Innovation is essential for brands who want to differentiate themselves from the competition and embrace innovation. Businesses are beginning to see the value of NFTs, or digital goods with unique identifiers. Businesses incorporating NFTs into their branding strategy should include partnering with NFT developers, tokenizing events, transforming actual things into NFTs, licensing, and conducting NFT contests and giveaways. According to a survey by Zipline, 84% of Gen X, 70% of millennials, and 63% of Gen Z would be interested in an NFT from businesses they like.
NFTs enable brands to add value to digital products; but, the digital product must be valuable to customers. Gucci has developed NFT apparel, and Nike offers digital sneakers that avatars can wear in the metaverse. Consumers can purchase or win a digital product, such as a picture or video, and then the company can deliver a physically branded goods to close the marketing loop. Businesses can develop their own NFTs or hire a company that specializes in NFT creation and NFT platforms. NFTs are a feasible choice for brands seeking to interact with consumers and increase brand awareness. Brands that invest in the use of a prefabricated NFT platform are more likely to see market gains.
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Design an interactive virtual storefront
In the past, clients accessed a company’s products via a website or mobile application. With technology advancements, brands can provide customers with more immersive experiences. Customers may visit a virtual storefront, such as the one built by Nike, to do more than simply see merchandise. Customers can interact with digital products in the metaverse by using an avatar to try on apparel and other products. Explore the opportunity for brands to upgrade the customer experience from a drab internet visit to a rich and immersive one. A consumer survey conducted by Accenture revealed that 64% of respondents have completed a virtual transaction, with 83% of respondents wanting to make purchases via the metaverse.
Brands that replicate the convenience and efficacy of traditional in-store purchasing are more likely to retain consumers’ interest. Once the choice to open a storefront in the metaverse has been taken, enterprises must select a metaverse platform. There are well-known platforms, but for greater control, brands may explore developing their own. The storefront design could be an independent app or virtual area. Multimedia businesses can assist the brand in developing and designing interaction layers that define the storefront’s functionality and capacity to link with third-party applications. Using wearables such as virtual goggles, haptic gloves, smart glasses, and VR headsets, customers can have a 3D experience. A high level of interoperability is enabled through shops with enhanced consumer access to data and manipulation of digital objects.
Create virtual events
As a result of the Zoom boom, virtual gatherings have become popular, and marketers can capitalize on the trend by sponsoring branded virtual events. Immersive virtual experiences can attract new business consumers for firms seeking international expansion. The nature and structure of the virtual event are completely customizable and limited only by the level of inventiveness. Brands may work with influencers or develop their own virtual influencer.
Businesses may host live or prerecorded events that can be accessed via mobile device or laptop. Although it is possible to host 3D events that require VR goggles or headsets, they are not as popular as they once were.
One of the largest groups to utilize the metaverse to engage customers with live music, comedy shows, and other social activities is the entertainment industry. Attendees of a virtual event can be present in the virtual world by using avatars that enable them to dance with others while listening to their favorite singers. Roblox utilized the groundbreaking technology of the metaverse to host a virtual concert with over 33 million guests. The gaming industry, especially Fortnite, has utilized virtual reality games to successfully advertise products during consumer encounters, illustrating the effectiveness of virtual branding.
Virtual exhibitor interactions can replicate the realism of traditional conference hall events. Businesses can use branded booths to display a variety of information, but the emphasis should be on high-quality productions. Brands may turn followers into consumers with virtual tokens, badges, avatar improvements, and digital gifts. The metaverse affords participants the option for increased participation. Brands must make strategic decisions to guarantee that prospective customers are active participants in the event and not only onlookers.
Launch your own metaverse
Having a presence on virtual platforms is beneficial, but owning your own is preferable. Companies should consider developing their own virtual platforms. Although it may initially appear financially risky, the ability to create brandable and targeted client interactions will enhance the customer experience. Businesses desiring a successful entry into the metaverse should do a market analysis to verify their project will satisfy customer requirements and outperform the competition. Some businesses even provide the option to develop your own secure smart contracts, NFT marketplaces, and other services.