The Metaverse is fast becoming the next uncharted territory in the digital world. When Facebook changed its name to Meta and announced it would invest billions in projects related to the Metaverse development, the idea went viral last year. As a result, other technology firms and brands have begun to emulate them and strengthen their presence in virtual worlds.
While it may be a decade or more before a fully developed version of the technology, companies can use platforms like the Metaverse today to create virtual stores and advertise and sell their products and services. One of the biggest benefits of the Metaverse is that it levels the playing field for brands and companies, giving everyone a fair chance to take advantage of this technology’s many opportunities. And that extends to past businesses that serve consumers.
All brands, from small businesses to large corporations, can dive into the virtual world and profit from it. Here are a few steps you can take if you want to start the transition and bring your company into the Metaverse.
How To Move Your Business Into The Metaverse
1. Select the Correct Metaverse
There are many platforms available today that can be compared to the Metaverse. These virtual worlds cover many topics, such as games, real estate, or NFTs. One of the most famous platforms is Roblox, which now has around 47 million daily active users. Roblox offers a range of games and entertainment, including music concerts aimed at a younger audience. This model has also helped make Fornite very popular, bringing millions of fans to Travis Scott, Ariana Grande, and Marshmello. The average user spends 6 to 10 hours a week playing Fortnite, making it a cultural phenomenon with a very large and dedicated audience.
Brands have begun capitalizing on this opportunity and working with Fortnite on content marketing initiatives, public relations, and sponsored metaverse events. Companies from high-end clothing brands such as Gucci, Valentino, and Balenciaga have begun their first forays into the Metaverse and other online communities. Users can purchase NFT real sneakers and sportswear from Nike and Adidas online stores.
It’s important to consider your brand’s innovativeness, cultural relevance, and relevance to the needs of these communities if you want to market to younger audiences on platforms like Roblox or Fornite. Focusing on entertainment, authenticity, and creativity as key selling points is just as important.
Of course, using this tactic still makes sense in metaverses like Decentraland that cater to older audiences. In this virtual world, there is less focus on games and more on creating digital infrastructures based on the Ethereum blockchain. They are wholly owned by users, allowing them to perform real-world activities such as purchasing virtual land, planning events, and creating (virtual) objects.
A quick tour of Decentraland will show you the sheer number of well-known brands already there, including Samsung, Sotheby’s, Atari, and many more. Land plots there were sold for millions of dollars due to the hype. We advise you to carefully study the leading metaverses and fully understand what audience they attract, what products or services are most in demand, and how your company can function in a virtual environment.
2. Make your online presence stronger
The vast majority of companies already have some online presence, whether through their website, social media accounts, or online marketplaces. Before entering the Metaverse, it’s important to check your current branding and online presence. To better match the social and technological demands of the Metaverse, consider a virtual makeover. You will likely consider opening a virtual store or marketplace, so we encourage you to explore what others in the Metaverse are already doing.
For example, your company will need to adapt its advertising strategy. Since the laws of physics do not apply in the Metaverse, the campaign can be as inventive and creative as the author wishes. This was undoubtedly Gucci’s strategy when they worked with Roblox to create an installation that retained some aspects of Gucci’s actual campaigns while considering the virtual world has no boundaries, allowing users to explore truly fantastic settings.
In addition, you can create collectible versions of your products, such as non-fungible tokens (NFTs). Or turn them into tangible merchandise your customers can use to redeem them in person. Many brands that choose to invest in physical NFT offerings use this model. If you want, read our previous post on this topic. To consider the monetization model and goals, you must be familiar with cryptocurrencies and security protocols.
Digital currencies are required for all platform transactions in the Metaverse. For example, Sensorium Galaxy uses SENSO as the currency that fuels all the options users can use, from creating new avatars to purchasing tickets or creating original content that they can easily sell or trade through our marketplace.
Read Also: 05 Things You Need For Virtual Reality Software Development
3. Create VR/AR Apps
You may need to create augmented reality tools or consider using them to expand your business. Before increasing your company into the virtual world, you must understand these technologies, as the Metaverse is at the intersection of VR, AR, and AI. Bain & company reports that 75% of business leaders intend to use AR/VR by 2023, and this technology market will expand significantly between 2021 and 2015.
Clients will be looking for companies that can understand how social networks and interactions have evolved due to interactions in the Metaverse. Creating an AR or VR app that your customers can start to get used to the features of the Metaverse is a good choice if you want to adjust to this new reality. To get the most out of your Metaverse experience and understand what expanding your business into the Metaverse might entail, start experimenting with VR headsets and other assistive technologies.
