Metaverse not really an unknown concept anymore
The term or concept ‘Metaverse’ is not alien anymore, to anyone associated with the business of technology. Most simplistic explanation of the term ‘metaverse’ is that it is a network of 3D virtuals focused on social connection. Industry experts believe that metaverse is the next iteration of the internet in which we humans can experience life in a way that cannot be in the physical world.
If one is interested in knowing how life in a metaverse could possibly be, then one must definitely watch Ready Player One, a 2018 American science fiction adventure movie based on the novel with the same name. This film is set in 2045, where much of humanity uses a virtual reality simulation. This movie is about a teenager finding clues to a content that promises ownership of this virtual reality simulation company. In today’s world several similar enhanced online experiences exist, ranging from online video games like Fortnite to virtual workplaces like Meta’s Horizon Workrooms, and other metaverse-like gaming experiences on Decentraland, Roblox, and Minecraft.
So basically, metaverse is expected to be a place where several billions of people would engage in their day to day activities like collaborating for personal and professional purposes, shop, work, learn and interact, etc. all from the comfort of their couches. The Covid-19 pandemic’s impact on workforce, organisational operation, effect on supply chains, effects on everyday lives of individuals has changed the way we as human beings live to a large extent. To several industry experts, metaverse seems like a natural progression.
Furthermore, since October 2021, the term ‘Metaverse’ has become a household name with “Facebook” rebranding its corporate identity to “Meta” and making an announcement of making an investment of USD 10 billion dollars on this concept. In addition to it, several large IT giants of the world like Microsoft, Google, Nvidia, Qualcomm, etc. have also made public announcements of investing in the development of the concept for enterprise purposes. These tech giants have gone on to make these investments despite all the uncertainty or lack of clarity on how this space will pan out. McKinsey & Company has also predicted that by 2030, the metaverse economy could reach USD 5 trillion dollars.
Big brands exploring the metaverse!
Below are some of the popular metaverse activations by world’s leading brands in the consumer goods, fashion, technology, alcoholic and non-alcoholic beverage industries.
Metaverse Fashion Week
In March, 2022 the Metaverse Fashion Week, a four day event was organised in Decentraland. This event saw popular artists from music and fashion industries, including luxury fashion brands, participate with fashion focused events. This event attracted a wide variety of brands like Etro, Dundas Dolce & Gabbana, and Estee Lauder. Activations on the metaverse ranged from runway shows, virtual stores, digital fashion gallery, popular musician performance, and sales of digital versions of new collections.
Samsung launched its own virtual space!
Samsung, a household name across the world launched its own virtual space on Decentraland called Samsung 837X. Samsung connected with their digital audience through NFT collection and virtual items. In this virtual space, there is a Connectivity Theater where Samsung announced its brand related news. This virtual world also emphasises on the need for sustainable environmental practices by setting up a Sustainability Forest, which entails information pertaining to the company’s sustainability initiatives. Furthermore, it also has a personalised space that allows customers to purchase 3D objects and wearable to customise their avatar on Decentraland.
The Heineken Silver Digital Brewery
The Netherlands beer company Heiniken created the first brewery in a metaverse on Decentraland, and launched Heineken Silver, a first of its kind digital beer. This digital beer launch garnered attention which was relied on to make a real world marketing campaign called ‘Straight from the metaverse’ and launch the product physically.
Repsol Tech Summit:
Repsol, a global energy company organised it’s Technology Summit, 2022 on the metaverse, with the intention of seeking more visibility to the event and exploring metaverse space for their business purposes.
Coca Cola Virtual Experience
Coco Cola, yet another household name across the globe, launched a 3D collection of its most popular products, wherein their logo, caps, bottles, transport trucks, refrigerators, and vending machines were created as NFTs for sale to customers. This launch event invite was extended to the brand’s consumers on the rooftop of its own building within the metaverse, thereby providing access to an exclusive event within the metaverse, and which further led to the launch of their new product Zero Sugar Byte.
Santander Bank:
Santander Bank recently organised the Santander X Global Challenge awards ceremony within Decentraland. This event was streamed and also made accessible to the public on the metaverse. As per official statement of the Bank, “This test represents an opportunity for the entity to experiment, learn and understand the possibilities offered by this type of platforms.”
Virtual Amenisia Ibiza:
Amnesia Ibiza, in collaboration with Decentraland Games, created the first virtual club on Decentraland. This virtual space included an iconic theatre where users enjoyed live music from a real time DJ performance at a disco in Ibiza. An outdoor space called Amnesia allowed fans to enjoy special shows and concerts. It also entailed a museum with information pertaining to the history of the club, exclusive NFT collections and merchandise. The virtual space also has a space dedicated to the exhibition and sale in NFT format: the store is full of flyers, industry launches, DJ autographs and clubber clothes.
