Metaverse Marketing: Navigating the New Frontier of Business Growth
The metaverse is a playground of infinite possibilities, and within its pixelated landscapes, a new frontier of business growth unfolds.
Welcome to our latest blog post, where we’ll embark on a journey to explore the rise of metaverse marketing and how it’s reshaping the way businesses engage with their audiences.
The Rise of Metaverse Commerce
Our story begins with the emergence of metaverse commerce, where businesses ventured into this digital realm to set up virtual storefronts. These virtual shops are not confined by the laws of physics or geography; they transcended borders and offered customers unique shopping experiences. In this brave new world, both digital and physical products found a place, and savvy entrepreneurs tapped into a global market eager for virtual wares. Here are some examples:
H&M Group has boldly embraced the metaverse with innovative strategies, introducing the H&M Innovation Metaverse Design Story collection, enabling customers to try on digital garments through 3D filters in their app or on Snapchat, emphasizing sustainability and inclusivity. They’ve also hosted virtual events like the H&M Celestial Spaces concert, fostering fan engagement through avatars on social media. Leveraging live stream shopping on platforms like Instagram, they’ve made fashion more accessible worldwide and demonstrated their commitment to utilizing technology and data to connect with customers in the ever-evolving metaverse, setting an example for businesses redefining commerce and engagement in the digital age.
Walmart, the world’s largest retailer, is embarking on a groundbreaking venture in the metaverse, bridging the gap between physical and virtual shopping experiences. They’re empowering customers to seamlessly purchase items for both their real and virtual worlds, setting the stage for a new era of commerce. With a strong physical presence and innovative plans to integrate shopping in virtual worlds, Walmart aims to enhance, not replace, reality. This move reflects their ambition to compete with e-commerce giants and tap into the vast potential of the metaverse, projected to become a multi-trillion-dollar market with billions of users by 2030. Walmart’s journey promises exciting developments at the intersection of retail and the metaverse.
Virtual Real Estate and Brand Presence
As we delved deeper into the metaverse, we stumbled upon the concept of virtual real estate. Just as in the physical world, companies were snatching up digital land and properties. But in this realm, it isn’t just about owning a piece of the virtual pie; it is about building brand awareness, establishing a presence, and engaging with customers in ways previously unimagined. Businesses found themselves creating virtual versions of their physical spaces or inventing entirely new worlds to explore.
Here are some examples:
In the captivating tapestry of The Sandbox metaverse, LAND takes center stage as the virtual realm of endless creativity, where players fashion immersive experiences atop these exceptional non-fungible tokens (NFTs) meticulously etched onto the Ethereum blockchain via the ERC-721 standard. With a finite count of 166,464 LANDs adorning The Sandbox’s landscape, it’s a world defined by two distinct parcel types: LAND, the elemental unit, measuring 96 x 96 meters, an ideal canvas for an array of blockchain gaming adventures, and ESTATE, the amalgamation of multiple LANDs, inviting creators to unite their imaginative prowess and birth larger, more immersive digital realms. LAND, at its core, pulses as the lifeblood of The Sandbox metaverse, empowering denizens to craft games, accumulate tokens, orchestrate contests, and partake in a vibrant tapestry of activities. For those enticed by the allure of The Sandbox metaverse, the portal to ownership awaits through LAND presales, a cherished opportunity to claim a stake in this ever-evolving virtual frontier.
Decentraland’s LAND serves as a remarkable departure from conventional cryptocurrencies, representing a unique form of non-fungible tokens (NFTs). These tokens, unlike their fungible counterparts, encapsulate three-dimensional virtual real estate and grant decentralized ownership. This novel concept empowers users to engage in activities such as buying, selling, and exerting control over their LAND within decentralized marketplaces. Each token encodes specific coordinates within Decentraland’s expansive virtual world, affording users the ability to craft immersive experiences by embedding content like 3D models, textures, and scripts. Decentraland’s decentralized structure not only fosters a sense of collective ownership but also encourages collaborative definition of the platform’s landscape, all while navigating constraints such as computing power and the virtual real estate footprint. In doing so, it nurtures an environment that thrives on creativity and sparks innovation within the metaverse.
Marketing Strategies in the Metaverse
In this digital utopia, traditional marketing methods were transformed into immersive experiences. Influencer marketing took on a new dimension as virtual influencers became brand ambassadors. Virtual events, from concerts to product launches, captivated audiences in ways that transcended the limitations of reality. And innovative advertising campaigns immersed customers in branded virtual worlds, blurring the lines between advertising and entertainment. Here are some examples:
Our brand, Metaprints gave birth to an exhilarating and exceptional creation in The Sandbox known as ‘Monkeying Around.’ This innovative campaign offered a metaverse experience like no other. ‘Monkeying Around’ seamlessly integrated beloved Bored Ape characters into its narrative, fusing elements of gaming, NFTs, and culture to craft a captivating journey within the metaverse. As part of this adventure, players were beckoned to embark on quests that demanded running, jumping, kicking, and even engaging in epic battles to secure their coveted tickets. The ‘Monkeying Around’ extravaganza remained accessible for a three-week span, during which players could vie for substantial token rewards by completing quests. While specifics about the storyline, NFT avatar interoperability, gameplay, and rewards were eagerly anticipated, this groundbreaking collaboration underscored the immense potential for brands and communities to create immersive metaverse experiences and foster innovative engagement with their audiences. It stood as a testament to the broader vision of the open metaverse and Web3, where creativity and interactivity knew no bounds.
