Branding in Metaverse

Brands should consider their target audience, observe what their competitors are doing in the space, identify potential applications for their business, plan a strategy for entering the metaverse, and manage the risks and rewards of this new technology. Brands must approach the metaverse with an open mind and a willingness to experiment and learn. By following these guidelines, brands can effectively navigate this emerging technology and identify opportunities for growth and innovation.
Before getting into the details, let’s understand Metaverse first.

What is Metaverse?

The metaverse is a term that describes a shared virtual space, typically created by the convergence of multiple virtual reality (VR) environments or platforms. It is often described as a collective virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented realities, and the internet. The term “metaverse” was coined by science fiction author Neal Stephenson in his 1992 novel Snow Crash, in which the metaverse is described as a global network of VR environments where people can interact with each other and computer-generated objects and avatars. The metaverse concept has been further developed and popularized by various technology companies and researchers in VR and augmented reality (AR).

The metaverse is often seen as the next evolution of the internet, a virtual space where people can interact with each other and a wide range of digital content and experiences. In the metaverse, users can create and customize their avatars, visit virtual locations and events, and participate in various activities, such as gaming, education, socializing, and more. It is still in its early stages of development, and many companies and organizations are working on creating and building metaverse platforms and applications. Some of the key challenges that need to be addressed to fully realize the potential of the metaverse include issues related to privacy, security, scalability, and interoperability.

Metaverse Development & Growth

Entertainment and gaming companies are currently shaping the development of the metaverse, with major titles such as Fortnite and newer platforms like Roblox allowing people to play and socialize in virtual settings. Decentraland is a fully user-owned 3D virtual world that uses Ethereum blockchain technology to allow users to create and monetize virtual structures, such as theme parks and galleries. Other companies, like MetaVRse and Unity, are creating engines to power the development of augmented reality (AR) and virtual reality (VR) content.
The metaverse also has business applications, such as training future surgeons and demonstrating products to retail employees. Nvidia believes that investing in metaverse simulations of manufacturing and logistics can reduce waste and improve business solutions. Microsoft uses its Mesh platform to enable avatars and immersive spaces to be integrated into collaboration environments like Teams. With the shift towards hybrid or remote work environments, these virtual business experiences will likely become more relevant for companies looking to connect with their employees and customers.

How can brands start using Metaverse?

For brands considering entering the metaverse, it is essential to find their place and weigh the risks and rewards. Many brands are already taking advantage of the gaming aspect of the metaverse by creating virtual and immersive sponsorship experiences. Nike, for example, has filed for patents for virtual goods and the opportunity to build virtual retail environments to sell them. It has also acquired a company called RTFKT that creates virtual sneakers and collectibles for the metaverse. As the metaverse becomes more critical for humans to connect, communicate, and transact online, brands should be in a constant test-and-learn mode to stay up-to-date and avoid being left behind.

Brands should consider how their target demographics spend time in the metaverse and adjust their approach accordingly. It is also essential to keep an eye on the competition and how they use the metaverse and look for opportunities to use it to achieve long-term goals, such as sustainability. Brands should also plan their entrance into the metaverse and be prepared for the risks and rewards of operating in a new space. The metaverse offers the potential for brands to create more immersive and memorable experiences at every stage of the customer journey, from acquisition to transaction to customer support. In the future, it may also be possible to move seamlessly between the real and virtual worlds.

Following are some of the industries that started using Metaverse and integrating it with their real-world product and services

1. Travel

In the travel industry, brands are using the metaverse to create virtual experiences that allow people to explore and experience destinations more immersively. For example, Marriott International has launched a VR travel platform called “VRoom Service,” which allows guests to experience virtual reality tours of various destinations worldwide. These virtual tours can be accessed through VR headsets and allow guests to explore destinations fully immersively as if they were actually there. Other brands in the travel industry are also using the metaverse to create virtual travel experiences, such as virtual reality guided tours of historical landmarks and cultural sites.
In addition to virtual reality experiences, the metaverse is also being used in the travel industry to create virtual events and conferences, allowing attendees to participate in live sessions and network with other attendees from around the world. This allows travel companies to host events and conferences without needing physical travel, making it more convenient and cost-effective for attendees.

