Just a couple of months back, most of us had no idea about the metaverse. Cut to today - Metaverse is the new buzzword that’s all over the news. So, what is the metaverse and what are brands doing to leverage on it?
Metaverse is the place where the digital world and the physical world will collide into a phygital world. It will essentially embed computing in the real world and embed the real world into computing. In this phygital environment of the metaverse, people can roam around with friends, visit new places, attend events, and also buy products and services.
Due to the pandemic, people all over the world are getting even more accustomed to shopping online and socializing digitally. There has been a rise in the use of AR filters, video games, and interactive real-time content. For all these reasons and more, Maury Rogow, CEO of Hollywood’s Rip Media Group, noted that retail will be one of the largest sectors in the metaverse.
Given that there are so many eyeballs and interactive opportunities glued to the metaverse, brands have already started embracing this new world. Here’s a deep dive into 5 such brands:
1) Coca Cola
In July 2021, Coca-Cola hosted an auction for special-edition NFTs, which took in over $1 million. The sets included digital apparel that can be worn in the open-source gaming platform Decentraland.
Coca-Cola also auctioned four multi-sensory, friendship-inspired NFTs on International Friendship Day. The prizes included various NFT goodies like a Coca-Cola Bubble Jacket Wearable, and The Sound Visualizer which had the audio of a bottle opening and the drink being poured on ice.
Along with these, the winner also received a real-world physical fridge stocked with Coca-Cola bottles and additional surprises.
Here’s how Gucci sold digital bags that are more expensive than the real bag - by collaborating with Roblox and selling several rare Gucci items on their platform.
For two weeks in May, the virtual Gucci Garden space was available to everyone on Roblox. Visitors could view, try on, and purchase digital Gucci products while exploring the different themed rooms.
Another major reason for its success was that this Roblox experience was similar to the physical experience, meaning that the digital products were available only for a limited period of time. This caused a feeling of scarcity and increase in prices.
Wendy's used the power of Metaverse to advertise its fresh, never frozen beef. They got on Twitch and created a character that looked like the brand’s mascot. The character was then dropped into Fortnite and they started to destroy all the freezers in the game’s Food Fight mode. The entire experience was live-streamed on Twitch and thousands of players were invited to watch and join them in destroying freezers instead of killing other players.
The result of the 9 hours of live streaming was successful advertising - there was an increase of 119% of brand mentions across social media. Wendy’s even won eight Cannes Lions for this move.
Balenciaga ventured into the metaverse by being the first to take on Fortnite. Players of the video game could purchase Balenciaga merchandise. The hub was live for one week where players could try on outfits and add it to their inventories.
The brand also tied this event with the real world and allowed fans who bought real-life clothing to also be able to unlock the Balenciaga outfits online in Fortnite.
Nike has capitalized on metaverse to digitally tell a story using augmented reality and QR-code scanning. Through AR tools, the brand brought together fashion, entertainment, and gaming innovations. Last year in February, visitors could explore Nike’s House of Innovation in New York by simply using their mobile phones.
Nike ensured that the activities within the location were made as interactive as possible so users could have an immersive experience.
As is already happening, the Metaverse will affect industries and bring a new change in how we as consumers interact with brands. Marketing strategies are starting to become more creative than ever before and we are here for it!