While the metaverse is not a new concept, it gained traction after Mark Zuckerberg frequently used the word in a late October results call. In the metaverse, a brand’s self-expression takes precedence over anything else. While considering aspects such as longevity and consistency of values, the metaverse provides the marketers the ability to expand their scales of marketability. COMEARTH, our metaverse, stands apart from the other metaverses by allowing brands to “commercially” engage with metaverse enthusiasts. Let’s have a look at some entry protocols and use cases of brands in the metaverse.
From digital garments to virtual sneakers, the fashion industry is making rapid progress in the metaverse. Luxury brands and popular designers are launching their NFT collections on different marketplaces. Potential customers can also try out outfits and customize their digital avatars before purchasing these one-of-the-kind accessories.
Terms like Play-to-Earn (P2E), Player-vs-Player (PVP), Player-vs-Environment (PVE), and Initial Game Offerings (IGOs) are getting more buzz now. Players tend to win skins, trading cards, and collectibles as rewards. Avatars will represent the digital identity of gamers. Generally, native tokens are used for processing transactions. High gas fees on blockchain networks like Ethereum are a concern for players. However, layer 2 solutions are solving that issue by storing the NFTs off-chain. Hence, gamers can transfer them during trading and while using them in combat.
International players, teams, governing bodies, and tournament organizers are getting closer to their fans. Sports aficionados can purchase rare moments and iconic shots by taking part in auctions. Generally, they receive real-time updates during limited-edition drops. Sports fans also win NFTs as rewards after completing challenges successfully. Trading cards, memorabilia, posters, autographs, and video clips are selling for millions of dollars. The value of NFTs depends on the level of scarcity, the popularity of the sportsperson, and the extent of liquidity.
Apartments and villas are also getting sold as Non-Fungible Tokens (NFTs). Smart contracts take care of aspects like offer management, deal negotiation, and listing of properties. Investors are also purchasing digital land parcels using crypto.
Singers, composers, and rappers are using NFTs to monetize their albums, tracks, lyrics, and merchandise. The barriers to entry are low and there is no need to depend on centralized streaming platforms. Music lovers would bid for these limited-edition musical pieces and tickets for concerts by taking part in auctions.
Artists and performers will receive more revenue as well as royalty whenever their music gets resold on a secondary marketplace. Musicians will have more control over the distribution of their work. They can also directly reach out to fans by organizing meet-and-greet events, selling tickets, and building a strong following over a period.
Simulators will project high-quality images and personalized effects to visitors of theme parks. Stories will be conveyed in a 3D format and there is no need for users to wear a viewing device powered by Augmented Reality (AR) or Virtual Reality (VR). It offers an interactive experience as there is a perfect blend between the physical and the digital worlds.
– Manufacturers of fast-moving consumer goods (FMCGs) and supermarket giants are using Virtual Reality and Augmented Reality to deepen their relationships with customers. They will sell virtual goods to buyers in a 3D metaverse. It will lead to a better shopping experience.
Unquestionably, cryptocurrencies and NFTs have promoted financial inclusion. Today, there are several Peer-to-Peer (P2P) protocols that facilitate the borrowing and lending of digital collectibles. Creditors can list their NFT as collateral and disburse loans to eligible borrowers. The NFT gets transferred to an escrow smart contract. It holds the crypto collectible securely till the loan is entirely repaid by the borrower. Hence, owners of NFTs can earn high returns through lending instead of holding them in a software wallet. Borrowers also benefit from instant access to liquidity.
NFTs: A tool for brand-building
The Fear of Missing Out (FOMO) amongst national and international brands is very high now. This indicates that the impact of the metaverse transcends borders. NFTs tick the right boxes in terms of uniqueness, non-interchangeability, indivisibility, and interoperability. Digital collectibles are helping business firms to reach out to their customers and enhance loyalty.
With interest in digital assets growing, NFTs are helping brands looking to retain their customers, promote the right message, and support social causes. The metaverse is the hub for implementing marketing campaigns and brands are offering an exclusive experience for interested buyers. Eager to boost engagement with your target audience? Become part of COMEARTH now and harness the benefits of the metaverse.