What-communicators-need-to-know-about-the-metaverse-and-nfts-in-2022
From a business finance standpoint, PwC predicts rapid and massive market size growth as depicted in this chart:
Bloomberg analysts are even more bullish, predicting the market may reach $783.3 billion in 2024. Some believe this growth spurt is happening much faster than other technologies because of the social isolation we’ve all felt during the COVID-19 pandemic.
Harris Poll data shows that while more than 50% of Americans don’t understand it, 70% of Gen Z and Millennials are interested in interacting in these digital realms. The data also shows “brand experiences are among the top 3 reasons that young Americans want to explore the metaverse.” Harris’ takeaway is that while the metaverse may be over-hyped this year, there are strong signals that this is not just another bubble like marketers experienced in the early 2000s.
For advertisers, marketers and consumer brands, the current use cases are relatively straightforward. Fashion brands from Nike, Vans, Adidas and Under Armor, to American Eagle, Gucci, Ralph Lauren, DKNY, Tommy Hilfiger, Dolce & Gabbana, Burberry—even Disney—are already raking in millions in virtual attire and accessories sales in MMOs (massively multiplayer online games) and/or NFTs.
Food and beverage brands like Wendy’s, Burger King, Domino’s, Applebee’s, White Castle, Campbell Soup, Hellman’s, Coca-Cola, Pepsi, Budweiser, Bacardi, and Mondelez have entered the space in MMOs or through the sales of NFTs as investment items.
Nearly all of these examples (and more) are being done in coordination with or by their agencies. If you work at an agency or in corporate brand marketing, you may already have some familiarity with NFT drops.
Wunderman Thompson Commerce just released a UK gamers survey that shows about 33% discover new brands while playing virtual world games, and 56% are more likely to buy from a brand that features in their favorite game. The press release states that 41% consider their avatar to be a part of their identity, and some go even further and put the same importance to looking good in-game (61%) as they do to looking good in real life (65%).
Still on the fence? Ad Age warns, “The metaverse has been set up to scratch the itch of socialization in a way that didn’t exist until this moment. Still, that doesn’t make it an easy win for brands—they can still find themselves on the outside looking in if they can’t find a way to organically participate in these new virtual communities. Brands learned these same lessons on the rocky road to understanding how to market on social media.”
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