Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
NFTs and The Metaverse for Marketers
Search Engine Journal | Lisa Buyer | Nov 23, 2021
The Metaverse is rife with opportunities for AR/VR and NFT-savvy brands and marketers. Imagine your avatar walking into a digital wine shop and talking to an avatar wine expert to get some questions answered. You order the wine and have it shipped to your physical address. Welcome to the metaverse, the intersection of our digital and physical realities.
How Are Brands Entering The Metaverse?
It seems that VR and AR are the new digital marketing. Brands are building Vstores or virtual showrooms designed to allow customers to take a tour, interact with a space or interact with 3D products such as cars, jewelry, or any digital asset. Virtual try-on will enable customers to tap into augmented reality, try on glasses or makeup, and visualize furniture and other products in their homes.
Innovative marketers are taking concerts, art festivals, and sporting events and transferring them into digital experiences.
Avatars need a fashion budget.
Selling digital versions of products in virtual reality is becoming a new revenue opportunity. Gucci, Nike, and Dior all offer digital goods that allow personalizing and customizing avatars, whether handbags, shoes, hats, or sunglasses, as avatars now need a wardrobe change based on events, seasons, and moods.
See: Bracing For Change In The Era Of The Augmented Workforce
Going direct to the avatar (D2A) is the business model where brands are selling directly to digital identities. Designing, creating, and selling in a digital world means no shipping or supply chain issues. Individuals can explore identities with their digital self.
Brands hit play, game on. It’s meta branding.
Sponsoring events in the physical world has proven ROI, and this traditional marketing practice is easily transferred to the metaverse. Adding more creativity to the competition is gamifying commerce. For example, Louis Vuitton created a video game to reach a younger audience and gamified with branded NFT collectibles. Nike uses 3D technology to let consumers build/design their products and gain valuable intelligence by allowing fans to build their shoes.
Virtual pop-ups allow engagement at a distance.
Leveraging virtual worlds and brand placement creates a creative and customizable opportunity, especially in post-pandemic times. One collaboration curating fashion, lifestyle, and art included Coach, Disney, and Keith Haring. The three made a virtual pop-up for visitors to discover and shop for special edition physical and digital gifts. The digital shop showcased items to buy such as Mickey’s ears, shearling jackets, totes, and sweatshirts printed with Haring’s signature artwork, as well as AR filters and a bespoke Spotify playlist. Talk about mixed realities and experiences.
See: Ways NFTs Can Reinvent Your Small Business
Try-on in a Snap for fewer returns and more direct sales.
Snap offers brands an opportunity to leverage Snap’s AR platform to engage Snapchatters in “try-on” with shoes, sunglasses, hats,. Once they like the product, they can go straight to purchase. Gucci made a case study for this. “The shopping AR experience generated positive ROAS, as Snapchatters were purchasing the products from the app! Not bad for a campaign that was only supposed to generate awareness and engagement,” according to Snap.
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