NFTs, or nonfungible tokens, are seen as the future of digital assets and blockchain technology in general. One key term that is widely used to describe them is “digital collectables.” And what better way to try this new trend than by purchasing an NFT from CryptoKitties!?!
NFTs are a new form of digital asset that can be used to represent physical or digital assets. They allow for the creation of tokens that exist in multiple locations at once, and they have been seen as the future of digital assets.
Imagine your avatar entering a virtual wine store and speaking with an avatar wine specialist to seek some answers to certain inquiries.
You place an order for wine and have it delivered to your home.
Welcome to the metaverse, the place where our digital and physical worlds collide.
Is your company prepared for NFTs, the metaverse, and web 3.0?
We’ll go through a few key words, current prospects for brands in the metaverse, and how to get started in this column.
Along the way, you’ll discover advice, examples, and a wealth of tools to assist you in developing your own metaverse marketing plan.
Important Meta Marketing Terminology
Let’s start by defining what we’re talking about.
Metaverse
There are different definitions and interpretations of the metaverse depending on the source.
“A virtual-reality arena in which users may interact with a computer-generated environment and other users,” according to the Oxford Dictionary.
“A virtual reality construct meant to displace the internet, connect virtual life with real-life, and create countless new playgrounds for everyone,” Mark Zuckerberg said at Connect 2021. “You’ll be able to do practically anything you can think.”
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NFTs
A non-fungible token (NFT) is an intangible digital asset such as photographs, videos, or game goods.
These virtual assets come with ownership certificates and are impacting the metaverse’s development.
NFTs are purchased and traded with the use of a cryptocurrency such as Bitcoin.
Web 3.0
The third generation of the Internet, known as Web3 or Web 3.0, is a decentralized version of the Internet that does not rely on Google, Facebook, or Twitter.
It is seen as the next technological revolution since it blends machine learning and big data to provide a customized and private experience.
According to recent estimates, the metaverse industry will reach $1,544 billion in less than 10 years.
PwC/Cointelegraph.com is the source of this image.
This is a major transition in the digital world, and it looks and feels a lot like the social media revolution of 2007.
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One disadvantage of this technological boom is that it is considerably faster and more intense.
Welcome to the new reality, if it seems like the wild, wild west for marketers.
Prepare for new ways to immerse your brand in worlds where content producers reign supreme, 3D is the standard, and marketing as we know it is getting a meta makeover.
In a LinkedIn remark, Lindsey McInerney, former Global Head of Technology & Innovation at Anheuser-Busch InBev, said, “The parallels between where social media was 17+ years ago and where we are today with the burgeoning metaverse is insane.”
What Methods Are Brands Using To Enter The Metaverse?
Virtual reality and augmented reality seem to be the latest digital marketing trends.
Customers may take a tour, engage with a place, or interact with 3D objects such as vehicles, jewelry, or any digital asset by visiting Vstores, or virtual showrooms.
Customers will be able to use augmented reality to try on glasses or cosmetics, as well as picture furniture and other things in their homes, using virtual try-on.
Concerts, art festivals, and athletic events are being transformed into digital experiences by creative marketers.
Avatars need a budget for fashion.
In virtual reality, selling digital representations of items is becoming a new business stream.
As avatars now need a wardrobe change depending on events, seasons, and emotions, Gucci, Nike, and Dior all provide digital items that enable personalizing and modifying avatars, whether purses, shoes, hats, or sunglasses.
Going direct to the avatar (D2A) is a business approach in which marketers sell to digital identities directly.
In a digital environment, designing, making, and selling means there are no shipping or supply chain difficulties. Individuals may use their digital selves to investigate their identities.
It’s game time for the brands. It’s a case of meta-branding.
Sponsoring events in the real world has shown to have a positive return on investment, and this standard marketing strategy may simply be applied to the metaverse.
Gamifying commerce entails increasing the level of innovation in the competition.
For example, to engage a younger audience, Louis Vuitton designed a video game that was gamified with branded NFT artifacts.
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Nike employs 3D technology to enable customers to construct and design their own items, gaining vital data in the process.
Virtual pop-ups enable for involvement from afar.
Using virtual worlds with brand placement to generate a creative and personalized opportunity, particularly in post-pandemic periods, is a creative and customizable opportunity.