Paris Hilton and her dedicated team at 11:11 Media have ventured into In the realm of the metaverse, particularly on The Sandbox platform, pioneering innovative forms of entertainment and engaging their devoted fanbase in novel ways. Their vision for the metaverse extends beyond mere virtual existence; it’s a canvas for merging storytelling, entertainment, and individual expression through emerging platforms. Armed with the creative tools offered by The Sandbox, they have orchestrated captivating events like Cryptoween and Parisland, seamlessly connecting real-world cultural moments with immersive virtual experiences. This strategic approach has not only expanded Paris Hilton’s audience but has also nurtured an active community that provides invaluable feedback, fueling ongoing improvements. As they navigate their ongoing metaverse journey, community engagement remains a top priority, and they are steadfast in their commitment to being web3-first, delighting their audience with exclusive content and experiences, all while exploring the ever-evolving opportunities within this digital landscape.
In the vibrant metaverse landscape, a significant milestone was achieved in September 2021 as The Sandbox proudly unveiled its collaboration with none other than the legendary rapper, Snoop Dogg. This groundbreaking partnership saw the iconic artist establish his virtual mansion and NFT collection within the metaverse, ushering in a new era of live concerts and interactive experiences for users. Enthusiasts were granted the unique opportunity to engage directly with Snoop Dogg himself, immersing themselves in carefully crafted virtual encounters that included an exclusive avatar and a treasure trove of virtual Doggfather items, ripe for creative exploration. The collaboration went a step further by featuring LAND sales, encompassing a total of 598 LANDs and 212 Premium LANDs on the virtual map, alongside auctions for a variety of ESTATEs, catering to diverse preferences. To add an extra layer of exclusivity and excitement, a thousand Snoop Dogg Private Party Passes were made available, unlocking access to exclusive metaverse events and coveted NFTs. Some passes even included premium LANDs, while others could be obtained separately, making this collaboration a testament to the limitless potential of the metaverse as a platform for creative expression, community engagement, and immersive entertainment.
Metaverse and Customer Engagement
In the metaverse, customer engagement took on a whole new meaning. Businesses were no longer limited to static websites and chatbots; they created interactive and engaging experiences. Virtual product launches allowed customers to explore products in three dimensions, and branded virtual worlds became places to connect and socialize. Customer support found a home in virtual environments, where avatars provided assistance with a smile, even in the darkest corners of cyberspace.
Samsung, a global innovation leader, has unveiled 837X, an immersive metaverse experience within the Decentraland platform, resembling its flagship NYC showroom. Focused on sustainability, 837X lets users create avatars and embark on quests, exploring stunning virtual landscapes to discover hidden Samsung packaging, rewarding completion with exclusive NFT collectibles. Through this journey, players learn about Samsung’s core principles of sustainability, customization, and connectivity. Future plans include “You Make It,” a personalized NFT creation challenge, emphasizing user empowerment and creativity. Accessible to anyone with an internet connection, 837X continues to evolve with new experiences and rewards, showcasing the metaverse’s limitless potential.
Monetization Opportunities
The metaverse is not just a playground for businesses; it is also a treasure trove of monetization opportunities. Companies have discovered that they can sell virtual goods, offer services, and even create their own metaverse-based currencies. The lines between the digital and physical worlds have blurred as virtual assets gained real-world value, and entrepreneurs have seized the chance to profit in this new economy.
Chipotle Mexican Grill embarked on a metaverse adventure with the introduction of a delectable new menu item, the Garlic Guajillo Steak, exclusively for Chipotle Rewards members and the Roblox community. In a quest to engage younger demographics and stay at the forefront of innovation, Chipotle crafted an immersive experience known as the Chipotle Grill Simulator within the Roblox universe where users could master the art of preparing the new dish, following Chipotle’s culinary process. As a reward for successfully completing this virtual cooking journey, users receive an exclusive NFT collectible, adding a dash of digital uniqueness to the experience. Furthermore, Chipotle extends an enticing offer to users by granting them a real-world taste of the Garlic Guajillo Steak through distributing free entrée codes for Chipotle Rewards members. This metaverse initiative underscores Chipotle’s commitment to staying in sync with evolving trends and leveraging the metaverse as a dynamic platform for innovative marketing and engagement strategies, bringing an exciting blend of digital and real-world flavors to its audience.
Challenges and Risks
Our journey wouldn’t be complete without acknowledging the challenges and risks that loomed in the metaverse. Security concerns haunted the digital landscapes, and intellectual property issues became a battleground. Businesses had to adapt rapidly to evolving technologies or risk being left behind in this ever-changing landscape.
Future Trends
Emerging trends in the metaverse business revealed the development of metaverse-specific marketplaces, blockchain integration, and the growing influence of decentralized finance (DeFi). These trends hinted at a metaverse that was continually evolving, promising new opportunities for those willing to explore its depths.
Getting Started
Choosing the right platforms, forging partnerships, and embracing the right technology solutions are essential for any business venturing into this digital frontier. It’s a world where innovation and adaptability are the keys to success.
The metaverse is a journey filled with endless possibilities and boundless potential. Are you ready to step into the metaverse and navigate the new frontier of business growth?
Forj’s metaverse brand Metaprints seeks to help brands to join this ever evolving space. Metaprints is here to help brands thrive in multiple metaverse ecosystems, all in one simple step.
Disclaimer: This blog post provides informational content and does not constitute financial advice. Always consult with qualified professionals for financial and investment guidance.
About Forj
A subsidiary of Animoca Brands, Forj delivers leading Web3 products and technologies that create unique fan experiences for creators. A truly end-to-end solution, Forj is the next frontier of fan engagement through its use of NFTs, metaverse protocols, and blockchain tech to bring fans closer to their favorite creator brands in Music, Entertainment, Gaming and beyond. With major partnerships including influencer Logan Paul, Grammy-nominated musician Lewis Capaldi, and leading creator platform Spring, Forj has an enviable track-record of success in the sector.
Forj-owned brands include metaverse infrastructure project Metaprints and leading GameFi project PolkaPets.