Why are global brands are exploring the metaverse space?
While these are the activations on the Decentraland space, there are several other companies exploring closed metaverses for their respective business, as a special offering to their clientele at an enterprise level. Furthermore, there has been a lot of investment from venture capitals and large corporations in the metaverse space. If anything, what all of this indicates is that the metaverse is going to be an undeniable reality of the future, where businesses will need to have a space on the metaverse or explore metaverse to understand the needs of their consumers or customers. Especially with GenZ which is going to be the largest market in the near future, who are expected to embrace metaverse like how they themselves and the millennials embraced social media.
Physical Sales improved and brands visibility enhanced:
Per the Vogue Business Technology publication titled Metaverse Fashion Week – The hits and misses, “There’s already a measurable knock- on effect for physical sales. Morgan Stanley estimates that for luxury goods alone metaverse gaming and NFTS could constitute 10 per cent of the market by 2030, marking a €50 billion revenue opportunity and 25 per cent lift to the industry’s profit pool. When Roksanda created NFTs with the Institute of Digital Fashion during London Fashion Week, searches for the brand jumped 76 per cent on Lyst, according to the brand. Similarly, when Diesel announced at Milan Fashion Week it would release NFTs in addition to physical clothes, brand searches increased 41 per cent. When Balenciaga appeared in Fornite in October, views of the brand in the Lyst app more than doubled”.
Risks and rewards of the event distributed by multiple brands:
Events like the Metaverse Music Festival and Metaverse Fashion Week, if anything, provided an opportunity for several brands to explore the metaverse space, at a low investment, understand the needs of the customer and varied possibilities of brand exposure and expansion, including increased physical presence as established earlier. All of this at lowered risk for each brand or organisation participating through sponsorship activations, as the risks and rewards distributed to multiple brands.
Opportunities to get out of traditional aesthetics and associate with futuristic approach
Any brand that has explored metaverse activations for a short period of time or whether setting up their own space like Samsung, etc. are making public declarations that they care about the needs of the future generation and are willing to get out of traditional aesthetics, if that is the need of the hour by associating with futuristic approach.
A great avenue for advertising and reaching customers.
Per the Vogue Business Technology publication as quoted earlier in this article, Andrew Kiguel, CEO of Tokens.com, which owns the metaverse real estate for the fashion district expressed that “It is amazing to see so many brands validating the metaverse as a new venue for advertising and reaching consumers.”
Why LaligaLand?
LaLigaLand is the metaverse ecosystem of the world’s most popular men’s professional football league based out of Spain, with hundreds of millions of followers across the world. While this is a metaverse ecosystem, LaLigaLand has several spaces which can be leased for events like the press or media zone, conference rooms, stadium, shuttle service between various spaces, exclusive VIP zones, a stadium where fans are already organising games amongst themselves and possibly telecast of the LaLiga games in the stadium where fans from all over the world can connect together within Laligaland while watching them in the stadium, socialisation rooms, etc.
In short, “LaLigaLand”, is an interactive and entertainment virtual world made up of different areas, attractions and activities, which is open 365 days a year to all users around the world with exclusive access and benefits to LaLigaLand Season Pass holders, along with a referral program where users can earn 10% of each Season Pass sale through its referrer code. Laligaland is an ecosystem that provides opportunities, access and enablements for brands that are willing to test the waters in metaverse space by organising events, creating limited mini games for fans around the event (example: Chinese New Year Celebration currently happening, few activations by and for fans during the FIFA World Cup, Qatar, 2022; etc. all within two months launch of the ecosystem – more details pertaining to these can be found here. Spaces are available in the stadium, press centre, museum, social zone, etc. for sponsorship activations for brands’ advertising purposes. Furthermore, the museum can be used for showcasing NFT collections of brands for a duration of short to long term. Brands looking to launch their own NFT collections can also conduct events, and avail the expert service of the team in-house for creating successful collections.
All of these are great avenues for brands to explore a futuristic approach and assess whether their business is future ready, while creating brand awareness!
Is your brand future ready? Or are you as a brand willing to explore whether your business is ready to adopt a future ready approach? All of this at minimum investment without having the risk of investing in your own metaverse space, besides spending on technical activations.
Or do you have doubts on whether this is right for you? Whatever be it, reach out to us! Let us brainstorm and take one step at a time together, and try to be ahead of the curve but with a sustainable business model!