Coach, Disney, and Keith Haring collaborated on a fashion, lifestyle, and art project.
The three created a virtual pop-up store where visitors could learn about and purchase limited-edition physical and digital products.
Mickey’s ears, shearling coats, totes, and sweatshirts emblazoned with Haring’s distinctive artwork, as well as AR filters and an unique Spotify playlist, were available to purchase via the internet store.
Talk about a kaleidoscope of emotions and realities.
For fewer returns and more direct sales, use Try-on in a Snap.
Snap allows advertisers to use Snap’s AR platform to engage Snapchatters in “try-on” sessions with shoes, sunglasses, and hats.
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They may buy the goods right away if they like it. Gucci served as a case study in this regard.
Image: In November 2021, the author is playing with Gucci Lens Try-ons offered on the Snapchat app.
“The shopping AR experience resulted in a favorable return on investment (ROI), as Snapchatters purchased things directly from the app!” According to Snap, “not bad for a campaign that was merely designed to raise awareness and interaction.”
What Are Some Easy Wins in Metaverse Marketing That Have Gone Unnoticed?
In an interview this week, Alan Smithson, CEO and co-founder of MetaVRse, said:
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“Improving your website with Interactive 3D is a significant step forward. It’s simple, quick, and future-proof.
The web’s next phase will be more akin to a video game than a website. Of course, 2D material will continue to exist, but it will increasingly be contained inside permanent virtual environments.”
What Will Public Relations In The Metaverse Look Like?
Media relations and public relations transcend the digital divide from social to meta, resulting in more realistic and immersive encounters.
Smithson predicted that “personal avatars, volumetric video, and one-to-one and one-to-many encounters would seem more realistic.”
Real ties formed in virtual places will manifest in the real world, with far-reaching ramifications for how we interact as people.
Watch Out For These Metaverse Challenges
Building interoperability and an open world are challenges. Imagine leaving H+M and having to change clothes before entering Zara if you’re a fashionista.
The importance of decentralized worlds with a single metaverse cannot be overstated.
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What Is A Simple Way To Begin Using NFTs?
Create a wallet (such as MetaMask or Venly), convert fiat cash (dollars) to Etherum or Hedera (crypto), and purchase an NFT.
If you’re an artist, the same applies, but you’ll be able to’mine’ NFTs on the blockchain as well. But be wary of those annoying gas costs!
Different Types of Metaverse Opportunities
The Metaverse’s Women
Women are in the minority in metaverse marketing and NFTs, just as they are in IT. Female artists accounted for just 5% of all NFT art sales during the previous 21 months.
According to a LinkedIn Talent Insights Analysis, just 18% of presenters and 30% of sponsors at a recent NFT conference were women.
However, there are some interesting ladies working in the field. FerBoccart, a Mexican female artist, presented her Serious and Cool People NFT line last week with a social giveaway campaign and a pre-sale that sold out in one day.
This year, one female artist solved the NFT code. In July 2021, Yam Karkai released World of Women, a non-fungible token (NFT) collectibles mega-hit.
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It was a $51 million collection of 10,000 unique, graphically expressing strong and varied Women NFTs.
World of Women, with the help of Reese Witherspoon and Gary Vaynerchuk, placed women on the NFT map, opening the path for other female artists to develop and flourish in the metaverse.
“It’s critical that women and a wide range of voices participate in shaping the internet’s future. Because community and authenticity are monarchs in the web 3.0 age, businesses will need to spend more in partnering with new creators, according to Cathy Hackl, Chief Metaverse Officer and CEO of the Futures Intelligence Group, a metaverse consultancy that works with Clinique.
“By 2022, businesses will be required to collaborate with indigenous and varied artists across channels.” Marketers will win only if they recognize that ad-driven approaches from the web 2.0 era may not work in the metaverse. “Things are going to change!” exclaims the narrator. she continued
Authors, Events, Courses, and Masterminds are just a few of the things you’ll find on this page.
Artists aren’t the only ones that use NFTs. NFTs may be used by content providers such as writers, course makers, coaches, and even event producers to monetise digital assets.
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Authors, for example, may utilize NFTs to produce a limited edition of books and provide readers with value-added goodies that have secondary market resale value.