2. Entertainment

The entertainment industry is one of the primary investors in metaverse technology, and there are already several successful examples of metaverse games operating in the industry. These games offer a fully-fledged social environment, allowing players to earn cryptocurrency and own in-game NFT assets. One famous example of a metaverse game is The Sandbox, a virtual world where players can create, share, and monetize their gaming experiences. Players can use in-game resources to create their virtual worlds and games and earn cryptocurrency by creating and sharing their creations with the community. Another example is Sorare, a fantasy football game that allows players to own and trade virtual player cards represented as NFTs. Players can use these cards to build their teams and compete in virtual matches against other players. Axie Infinity is another popular metaverse game set in a virtual world called Lunacia, where players can collect, breed, and battle creatures called Axies. Players can earn cryptocurrency by participating in various activities within the game, such as breeding Axies or completing quests.

Overall, the use of the metaverse in the entertainment industry is creating new and innovative gaming experiences that combine elements of social networking, cryptocurrency, and NFTs and is helping to drive the growth and adoption of these technologies.

3. Healthcare 

The metaverse is used in the healthcare industry to provide virtual consultations, training, and education. For example, doctors can use VR technology to practice surgeries and other procedures, allowing them to gain experience and improve their skills in a safe, simulated environment. This can be especially useful for practicing complex or rare procedures that may not be possible in a real-life setting. Patients can also use VR to participate in therapy sessions from the comfort of their own homes. This can be particularly useful for patients who cannot travel to a healthcare facility due to mobility issues or other health concerns. VR therapy can also treat various conditions, such as anxiety, depression, phobias, and pain management.

In addition to consultations and therapy, the metaverse is used in the healthcare industry to provide virtual education and training. For example, medical students can use VR technology to learn anatomy and practice procedures, and healthcare professionals can use VR to participate in continuing education and professional development programs.

Overall, the use of the metaverse in the healthcare industry is helping to provide more accessible and convenient healthcare services and is also helping to improve the training and education of healthcare professionals.

4. Education 

In the education industry, the metaverse is being used to create virtual classrooms and learning environments, allowing students to attend class remotely and interact with their classmates and teachers in a virtual space. For example, Blackboard has launched a VR platform called “Collaborate Ultra” that allows educators to create virtual classrooms and deliver lessons to students in real-time. This platform includes real-time audio and video, screen sharing, and interactive whiteboards, allowing students to participate fully in class and engage with the material.

In addition to virtual classrooms, the metaverse is used in the education industry to create virtual simulations and experiential learning environments. For example, students can use VR technology to explore virtual museums, participate in virtual field trips, and interact with virtual lab equipment. These experiences can help make learning more interactive and engaging for students. They can also help to facilitate experiential learning in subjects such as science, technology, engineering, and math.

Overall, the use of the metaverse in the education industry is helping to make education more accessible and convenient for students and is also helping to create more interactive and engaging learning experiences.

5. Finance

In the finance industry, the metaverse is being used to create virtual events and conferences, allowing financial institutions to connect with clients and partners in a virtual space. For example, many financial institutions have started using VR technology to host virtual conferences and exhibitions, allowing attendees to participate in live sessions and network with other attendees worldwide. This can be particularly useful for financial institutions that want to host events and conferences without physical travel, making it more convenient and cost-effective for attendees. In addition to virtual events, the metaverse is used in the finance industry to create virtual training and development programs. For example, financial institutions can use VR technology to provide training and development opportunities for their employees, allowing them to gain new skills and knowledge in a simulated environment. This can be especially useful for training employees in complex or technical subjects, such as financial modeling or risk management.

Overall, the use of the metaverse in the finance industry is helping to create more convenient and cost-effective ways for financial institutions to connect with clients and partners and is also helping to provide more accessible and flexible training and development opportunities for employees.

6. Social media

The metaverse is used in the social media industry to create virtual social environments and experiences. For example, social media platforms such as Facebook and Twitter use VR technology to create virtual events and experiences that allow users to connect and interact with each other in a virtual space. These virtual experiences can include concerts, sports games, and other live performances and can be accessed through VR headsets or a web browser.

