Metaverse - Everything that you need to know as a brand

With Covid-19, lockdowns, extreme isolation, and reduced mobility caused a major shift in our lives from the real world to the the digital world. People became highly dependent on the internet and started diving deep into social media, virtual games, immersive experiences, etc. During this time, the world also saw a steady rise in the usage of virtual reality and augmented reality. With that, the expansion of life into virtual worlds gained extreme intrigue.

The Metaverse fits perfectly with digital lifestyles. A virtual world is created for people to use their 3D avatars to connect, work, play, build communities, buy/sell, or enjoy immersed content. It gives an immersive, persistent and three-dimensional digital experience where people can consume content along with themselves being a part of the content. Brands can leverage these features to connect with their prospective audience and provide them with best user experience.

Major brands like Meta (formerly Facebook), Nike, Nvidia, Coca-Cola, Disney, Hyundai, Gucci, Louis Vuitton and many others have already started planting their business in the Metaverse in various ways. Statista, in one of its articles, estimates that in 2022, the Metaverse market size will rise to 47.48 billion USD and 678.8 billion USD by 2030.

And this raises the question how important is Metaverse for brands? This article will take you through what the Metaverse is and decodes the importance of the Metaverse and what potential it brings for businesses to grow exponentially in the virtual world.

Fundamentals - What is Metaverse Virtual Reality?

Neil Stevenson first used the term Metaverse in his novel Snow Crash. Metaverse is the virtual place where the characters from the novel take abode from a totalitarian reality. Since the 1990s, there have been advancements in the field of AR, VR, and gaming. Second life was considered as the first representation of the Metaverse as it allowed users to build communities in virtual spaces since 2003. With the creation of VR glasses, the concept of virtual worlds gained colossal momentum.

Metaverse Reality 1

Facebook (now Meta) acquired Oculus VR in 2014, which captivated the attention of significant businesses and corporates to the virtual world. Meta is one of the tech company that understood the importance of the Metaverse very early. Once again, in late 2021, the Metaverse gained tremendous momentum when Mark Zuckerberg announced the rebranding of his company and changed his parent company’s name to Meta from Facebook, expanding the scope of their virtual offerings in the Metaverse world in the future.

After this incident, the Metaverse is seen as the latest paradigm shift for the internet and has become one of the household technological concepts. When simply put, a Metaverse is a VR world in a VR universe, where one can build avatars/appearances, communities, alternate realities, or lifestyles. Every brand can create its own virtual world, so there can be any number of Metaverses. In the same way, smaller brands can rent or lease spaces from other corporates’ virtual worlds. The Metaverse can theoretically virtually replicate any activity that is possible in the real world. There can be various user experiences, including education, entertainment, gaming, business, e-commerce, research and social gatherings.

How are brands shaping the Metaverse?

While there are many Metaverses, we have listed the top three Metaverses which are currently making buzz and have acquired a more significant advantage in the field of virtual worlds. These Metaverses are open for selling, renting and sharing their virtual space with other businesses and users.

1. Meta Horizon Worlds

Meta’s (formerly Facebook) virtual worlds are named Horizon worlds collectively. These worlds can be accessed only via Meta headsets (formerly Oculus headsets), which is also their home product. Mark Zuckerberg said that their company is trying to expand the experience to contact lenses and also create holographic experiences in the far future. Horizon worlds allow the users to create their 3D avatar and indulge in connecting with others, play games, purchase digital products, or teleport to different experiences within their world. Horizon Worlds are centralized virtual spaces.

2. Sandbox

Sandbox is one of the oldest decentralised gaming Metaverses. It originated as a video game in 2018 and evolved into a virtual world. It has many NFT investors associated with it. Users can buy and build on the land with crypto called SAND/Land in the Sandbox Metaverse. Users can also sell or rent out their lands, connect will fellow players, and make connections. Sandbox is a highly credible Metaverse, and many early users now own real estate there. As their land and tokens are considered finite, the price of their real estate has skyrocketed in recent years.

3. Decentraland

Decentraland is one of the most popular Metaverses today. It is notable for its vast cities and NFT real estate. In Decentraland, anyone can acquire NFT lands and can create on this open platform. Users can access the platform from their personal PC, and along with digital real estate, they can interact and play games within this world. Decentraland is now working towards implementing interactive apps, in-world payment, and peer-to-peer communication for their users. Brands like Samsung, Adidas, Atari, and Prager metis own lands in Decentraland for various purposes life create NFT exclusive content, virtual showrooms, etc.

