This innovative environment mirrors a virtual world where users seamlessly work, attend events, and acquire virtual items. It leverages cutting-edge technologies such as virtual reality (VR), augmented reality (AR), and spatial computing to construct its dynamic infrastructure. Considered the next phase in internet evolution, the metaverse simplifies the fusion of virtual communication with digital currency, enabling the completion of tasks that were previously cumbersome with older web technologies. By 2030, the market for the metaverse is projected to soar, reaching an estimated $627 billion in sales.
Metaverse has demonstrated remarkable skills in building virtual infrastructure that can imitate the feel of an online retailer. In addition to a strong and safe payment mechanism that underpins the online experience, companies are realizing that they can totally transform how they advertise and sell their goods. Prominent companies, including Microsoft, Balenciaga, Unilever, PepsiCo, Forever 21, Vans, and many more, have made significant investments in creating, selecting, and releasing their own collections of non-fungible tokens (NFTs), which consumers may buy with a variety of cryptocurrencies. Then, brands can turn these tokens into cash, increasing their conversion rate. With Metaverse, companies and users may explore their full creative expression and technology potential to create a unique experience, transcending the boundaries of traditional online technologies and the actual world.
How the Metaverse Can Help Brands
Extend its product offering to the virtual world:
Metaverse presents a singular chance for companies to get into their innermost ideas and craft outstanding NFT collections that showcase their distinct aesthetics enhanced by technology. Retail brands can provide people with digital wearables to customize their virtual avatars. Retailers can showcase their extensive inventory so that consumers can have firsthand access to unique materials that may eventually be made available as tangible goods. In games, unique features and powerups may only be available during the metaverse experience.
Create a Loyal Customer Base
By offering an interactive platform where users can interact with one another, view exclusive collections and products, take part in virtual events, and buy digital products directly from the brand, Metaverse enables brands to create a unique connection with their customers. They can effectively interact with audiences that show interest in their products and invite new users to try them, both of which can contribute to the growth of their customer base.
Offer Immersive Virtual Brand Experiences:
Numerous brands have partnered with virtual platforms like Roblox and Decentraland to craft captivating virtual worlds in which users can explore, engage with, and carry out many other activities. Companies have gone so far as to provide virtual events that customers may attend using their devices, like fashion shows, live concerts featuring well-known performers like Ariana Grande, Justin Bieber, Marshmallow, etc., and sports tournaments.
AI-Powered Brand World Expansion in the Metaverse
AI’s introduction into Metaverse has offered benefits that have the potential to change how Metaverse engages with its users completely. With the use of AI, Metaverse can more effectively personalize immersive virtual environments, respond intelligently, automate repetitive chores, and improve platform and user security. Through customized experiences and individualized recommendations in various content—games, music, digital wearables, etc. the user experience will be improved. It will accomplish this by monitoring user activity and previous interactions with Metaverse content.
Enhanced Security:
As the metaverse becomes more and more popular, more people will utilize it. As more people transact in digital currencies to buy products from companies, there will also be a greater chance of fraud, identity theft, and attacks by harmful software. To protect users and the platform from any threats to their safety, AI will recognize any harmful behavior and take appropriate action to remove it.
Personalized Experiences:
AI in the metaverse will be able to better grasp users’ preferences by monitoring their behavior and previous interactions with the material. Based on artificial intelligence-driven marketing, it can recommend products related to wearables, gaming, entertainment, and so on. Users will receive curated collections, brands, and experiences tailored to their needs. People with disabilities will also find that AI makes the metaverse more accessible by offering useful capabilities like automatic translation, image recognition, digital avatars that allow full movement, and more.
Immersive Technologies:
Metaverse will be able to provide users with futuristic digital experiences by leveraging immersive technologies to create virtual brand experiences with the help of artificial intelligence. It will help create digital simulation-based and virtual world-building settings that are error-free and tailored to the themes and collections that businesses wish their customers to experience. The way consumers engage with their favorite brands has changed as a result, bringing about a digital revolution in marketing. Now, brands can customize the experience that consumers have before they buy a product and dictate the story that their customers hear about them.