In addition to virtual events, the metaverse is also used in social media to create virtual social spaces and communities. For example, VR Chat and AltspaceVR allow users to create and participate in virtual social environments, allowing them to connect with others who share similar interests and hobbies. These virtual communities can include everything from virtual bars and clubs to virtual gaming groups and can be accessed through VR headsets or a web browser.

Overall, the use of the metaverse in the social media industry is helping to create more immersive and interactive social experiences for users and is also helping to facilitate the creation of virtual communities and social spaces for people around the world.

7. Retail

The metaverse is used in the retail industry to create virtual stores and shopping experiences. For example, brands such as Nike are using VR technology to create virtual retail environments where customers can browse and purchase products fully immersively. These virtual stores can include features such as virtual dressing rooms and try-on experiences, allowing customers to try on clothes and accessories before making a purchase.

In addition to virtual stores, the metaverse is used in the retail industry to create virtual showrooms and fashion shows. For example, brands can use VR technology to host virtual fashion shows and events, allowing customers to experience the latest collections fully immersively. These virtual events can be accessed through VR headsets or a web browser and include real-time audio and video, interactive elements, and social networking features.

Overall, the use of the metaverse in the retail industry is helping to create more immersive and interactive shopping experiences for customers and is also helping to facilitate the creation of virtual events and showrooms for brands.

8. Real estate

The real estate industry uses the metaverse to create virtual property tours and home showings. For example, real estate agents can use VR technology to create virtual tours of properties that allow potential buyers to explore the home in a fully immersive way. These virtual tours can include real-time audio and video, interactive elements, and virtual reality walkthroughs, allowing potential buyers to get a feel for the property without needing physical travel.

In addition to virtual property tours, the real estate industry uses the metaverse to create virtual home staging and design experiences. For example, interior designers can use VR technology to create virtual mockups of home design ideas, allowing clients to visualize and approve design concepts before they are implemented. These virtual mockups can include interactive elements, 3D models, and real-time rendering, allowing clients to make informed decisions about their home design choices.

Overall, the use of the metaverse in the real estate industry is helping to create more convenient and efficient ways for potential buyers to explore properties and is also helping to facilitate the creation of virtual design and staging experiences for clients.

9. Advertising

The metaverse is used in the advertising industry to create virtual ad experiences and campaigns. For example, brands can use VR technology to create immersive ad experiences that allow users to engage with products and services in a fully interactive way. These virtual ad experiences can include real-time audio and video, interactive elements, and social networking features, allowing users to experience and explore the brand and its products fully.

In addition to virtual ad experiences, the metaverse is used in the advertising industry to create virtual branded environments and events. For example, brands can use VR technology to host virtual events and experiences that allow users to connect with the brand and its products in a fully immersive way. These virtual events can be accessed through VR headsets or a web browser and include real-time audio and video, interactive elements, and social networking features.

Overall, the use of the metaverse in the advertising industry is helping to create more immersive and interactive ad experiences for users and is also helping to facilitate the creation of virtual branded environments and events for brands.

10. Construction

In the construction industry, companies use the metaverse to create virtual design and planning environments for construction projects, such as 3D models and digital drawings, and to provide employee training and development opportunities. These virtual environments can be accessed through VR headsets or a web browser and include features such as 3D modeling, real-time rendering, and interactive elements. Examples of companies using the metaverse in the construction industry include DAQRI Smart Helmet, which offers an augmented reality helmet for visualizing projects and 3D models, and Dalux, which provides three different augmented reality civil construction solutions.

Conclusion

Metaverse is a rapidly growing and evolving field that offers significant industry opportunities for brands. Some key ways that brands can jump into the metaverse include hosting virtual events, creating virtual showrooms, using virtual influencers for marketing, creating immersive brand experiences, and utilizing virtual reality for advertising, training, telemedicine, therapy, education, and rehabilitation. To succeed in the metaverse, brands should carefully consider their target audience and goals and experiment with different approaches to see what works best for their brand. By embracing the potential of the metaverse, brands can create innovative and immersive experiences for their customers and stakeholders and drive growth and success in the digital age.