The metaverse primes to be the next big thing to disrupt businesses after crypto. Check out our materverse showcases to see how you can leverage this emerging Web 3 marketing technology in your business.
How to Use Metaverse to Boost Your Business
Facebook CEO Mark Zuckerberg’s shock announcement in 2021 to rename the social media giant “Meta” is more than just a rebranding, but proof that connected virtual worlds are the next big thing to disrupt present conventions after cryptocurrency. While metaverse is hinged on evolving technology and many of its potentials remain unknown, it offers a wealth of opportunities for businesses to scale up their operations and revenues. This article will explore how organizations can leverage metaverse to boost their business in a world where digital connectivity is king.
What is Metaverse?
The metaverse refers to a network of virtual and mixed reality worlds that enable users to interact with each other through a browser, smartphone, or headset. Its functions are enabled by a host of technologies such as Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), cloud computing, blockchain, and 5G, among others. Combining these technologies allows users to socialize regardless of where they are and to participate in an immersive experience that no other platform has had before. Like a functioning traditional economy, a specific metaverse can have its own set of avatars, currency, and rules of interaction.
Big Brands That Have Joined the Metaverse
Perhaps the biggest company that has officially embraced the metaverse is Facebook’s rebranding to Meta, reflecting its vision to go beyond social media. But aside from the social media giant, a flurry of big brands have also dipped their toes into the metaverse, realizing the potential opportunities they can reap from this emerging technology.
In November 2021, Nike unveiled a virtual world called NIKELAND, where users can participate in mini-games and immerse themselves in a digital community. Development platform Roblox hosts this metaverse. Early in 2022, South Korean smartphone maker Samsung joined Decentraland, an Ethereum-based metaverse where one can explore, interact, and play. Samsung set up a store in Decentraland, enabling users to create their own adventure and browse gadget collections. Other companies recently joining the metaverse craze are Wendy’s, Coca-Cola, Louis Vuitton, and Gucci.
5 Ways You Can Use Metaverse to Boost Your Business
1. Open new revenue streams
Many companies are joining the metaverse not just to complement their offline marketing but to sell digital products under a new revenue stream. These products can be goods or services exclusive to the digital realm. For example, Gucci partnered with vinyl toy maker Superplastic and launched collectible NFTs accompanied by ceramic sculptures. Another example is high-end fashion brand Ralph Lauren’s clothing avatars up for sale and Dolce & Gabbana’s nine-piece NFT collection that fetched nearly US$6 million from an auction.
2. Store digital assets in the metaverse
Assets in the metaverse range from digital art and other goods to experiences. Metaverse’s blockchain technology adds another layer of security to stored assets while allowing owners like organizations and individual users to create their digital identities.
3. Bring employee engagement to a new level
One overlooked potential of the metaverse is improved internal relations, mainly how employees engage with each other. The metaverse offers a suite of collaboration tools grounded on a seamless and immersive technology.
Metaverse Showcase #1 AIA Premier METAcademy
In partnership with digital marketing agency NDN Group, AIA Premier METAcademy rolled out a career orientation program incorporating avatars and games to engage new employees. The digital marketing Hong Kong agency’s initiative enabled participants to learn about the company while experiencing Web 3.
Human resources practitioners can also use the metaverse to gain a deeper insight into employee behaviors. They can ask employees how they would react in a hypothetical scenario through simulated virtual worlds. Facial expressions and other verbal cues from the avatars provide a more authentic reaction, which will help HRs map out behavior patterns. They can also set up metaverse conferences or metaverse showcases to gather regional employees.
4. Benefit from virtual economy and user-generated content
Similar to the physical world, the metaverse has its own economy based on demand. While this realm of Web 3 remains largely unregulated, experts agree that its virtual economy is an intersection of creativity and technology. Companies can let customers create their products, buy, trade, and earn, while protecting those transactions from conventional economic concepts like inflation.
At the same time, their marketing efforts can benefit from the metaverse’s focus on user-generated content (UGC), which is popular among the younger generation. UGC enables businesses to engage their customers through immersive content they created themselves while attracting other users to participate. For example, fashion brand Tommy Hilfiger created the “Tommy x Roblox Creators” collection, which consists of eight UGC designs from the Roblox community. UGC is also popular in mini-games that allow users to create their own adventures.
5. Improve connectivity and flexibility
The pandemic has proven that remote work is not just an option but a way forward. Metaverse further highlights this by creating virtual meeting rooms wherein employees can feel as if they are physically present with their colleagues. Companies can also host metaverse conferences and town halls and set up booths during events where they can have a deeper and more diverse interaction with their teammates from other parts of the world.
For customer-facing initiatives, companies can now engage potential clients from anywhere. In a metaverse showroom by digital marketing agency New Digital Noise, three AR-based test-drive prototypes were created to give customers an immersive experience as if they were in a physical car showroom. Customers can also walk around the vehicles and look closely at the details. Metaverse digital marketing strategies enable companies to tap prospects without worrying about geographical constraints.
Build a Metaverse Digital Marketing Plan with New Digital Noise
From developing new revenue streams to improving internal relations, the metaverse is brimming with benefits, and businesses must act fast to gain a head start. Digital marketing agency New Digital Noise can help your company build a custom-made metaverse and develop a metaverse digital marketing plan. It is a one-stop metaverse and NFT marketing agency and service provider that can help you design, mint, launch, and promote your projects.
Contact our Hong Kong agency now to learn more about our services!
Q1. What is the future of the metaverse?
In general, the ever-evolving nature of the metaverse and Web 3 makes this space vulnerable to drastic changes, so predictions should not be set in stone. However, it is expected that more companies will join this space and revolutionize how they generate revenue, market their products, and interact with customers and employees. To know more about the potential of the metaverse and how you can use it to boost your business, contact our Hong Kong agency now.
Q2. What are the risks associated with the metaverse?
Like other products under Web 3, the metaverse is prone to cybersecurity issues such as cyber and identity theft. There are also issues regarding privacy because of its unregulated nature and the presence of third parties that collect user data. Hong Kong agency New Digital Noise can help you understand the risks and benefits of investing in the metaverse.