The metaverse is one tech trend showing no signs of waning – in fact, quite the opposite. The metaverse, according to experts, is the greatest opportunity for branding and marketing transformation since the invention of the internet. Jefferies is an investment bank that estimates the NFT Market, which forms the backbone for decentralized metaverses will exceed $80 billion in 2025. Morgan Stanley believes there’s a $56 million opportunity on the table in the luxury goods sector alone.
What does brand entry in the metaverse really mean? Well, setting up shop in a virtual realm isn’t so different from what you’d need to do here in the meat space. To start, you must acquire metaverse territory.
Many metaverses offer a limited amount of land for sale as NFTs on secondary or primary markets. Buying land will give you the “space” you need in the virtual world to start monetizing. While prices can vary depending on where you live, there are many possibilities for what you could do with the land. These are just four of the ways land can be leveraged in metaverse for maximum returns.
Make a virtual commerce showcase
E-commerce was one of the premier use cases for the internet, giving rise to the global behemoths that are Amazon and Alibaba – both e-commerce firms that have expanded far beyond their retail roots. Now, the savviest brands are setting up their v-commerce outlets in the metaverse, allowing users to browse a range of digital and physical products in a customized, branded environment that isn’t constrained by physical boundaries.
Samsung is one example, having launched “Samsung 837X,” its digital-only retail location designed to emulate the firm’s flagship NYC location in the Decentraland metaverse. Decentraland will also host the Metaverse Fashion Week, which is scheduled for the last week of March. If the event succeeds, we might see a few top-end brands set up virtual shops in the metaverse.
Create a play-to-earn game
Over the last year, the play-to earn (P2E), craze has taken over gaming. This led to a flood of VC funding available for P2E startups. Bullieverse and other metaverses allow players to create their own P2E game on the ground in the metaverse. This allows for developers income that is based on player revenue.
Bullieverse has integrated Unreal Engine to its game development platform. It offers rich, 3D graphics and doesn’t require any programming tools. You can create games with predefined assets and templates.
This option offers a new stream of revenue for brands and allows them to create a customized game that engages potential customers while also paying token rewards. Bullieverse also announced its partnership with Admix. This allows anyone to furthermonetize their games with opt-in, non-intrusive ads from any one of 300+ partners brands.
It is exciting to announce our partnership @Bullieverse 🚀
We’re working with @BullieverseTo give them the best immersive experiences possible in their metaverse. We have custom built, In-Play billboards and even branding #NFTs!
Learn more about Bullieverse here: https://t.co/Abo1yiNa3r pic.twitter.com/fYUDCfXO5v
— Admix (@admixplay) March 25, 2022
The game allows brand specialists to let their imaginations run wild with the many creative ideas they can use to position products and assets within it. You could even brand rewards, which can give you tokens to redeem for merchandise and in-store credit.
Hosting an NFT Art Event
NFT is a popular application of this technology, alongside gaming. Christie’s was the first big-name art auction house to engage with auctions of digital art, while Sotheby’s has joined Samsung by setting up a virtual auction house in Decentraland.
But some think the UX of the art buyer UX lacks the metaverse touch. Realm is a metaverse initiative that aims to get rid of the eBay-like listing experience that NFT art buyer currently have. Realm gives artists the chance to present and share their NFT creations in an original and creative manner. Imagine an AR/VR gallery with customizable elements that can be floating in space or underwater. Or, an interactive exhibit based on sound, movement, and motion.
Realm lets anyone create as many realms and as many builders as they wish using its suite of tools. Users can create their own exhibition spaces, hold a virtual auction, or invite collaborative creation to explore what’s possible in the world of NFT art in the metaverse.
Let It Go
Still not sure what’s the best use of your metaverse land and want some more time to mull over the options? You could rent the land out to make passive income while you think about it. If you’re on a longer-term time frame, you could rent the land to another brand to develop any of the ideas outlined above.
But even if you’re on a short-term time frame, there could be other options. For instance, brands wanting to advertise their presence in the metaverse may be willing to rent out your land for advertising space – think the virtual equivalent of the Golden Arches or a band advertising for an upcoming concert.
The metaverse is still very much in land-grab mode, so if you’re on the fence, consider that even simply buying and holding could be a worthwhile option if prices continue to appreciate at the rate they have been. Either way, if your brand isn’t currently thinking about a metaverse strategy, you could find yourself arriving very late to this virtual party.