“Brands may provide additional rewards like exclusive content and a tailored experience via platforms like PowerFan.io. According to Jesse Krieger, Chief Content Officer of PowerFan.io, “NFTs might provide you access to in-person events, masterminds, or groups.”
“You can have nearly any offer that is currently available, such as selling a book or a course.” See and do it using NFT when selling a mastermind. So you have the blockchain record, and your consumers and clients have something with the potential for price appreciation.”
JVology is the brainchild of an entrepreneur, a business strategist, and the inventor of JVology. In 2013, Jay Fiset began investing in Bitcoin. He saw the potential of NFTs and how they affect all organizations as an early adopter.
Fiset is now focused on teaching his entrepreneur community how to use the potential of NFTs to distinguish and remain ahead of the fast-paced technological curve.
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He recently held NFT Fridays to teach entrepreneur members how to purchase and sell NFTs related to events, courses, and other types of unique content.
To Market And Build Community, Use Podcasting And NFTs
Podcasters may also take use of NFTS, metaverse, and web 3.0’s marketing potential. Like in the early days of social media networks like Twitter, early adopters get the greatest value and visibility.
Joe Fier and Matt Wolfe, co-hosts of the Hustle and Flowchart show, have shifted their focus from digital marketing to futuristic marketing and technology.
Furthermore, owing to the poor performance of their Facebook Group, they created a Discord group to provide a better experience for fans. “Our podcast’s fans and super fans are at the forefront of our minds. It all boils down to community and ownership with NFTs, Metaverse, and Web 3.0. So podcasting is based on a community, and that’s how we’re going to develop,” Fier stated.
“NFTs enable community ownership to invest in our brand and obtain an NFT or, aka, an access card to an exclusive club where they may enjoy a range of rewards and unique exposure chances.” This may be wrapped around retail sponsorship options, the American Music Awards, taking the stage, and first-row seating.”
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“It’s ownership in the sense that there’s this built-in marketplace, and fans can resell their rights,” he continued.
Podcasts for Marketers Who Want To Stay On Top Of Their Game
Experts in the Metaverse to Follow on Twitter
2022 Metaverse Predictions
People believe this technology will be years away, yet it is now here – and it is providing huge value and benefits to people who use it.
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Market reversals?
“With the NFT market, I expect a market correction, collapse, or bubble bust.” Unfortunately, I have seen this play out previously during the ICO/ITO mania of 2016/17, when individuals became insanely wealthy overnight,” Smithson added.
“However, as the dust settles, long-term NFT usefulness and value will continue to rise steadily.” It’s a fantastic technology that allows artists of all genres to provide something special to their audience while keeping a portion of any future sales… that’s incredibly powerful!”
Agency, Strategy, and Commerce in the Metaverse
More businesses will join the Web3 area, according to Hackl, and develop NFTs that are useful and focused on community.
“You’ll also see more businesses establishing and running own virtual worlds, as well as a focus on the future of metaverse commerce,” she said.
“Every brand will require a metaverse strategy, and you’ll see businesses appointing new up-and-comers as their metaverse agency of record,” Hackl said. “To lead and manage new metaverse projects inside the business, professionals will need to uplevel their abilities as well.”
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Conclusion
The potential for marketers and brands to use NFTs and the metaverse is growing rapidly.
Technology advances at breakneck pace, change occurs on a daily basis, and customers are more adaptive than ever.
Invest in future-proofing your marketing or risk being left behind in the digital age.
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Frequently Asked Questions
How are NFTs connected to the metaverse?
A: NFTs will be able to interact with their counterparts in the metaverse. For example, a user can place an item into the game and it will appear on another players computer or phone.
What is the metaverse NFTs?
A: It is a decentralized, open-source platform for creating and publishing digital assets. The goal of the metaverse NFTs is to provide an alternative trading system that uses blockchain technology to create a tokenized economy. Token holders will be able to trade their tokens on these decentralized exchanges, or use them in games where they are used as currency inside virtual worlds.
What is a metaverse strategy?
A: A metaverse strategy is a way to explore and develop the potential of virtual worlds. It can also be seen as a plan for how users should interact with each other in these kinds of spaces.
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