Regardless of your physical location, you can expand your presence even before entering the virtual world and help your customers seize the opportunity to interact more meaningfully with your business. Several companies have tried augmented reality features. Shoppers using the ZARA AR app could hold their phones near windows or sensors inside physical stores to see models wearing the brand’s merchandise come to life on their screens and make direct purchases. Spanish retailer Zara, for example, ran a hugely successful campaign. Several companies, including Chanel, Farfetch, and Gucci, have embraced the concept.
4. Pay Attention to Your Target Market
The target market varies from business to business. Every company has specific requirements and target markets they want to enter. Focusing on your target market will also affect how you market and sell your products and services. Having a metaverse-optimized effect is great, but more is needed to move your company there. It’s a good idea to do some thorough market research as a start, as well as take a closer look at things like age demographics and the best experiences users prefer on some of the most popular metaverse-like platforms.
Roblox: At the end of 2021, this platform had 50 million daily active users, with the 17-24 age group showing the fastest growth. The popularity of Roblox’s top events held in 2021, such as Gucci Garden, Twenty One Pilots Concert Experience, KSI Launch Party, and Roblox Fashion Awards 2021, can be partly attributed to the audience’s value for constant new content updates and sophisticated visuals and effects experiences. It’s also important to remember that the Roblox community is known for its creativity. 5.8 billion virtual items were purchased on the platform last year alone, and over 25 million virtual items were created.
Decentral: One of the most exciting and fastest growing metaverses, Decentraland has seen a 3300% increase in users in 2021 alone, while the price of its on-platform currency MANA has risen by 4100%. These numbers highlight the huge interest that this Metaverse is generating. Decentraland is an ideal place for brands because it primarily focuses on allowing users to claim ownership of virtual land on a blockchain-based parcel registry. It is also a hub for events, advertising, and user-generated content. No matter your business, this Metaverse has great potential because it also attracts a diverse audience.
Axie Infinity: It’s only possible to discuss the Metaverse and advanced technologies like NFT by mentioning Axie. Since most Axie players are from Asia, this metaverse-like game and platform have gained cult status, especially among people aged 19 to 29. Most users will average, use the platform for up to two hours daily. Axie is primarily a gaming platform, but through its developer Sky Mavis, it frequently advertises marketing and partnership opportunities.
Sandbox: In 2021, over 100 artists sold user-created NFTs for $2.2 million to SAND thanks to the NFT game’s dedicated audience and growing market. In addition, he has over 165 brand, intellectual property, and artist partners with over a billion fans. These partners include Snoop Dogg, DeadMau5, Avenged Sevenfold, The Walking Dead, and Smurfs. The Sandbox’s target audience can be broadly categorized into creators and players, each appealing to a specific demographic range from kids who enjoy interacting with others on the platform and find gameplay challenges to adults who prefer to invest in world-building activities.
Any company looking to succeed in a virtual environment must start by identifying where its potential customers might be in the Metaverse. However, there are other important steps you need to take, including building a truly innovative and compelling metaverse store and making a great customer support team, and focusing on advertising, specifically for meta platforms and channels. All of this will help you turn your company into a brand that may be more likely to connect with some of the current and potential users of the Metaverse.
5. Stay Flexible
The Metaverse has no right or wrong choice until it takes on a more definite form. Your company must be able to adapt to the changing nature of virtual worlds because doing business in the Metaverse is a process of trial and error. However, this can also be the perfect time to have some fun. You can use the metaverse community to test your product in and out of the box rather than control the entire creative process.
This will not only help you understand what customers might be looking for, but it will also help you anticipate future trends and innovations. Potential customers will appreciate working with your brand rather than treating them like mere consumers because a shared virtual experience is a key element of the meter. Take your chance to grow in ways you never imagined, and prepare to expand your company into the Metaverse immediately.
Bottom Line
Investing in technology nowadays means using tools like augmented reality and virtual reality in your business. While some of these may seem still in their infancy, the sooner you start, the better positioned your brand will be to succeed in new virtual environments such as the Metaverse that already attract millions of people from various fields and interests. The Metaverse is a phenomenal business platform with a trillion-dollar opportunity you might want to take advantage of. Risingmax Inc has an expert and skilled Metaverse consulting team to guide you about your dream ideas.