also invite teams to the virtual space and work on a project or do brainstorming sessions. 

It is a perfect scenario for employees at different physical locations worldwide to work together as if they were all in the same office building. 

Employees can work side by side if they’re working on something together, and if they need some privacy, they can be in their own virtual rooms. 

According to XRtoday, one of the ‘big 4’ consultancy firms, PriceWaterCoopers Hong Kong group has secured the Metaverse digital state to allow employees to work together in the virtual space and use their expertise to advise clients on Metaverse solutions. 

Sponsoring Events

Brands can sponsor or even co-produce events in the Metaverse. For example, a car brand could sponsor a virtual concert with high-profile artists performing on top of their latest model car. A fashion brand could host a virtual runway show with its latest collection. 

An insurance company could host a virtual conference about financial literacy for youth. Likewise, brands can sponsor virtual exhibitions of artwork or installations by artists and creators worldwide.

Brands can take advantage of this by sharing video clips of these experiences via social media or other channels as part of their marketing efforts.

For example, recently, Tata Group organised a Holi-party in the metaverse platform for its FMCG product, Tata Tea. 

Research

The metaverse provides ample opportunities for marketers. It can drastically shorten the product life cycle. 

For example, in the digital world, it would be possible for marketers to display a 3D model of a product in a virtual setting, invite people to see and interact with it, get their feedback, and work on the final version of the product before it hits the shelves. 

For example, the German automaker, BMW used NVIDIA’s Omniverse platform to create a digital twin of its factory floor to create a virtual scenario of 300 cars running on a conveyor belt and identify which paths around the factory are safest for employees to use during a shift. 

Creating NFTs

Brands can create a memorable experience for their customers by creating an NFT that’s not just a collectable but also offers an in-game experience. Take, for example, Taco Bell’s NFT, which they minted recently during the NBA All-Star weekend. 

Taco Bell created a limited-edition taco-shaped NFT that will give the owners exclusive access to a virtual taco shop in NBA 2K22. 

The Metaverse is a virtual world where you can buy and sell digital assets in non-fungible tokens (NFTs). These NFTs are unique because they’re not interchangeable, unlike standard cryptocurrencies like Bitcoin (BTC) and Ether (ETH). 

Also, it’s the most obvious way to get into the Metaverse — non-fungible tokens — and sell them for the virtual equivalent of millions of dollars. 

What is an NFT?

An NFT is a cryptocurrency that represents ownership of a unique digital asset. They can be images, videos, tweets, or any other kind of file that can be hashed into a token.

As the value of cryptocurrencies has gone up, so too has the value and potential value of NFTs. Brands could create their own tokens to sell or use in exchange for services like access to virtual events or online experiences.

What Steps Should Brands Take to Use Metaverse?

Platforms like Fortnite and Sandbox enjoy massive success, but that doesn’t mean your brand should be on it. It is important to first analyse which of the use cases you want to replicate in the virtual world. 

For example, you want to train a few of your employees on how to use a machine or approach a client. In this case, it makes sense to create a customizable virtual scenario involving various 3D assets according to your needs. 

Once the scenario is created, you can upload any of the VR headsets and provide them to your employees to get trained. If you are looking forward to training your employees using virtual scenarios or 360-degree virtual tours, then you can reach out to us at info@gamein.ae to help you guide them to get into the Metaverse. 

On the other hand, you can also use Augmented Reality and Mixed Reality content to reduce downtime, get rid of paper-based SOPs, and mitigate human error significantly. 

Apart from the industrial side of things, you can look into creating Augmented Reality filters to increase brand awareness and improve sales. 

Bottom Line:

One day, the metaverse will be a much more common occurrence, and future generations will consider it over another mode of communication. 

Although entering the Metaverse can be a challenging task, we at GameIn have introduced more than 500+ clients to the Metaverse by creating VR and AR solutions for them. 

If you want to get your brand involved in this emerging technology, it is best to get help from the experts who can guide you on your Metaverse journey. 

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