Robust Smart Contracts:
Blockchain is a heavily integrated component in the metaverse that ensures security and trust, promoting decentralization. Secure smart contracts will be enforced through automated transaction management and a decrease in the need for manual instruction thanks to artificial intelligence in the metaverse. Tracking the sources back to their origins guarantees democratization and raises general safety.
Help with content production:
The time it takes to create content for Metaverse will be greatly reduced with the integration of AI-powered technologies like NLP, 3D models, texture production technology, etc. Users will benefit from higher production on more frequent occasions and be able to produce high-quality, high-resolution content in less time.
Use Cases: Companies Creating Their Own Metaverse Specialization
With the launch of Metaverse, marketers now have abundant, flexible methods to engage customers with their products in novel and interesting ways. Luxury and automotive brands have been among the first to embrace Metaverse, leveraging Web 3.0 technologies to craft distinctive virtual worlds for their clientele. Here are a few tech-forward companies that have carved out a distinct market in the metaverse:
Coca-Cola:
In recent years, the beverage firm has taken the lead in its Metaverse operations, offering its customers a wealth of experiences. In 2021, they made their debut with Decentraland, launching unique NFT collectibles for auction that comprised stylish apparel items that virtual avatars could don. In their subsequent partnership with Polygon, they unveiled a brand-new beverage named Coca-Cola Zero Sugar Byte. In order to experience the ‘taste of pixels within a byte,’ a player must obtain a ‘Pixel Point’ within the Fortnite game in order to sample various Coke flavors. Since their initial entry into the metaverse, Coca-Cola has released up to 4,000 NFT digital collectibles.
Hyundai:
Targeting the tech-savvy demographic, Hyundai and Roblox collaborated to build the Hyundai Mobility Adventure. This platform allowed users to view and interact with their cars and other technology, as well as play games and customize their own digital avatars. They developed a five-zone virtual experience for consumer engagement, making them the first company in the automobile sector to do so.
Burberry:
In 2021, they introduced an NFT collection in the multiplayer game “Blankos Block Party” in collaboration with Mythical Games. The collectibles were quickly sold out. Building on their past success, they introduced a new collection of this game that featured a range of products, including branded boomboxes and sliders. They also developed a little virtual world within the games to engage with their customers.
Nike:
In partnership with Roblox, the company developed its own fan-curated metaverse experience, which has garnered 7 million visits and allows users to interact with each other, participate in promotions, etc. Upon its debut, Nike acquired RTFKT, an NFT-like company, and has since sold shoes valued at $3.1 million. Using “vials,” consumers may customize their CryotoKicks Dunk Genesis collection, which is their debut offering.
Gucci:
A prominent figure in the high-end fashion sector, Gucci collaborated with Roblox to develop an immersive ‘Gucci Garden’ experience in honor of their 100th anniversary, which falls in May 2021. It was a six-room virtual exhibition with various displays and collectibles that users could gather to customize their virtual avatars. Additionally, they sold goods for $4115, which solidified their success in the digital sphere.
H&M:
In collaboration with the Institute of Digital Fashion, the Swedish store brand H&M unveiled an exclusive “The Metaverse Design Story” collection at its first digital show in Metaverse. Users could browse the collection and engage with one another within the show. The collection includes tangible clothing pieces and digital creations in the form of 3D filters. It does not yet have a digital store in the metaverse, but it has ambitious intentions to increase its presence there in the coming years.
In conclusion
Metaverse consulting services has revolutionized web technologies by making virtual worlds accessible to the general public. A wide range of users can now tap into the potential of immersive digital worlds, which has also altered the future of advertising. Companies have come to understand that they may increase their revenue streams by exploring the realm of virtual reality marketing and offering their consumers a distinctive online experience via immersive settings and digital world-building. Introducing AI into the metaverse has strengthened its infrastructure from the ground up and improved its overall technological capabilities for both platforms and their users. With the assistance of artificial intelligence (AI), brands can enhance their virtual marketing capabilities and offer their customers a smooth brand experience, all while reaping several benefits like enhanced safety, personalization, and digital efficiency. The potential of artificial intelligence and the metaverse to revolutionize digital technology and its usefulness for both individuals and large-scale platforms is great.
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- Source: https://www.finextra.com/blogposting/25285/how-your-brand-can-benefit-from-the-metaverse?utm_medium=rssfinextra&utm_source=finextrablogs
