The metaverse is one tech trend that doesn’t look like it’s going to stop. In fact, it’s going to get even better.
An expert says this is the best chance to change branding and marketing since the internet itself came into existence.
Jeffreys, an investment banker, says that by 2025, the market for NFTs, which are the backbone of decentralized metaverses, will be worth more than $80 billion.
If Morgan Stanley is right, there could be a $56 million opportunity in the luxury goods market alone.
But when we talk about brands going into the metaverse, what does that really mean?
Setting up shop in the virtual world isn’t very different from setting up shop in the real world.
The first thing you need to do is get metaverse land.
The land in most metaverses can be bought as NFTs on the primary or secondary markets.
People who want to start making money in the virtual world should buy land. This will give you the “space” you need to start making money.
Prices may be different, but the number of things you can do with your land is almost unlimited.
Here are four ways you can use land in the metaverse to get the most out of it.
Build a Virtual Commerce Showcase
It was one of the best things about the internet because it allowed people to do things like buy and sell things. Amazon and Alibaba, both e-commerce companies, have grown far beyond their retail roots.
Now, the smartest brands are setting up virtual stores in the metaverse, where users can shop for digital and physical goods in a customized, branded environment that doesn’t have to be limited by space.
Samsung, for example, has opened a digital-only store called ‘Samsung 837X’ in the Decentraland metaverse. This store is meant to look like the company’s flagship store in New York City.
There will also be the first Metaverse Fashion Week at the end of March. If the event goes well, we can expect some high-end brands to open virtual stores in the metaverse.
Build a Play-to-Earn Game
During the last year or so, play-to-earn (P2E) has become a big thing in the gaming world. This has led to a lot of VC money for P2E startups.
Some metaverses, like Bullieverse, let users set up their own P2E games on land in the metaverse, which gives developers the chance to make money based on how much money their games make.
Bullieverse has used Unreal Engine as its game development platform, which lets you make games with rich, 3D graphics without having to write any code.
It lets people make games with pre-made templates and assets.
For brands, this option gives them a whole new source of money from gaming while giving them a unique game to play with potential customers and pay them tokens for doing so.
If you want to make even more money from your game ideas, Bullieverse has also teamed up with Admix, which allows you to put ads from any of the company’s 300+ partner brands into your games.
Excited to announce our partnership with @Bullieverse
We’re working with @Bullieverse to bring them the most immersive experiences in their metaverse, with custom builds, In-Play billboards, and even branded #NFTs!
Learn more about Bullieverse here: https://t.co/Abo1yiNa3r pic.twitter.com/fYUDCfXO5v
â Admix (@admixplay) March 25, 2022
Branding experts can let their imaginations run wild with all the different ways they can place their assets and products in the game itself.
Rewards could also be branded, giving users tokens that can be used for in-store credit or other goods.
Host an NFT Art Event
NFT art is one of the most common ways to use the technology right now, along with games and other things.
Christie’s was the first big name art auction house to get into auctions of digital art. Sotheby’s has joined Samsung by setting up a virtual auction house in Decentraland, which is a place where people can buy and sell digital art.
However, some people think that the art buyer UX doesn’t have the metaverse touch yet.
Realm is a project in the metaverse that wants to get rid of the sterile, eBay-like listings that people who buy NFT art now have to deal with.
In place of that, Realm gives artists the chance to show off and share their NFT creations in a unique way.
AR and VR galleries that can be moved around in space or underwater or that are based on sound and movement could be interesting.
All Realm users can make as many realms as they want with a set of tools.
Users can set up their own exhibition spaces, hold a virtual auction, or invite other people to work together to see what can be done in the world of NFT art in the metaverse.
Rent It Out
Still not sure what to do with your metaverse land and want some more time to think about it.
For now, why not just rent it out and make money from it?
It’s possible to rent the land to another company so they can build on the ideas above.
But even if you only have a short-term time frame, there may be other ways to go.
The Golden Arches or a band advertising for an upcoming concert could be examples of things that could happen in the metaverse if brands wanted to advertise their presence there. They could rent space on your land to do this.
The metaverse is still in land-grab mode, so if you’re on the fence about whether to buy or not, keep in mind that even just buying and holding could be a good idea if prices keep going up at the rate they have been.
If your brand isn’t already thinking about a strategy for the metaverse, you might be late to the party.