How Brands Can Monetize the Metaverse

Oct 08, 2022 Durgesh

The Metaverse currently consists of more than 50,000 virtual worlds. As we speak, a thousand more environments are being developed to be added to it. Over the years, we have been witness to very few evolving concepts which have created a strong traction, one among which is the Metaverse. Businesses and individuals are investing in it not because it is an impending one, but because it is vast, futuristic and is awaiting to unleash a trillion opportunities, literally.  

The Metaverse has captivated businesses in a such way that many of them are repositioning their strategies in terms of creating new revenue opportunities. Currently, while some businesses are actively thinking and planning to invest in the Metaverse, a hundred others have already laid down their investments.  

Brands Benefiting from the Metaverse - How Are They Doing It? 

Decentraland, for example, is selling virtual goods and land spaces while also allowing users to attend concerts, live music shows, and other events.  

The Sandbox is working on collaborations with more than 170 brands including the smurfs, Atari and The Walking Dead. Having raised more than $90 million for their collaboration with the World of Women (WoW) foundation, the team intends to harbour and promote female inclusivity and representation in the Metaverse. It is reported that the WoW foundation will receive $25 million as funds to be utilized for further mentorship and education. 

The Gucci Garden has sold their luxury bag, a single one for a whopping $4,000 on Roblox. 

Dolce & Gabanna has sold its nine-piece collection that appropriates up to $6 million on UNXD, a digital luxury marketplace.  

Not Just Selling - How Brands Can Strategize for the Metaverse? 

A Showcase cum Sale Window - For the unversed, the Metaverse isn’t just a hot bed for selling digital assets or goods. Big corporations such as the Samsung, Walmart and Dyson are leveraging the Metaverse to showcase their products (real-life) and are all set to sell them virtually. The possibility of creating a virtual Metaverse outlet for people to consume and trade real world goods is on the cards.  

A Prospective Portfolio - The other end of the spectrum where brands are utilizing the Metaverse includes proliferating brand portfolio in terms of investments. Such a thing is a massive hit, especially in the digital real estate landscape. The use of NFTs driven by smart contracts aid in the transfer of ownership between sellers and buyers. More often, such sales end up in structuring a virtual store or an outlet to position a brand in the Metaverse for further trading. 

Advertising and Campaigning in the Metaverse is gaining good traction especially with the use of hoardings and billboards to put up a brands’ silver bullet, considered highly prospective. Such an initiative drives mileage for those looking to target potential customers who have the opportunity to consume the story of the brand with an out-of-the-world experience. The advantage of reaching to a global consumer market is undeniable when in the Metaverse.  

Service providers during emergencies such as the pandemic can turn adversities into opportunities by creating wearables or equipment and tagging them with virtual environments for employees or people working remotely. 

A Testing Platform – The bottom-up process of ideating on a product and bringing the actual one is not only expensive, but also time-consuming. The Metaverse provides the opportunity to break the cardinal rule by testing your creations in an immersive virtual environment without having to bring out the actual product. This can not only save commendable time, but also provides opportunity to ideate better, and make the process more efficient and effective.  

NFT Democratization – Sectors which have a general audience or brands which can connect to common audience such as fashion, movie industry, sports etc, can actually sell NFTs to be owned as digital assets. This can lead to democratization of NFTs among a global audience, bringing in a wider diaspora and culture and leading to good revenue creation.  

What the Biggies are up to? 

Google has set its eyes on the tentatively titled Project Iris under which the tech giant is reportedly developing a wireless VR headset which will depend on the cloud instead of a hardware. The idea is to offer a mix of real and virtual world experiences. Google’s Project Starline which is targeting a 2024 launch aims to develop a virtual phone booth space by using 3D technology to create an illusion that the person on the other end of the conversation is present in your real-world physical space.  

Microsoft’s HoloLens2 is a head-mounted MR headset specialized for manufacturing, engineering, healthcare and the education sector to cut down on downtime, improve outcomes, and boost productivity in general.  

Likewise, Apple, NVIDIA and Meta are devising new technologies for enterprise customers to derive returns leveraging the Metaverse.   

In short, the Metaverse has become an absorbing proposition for several individuals and businesses, and organizations have started to re-define their routes not just to sell and market their products, but to also generate revenue from it. At this point, the sooner brands get into the virtual, the better their prospects to thrive into the future revolution of the Metaverse.      

Eventcombo’s Eventiverse™ is a new leap into the world of the Metaverse. With Eventiverse™ event organizers can plan and host events in the Metaverse and leverage a blend of real and virtual world elements. Organizers can create curated venues and 3D avatars, integrate them with NFT marketplaces, correlate digital and IRL experiences, create immersive event experiences, and do much more. Recently, Eventcombo has created a digital twin for the Burj Khalifa in the Metaverse that gives an extraordinary experience of the tallest building in the world, from the comfort of your home and without any headsets or gloves.