You don’t necessarily need to be a business professional these days to be curious about up-and-coming concepts like the metaverse and NFTs.
The buzz about both of those terms is absolutely everywhere, so it makes sense that everyone wants to experience the benefits of embracing these trends early.
Here we’ll take a close look at why, as well as go over everything a goal-oriented marketer needs to know to understand metaverse NFT and put it to work for them.
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What is the Metaverse?
If you’ve made it a point to stay in the know about crypto, gaming, emerging tech trends, or anything similar, then the metaverse may have been on your radar for a while.
However, the general public became aware of it when Facebook’s Mark Zuckerberg announced his plans to further build the metaverse and turn it into the next big thing.
The metaverse is a fully immersive take on the internet that implements hot technologies like virtual reality (VR) and augmented reality (AR) to create hyper-realistic experiences.
The details of how exactly the metaverse will work and who will ultimately be in control of it remain to be seen, but it’s certain that it represents a huge opportunity just waiting to be embraced.
What are NFTs in the Metaverse?
These days, it’s hard to talk about making money or marketing in the metaverse without NFTs entering the conversation at some point, and with good reason.
Blockchain technologies like NFTs will likely be at the heart of how the metaverse operates.
The acronym NFT stands for non-fungible token. When something is non-fungible, it is not interchangeable with anything else, including others of its kind. (Fine art is an excellent example of a traditional non-fungible asset.)
That said, NFTs may be digital assets, but they are also valuable and scarce because they are one of a kind.
This makes a metaverse NFT the ideal way for users to own, trade, buy, and sell the types of digital assets the metaverse will be full of.
How Does Metaverse NFT Work?
As anyone who’s ever saved a meme to their computer or shared it across all of their social media platforms knows all too well, digital assets are ridiculously easy to duplicate, steal, and spread around, in general.
This also goes for digital goods created to be bought, sold, and enjoyed within an interface like the metaverse.
An NFT won’t necessarily stop people from duplicating digital goods to the same extent they always have.
However, it can be used to authenticate actual ownership of those goods, which is precisely why they go perfectly with Zuckerberg’s vision of the metaverse.
Since NFTs are primarily associated with browser-based transactions, many people are unsure how they’ll be integrated into the metaverse’s VR and AR-based interface.
Here are a few examples of how early adopters are finding creative ways to make the concept of the metaverse NFT work for them.
Virtual Art Galleries
VR enthusiasts love it for the way it can make just about any virtual experience refreshingly realistic and almost tactile.
VR also just so happens to be perfect for viewing artwork, as it’s easy to approach it from various angles and get a closer look at the details, just like in real life.
And NFTs are the ideal way to add rarity, authenticity, and value to digital artwork, so naturally, we’re already seeing virtual art galleries and museums springing up in the metaverse.
One of the more popular ways people are already using the metaverse is to moderate and visit virtual chat spaces where people can meet, communicate, and discuss a wide variety of topics.
It’s only a matter of time before such spaces become go-to destinations for avid NFT traders and collectors.
The metaverse is also a terrific place to set up a virtual NFT-based marketplace. In fact, a few big brands are already on board with the idea, including household names like Nike and Samsung.
Virtual Real Estate
Real estate isn’t just a hot commodity in the offline world. It’s a booming business within the metaverse, as well.
Think creative VR homes, digital landscapes, and entire territories that can be used for any purpose a user likes.
Decentraland is an excellent example of a virtual metaverse NFT-based territory that’s just like its own little world. It even has its own dedicated cryptocurrency.
How Brands Can Integrate Metaverse NFT into Their Marketing Strategies
The idea of conquering the metaverse as a forward-thinking brand might seem a bit daunting, but it’s more approachable than you think.
Just think of the metaverse as a virtual replica of the real world you already know and love but without the physical limitations.
Metaverse NFT-based marketing strategies give brands full license to be genuinely and limitlessly creative when connecting with their target audiences.
Here’s a look at a few ways to make it work for you.
1. Reach a larger audience
Industries like gaming, music, and film have been using NFT-like technology to expand their audiences for years now with digital versions of hot products hitting the market long before their physical counterparts do.
Many consumers even prefer digital versions, especially those belonging to youth demographics.
Embracing metaverse NFT technology early, along with these coveted younger markets, gives brands a chance to reach large, valuable consumer clusters in exciting new ways.
2. Leverage the power of virtual products
Don’t think people will pay to officially own a virtual good or product they really want? Think again.
Those who are already on board with the concept of the metaverse and virtual trading are dropping some serious cash on the items they want most.
In fact, some pieces of virtual art, real estate, and other NFT-based items have sold for hundreds of thousands, if not millions of dollars.
People are buying these goods for the same reasons they would buy their real-world counterparts — exclusivity, status, a sense of belonging, and so much more.
However, while most brands likely won’t be selling VR yachts for millions of dollars, the metaverse and NFTs still offer fresh ways to appeal to an audience.
If a customer loyally buys from a favorite brand offline, they can similarly be expected to do the same in the metaverse.
3. Host private events and VR parties
The exclusive nature of NFTs means they function very well within the metaverse as virtual tickets and passes to events.
And as many brands saw during the pandemic, people see the value in attending events in virtual spaces, especially any that can offer a truly unique, exclusive experience.
For example, Snoop Dogg is a dedicated NFT proponent and has already partnered with The Sandbox in some exciting new ways.
In September of last year, he even hosted a private virtual party for which 1,000 NFT passes were specially created. Fans got to be part of Snoop’s private world for an evening, and the NFTs definitely turned a profit.
How might your brand use metaverse NFT to create and market a similar experience? You can plan, host, and profit from private seminars, concerts, brand events, and more.
4. Gamify aspects of your brand with NFTs
NFTs are doing very well both in and out of the metaverse as collectibles.
Think exclusive avatars, trading cards, and digital items that come attached to various degrees of rarity.
Forward-thinking brands are already exploring the use of them as ways to reward top customers and lucky winners with highly exclusive content they wouldn’t be able to get anywhere else.
NFTs can also be used as the basis for addictive collecting games.
For example, sports brands have used them to create gaming experiences that let fans buy, collect, and trade items like virtual jerseys and sports memorabilia.
Other brands are leveraging NFTs to grant consumers replicas of real-world goods to use within the metaverse or display in their digital homes.
5. Use virtual goods to boost demand for real-world goods
A desire to buy and use virtual goods doesn’t necessarily replace the corresponding demand for real-world options. In fact, it’s not difficult at all for a smart marketer to connect the two.
For example, fashion brands are creating spaces within the metaverse where shoppers can browse, try on, and purchase virtual couture.
However, each item further corresponds to a real product that the same customers can seek out, buy, and wear in real life if they wish.
Many brands are also experimenting with loyalty programs that leverage metaverse NFT. As customers shop and make additional purchases, they can accumulate points that can be cashed in on valuable or exclusive virtual goods.
Since the metaverse is still in the process of becoming what it’s ultimately going to be, no one knows for sure how brands and users alike may be leveraging it in the future.
What we do know is that it’s really going someplace exciting, and savvy marketers will want to get their strategies together sooner rather than later.
Ready to start exploring how metaverse NFT-based goods and experiences might benefit your brand?
Check out our write-up on how successful brands have already been using NFTs to expand their reach and turn heads.
You’ll gain valuable insight into how NFTs can be used as digital merchandise, virtual event tickets, and more!