Brands and the Metaverse
The Metaverse is an emerging 3-D-enabled digital space that will use virtual reality, augmented reality and other advanced internet and semiconductor technology to allow people to have lifelike personal and business experiences online.
The Metaverse will include a network of 3D spaces that are persistent and connected to each other via a common protocol. These spaces are virtual simulations of real-world environments and will include your own avatar and digital assets, recorded on a blockchain.
It’s a network of shared virtual worlds that can be used by anyone with a computer or smartphone and a VR headset. Tech specs will vary, but many experts recommend acquiring a high-quality VR headset to fully immerse yourself in the experience.
Non-fungible tokens (NFTs) will also be a part of the Metaverse, representing a variety of assets including music, art and digital real estate. They are a secure type of digital asset based on the same blockchain technology as cryptocurrency and can be bought and sold in the metaverse, just like cryptocurrencies.
Brands will need to start thinking about putting their iconic products into NFT form, so that they can be traded and traded again in the future. Nike recently purchased the rights to a number of NFTs that represent its shoes, and will also be able to sell them in Roblox’s Nikeland, which is a virtual world where Nike fans can play games and dress their avatars in virtual apparel.
The Metaverse is having a moment, and it’s important for brands to be ready for this emerging trend. Nearly all Gen Z own a smartphone, so there’s a huge opportunity for brands to tap into this young but mighty generation’s buying power in the Metaverse.