Although these three Metaverses stand out among others, there are still plenty of other Metaverses that exist today and room for new developments. Other Metaverses such as Genesis World or Treeverse all have their own unique take on NFTs, land, and world building mechanics. As technology service providers, we believe the future lies in the Metaverse and we postulate to help businesses establish their space in virtual worlds. Our team is highly enthusiastic about the above mentioned Metaverses and if you are thinking to invest in them, we can definitely help you to your benefit. If you need any advice or support, we can certainly help and will get back to you immediately.

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As a brand, why do you need to leverage the benefits of Metaverse technology?

Though Metaverses mentioned above are of interest to companies for marketing and PR, but Metaverses can also create other user experiences like education, research, training and stimulations, etc.

Pioneer tech company Nvidia believes that Metaverse simulations will help in building sustainable manufacturing and logistics solutions. Microsoft uses its mesh platform to create XR applications that integrate the real world into the immersive world.

Nike, a product-based brand, is also making its way to the virtual world, filing a patent for virtual goods and looking for opportunities to build virtual retail environments to sell those digital products. Nike also recently acquired RTFKT, which creates virtual sneakers for the Metaverse.

Sotheby’s recently established its virtual gallery for curated digital arts in Decentraland. Many virtual showrooms, art collections, fashion shows and other entertainment services are making their way into the Metaverse. Recently, many artists, influencers, and content creators have leveraged NFTS and blockchain to trade their art and content.

So undoubtedly, brands need to get into the digital landscape and use it to their advantage. If you are thinking of taking your business into the virtual world, here’s what you should do right now:

What needs to be done now?

1. Pick your targets

Before entering the virtual world, do in-depth research on your audience and customers. You should know the characteristics and personality of the Metaverse users to make them your target audience. You should check the probability of your audience in real world shifting to the Metaverse in the coming years.

2. Watch the competition

You should also study how your peer brands plan to move into the virtual world. Always be ready to test and learn how the brands in Metaverse now are leveraging it for their growth. If you can foresee a good target audience, you can make the first move among your peers and competitors, which will make you a champion in the meta world shortly. We support all clients with monitoring and regular workshops.

3. Explore use cases

Entering the virtual world is not always about expanding your business scope into the virtual space. Research for opportunities and applications that will accelerate your purpose of getting into the virtual space. It can be anything from making your business sustainable or building Digital Metaverse Properties to making it accessible to everyone worldwide. We are happy to help you find suitable usage scenarios.

4. Plan your entry

Entering into virtual space is a long time committed decision. So if you have decided to enter the realm of the Metaverse, formulate the way you want to showcase your brand in the Metaverse. Choose the best way to expand your brand identity comfortably to the Metaverse users. We support with Metaverse strategy and the contacts to the most important players.

5. Keep your balance

Virtual worlds are highly captivating in nature. But in reality, it comes with high risk, so prepare to manage your brand according to the risk and rewards, and always have a backup option.

Early opportunities for brands in the Metaverse

As mentioned above, before investing hugely into the Metaverse, brands need to test and learn in detail about the virtual worlds. So listing down a few ways where brands can leverage the benefits of Metaverse technology, and experience some features of Metaverses with minimum investment to learn and understand it in-depth.

Metaverse Reality 2

Virtual events - You can rent space in Horizon worlds, Decentraland or Sandbox to host your virtual event. Or you can associate with any other virtual events planned in the Metaverse as a sponsor or guest.

Influencer and Community Marketing - You can associate with any influence or content creator who already has an established community in the Metaverse to market your brand. Through them, you can do your audience research and understand the scope of your business there.

Purchase branded locations, avatars or games - You can purchase NFT based branded locations, games or avatars and start establishing your presence in the Metaverse.

Sponsor Metaverse content - You can collaborate with brands and communities present in the Metaverse and sponsor them for their creating content. Your brand visibility in the virtual world will grow along with your content.

Wrapping up: The Potential of the Metaverse

Though the Metaverse is growing rapidly, brands need to pause to understand what is Metaverse virtual reality and how can it add to their businesses before entering the virtual world. Along with Metaverse’s potential market, you need to unleash your creativity and pick the best application for your brand’s virtual presence, through which you can leverage virtual worlds to the fullest.

“We are your partner for your development of the Metaverse!”

You can partner with us to build an exclusive immersive experience for your audience. With 15 years of experience in immersive technology, artificial intelligence, and machine learning, DMG has pioneered the art of creating immersive content and solutions for brands. We have worked with more than 500 clients and have successfully developed virtual games, extended reality content, avatars and virtual training and educative content and digital properties for the Metaverse.

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