From gaming to social media, the metaverse is steadily infiltrating all parts of daily life. Now, DTC firms are realizing the vast, untapped potential in the metaverse, and are asking themselves: how can brands use the metaverse to leverage growth?
Powerhouse Retailers & DTC brands are making significant strides in the metaverse — from Gucci to Nike to Louis Vuitton, retail and fashion houses have skillfully immersed themselves in this extended, digital reality that is the metaverse. While still in its very early stages of development, the metaverse — whose economy, according to Forbes, is expected to reach the $8-13 trillion mark by 2030 — is a macrocosm of untapped potential for DTC brands.
Due to its very short life thus far, brands might be wary about taking the plunge into the metaverse. However, this parallel plane has much to offer — so, we created an overview the best metaverse strategies for DTC brands to grow and leverage the metaverse to their advantage.
1. Create gamified experiences
Gamification means making all experiences more fun — simply adding enjoyment to anything. Any brand looking to develop its metaverse strategy should set its sight on gamification. Because gamified experiences keep attendees focused and tease their sense of motivation and positivity, gamification is one of the most crucial driving forces behind user engagement.
The heightened user engagement that comes with any gamified experience means that gamification may also be a strategic tool in promoting brands and boosting social media presence. By combining a solid marketing strategy with a visually appealing and engaging platform, brands can create experiences that draw millions of people to their event or business.
Brands are, therefore, mainly incorporating the metaverse into the orbit of their business strategy — for instance, to commemorate its 200th anniversary, the luxury fashion brand Louis Vuitton released a puzzle-adventure game on the metaverse. The gamified experience comprised a multi-location tour with collectibles such as candles in the form of NFTs.
2. Build a virtual showroom to showcase and test products
Brands immersed in the parallel reality that is the metaverse have been opening virtual showrooms that emulate those of the physical world. These are a great alternative to traditional stores for all parties involved: for consumers, digital showrooms mean they can shop and walk around their favorite stores from the comfort of their homes from anywhere in the world; and, conversely, for DTC brands, operational and up-keep costs are much lower for web3 stores than for those of physical stores.
Brands can also use the metaverse to build a unique and recognizable identity — by creating distinct, novel spaces and events for users, brands may cultivate their identity and attract customers and users not only for their products but also for the immersive and virtual experiences they might offer.
Cominted Labs specializes in building these types of spaces for brands and creators to deliver curated and refined experiences on Spatial, Oncyber, Decentraland, and Sandbox. We also offer prefab spaces starting from $200. You can book a call with our team to find out which of our packages best suits your needs.
3. Partner with a web3 native company with a solid metaverse infrastructure and community
Despite the buzz and potential that the metaverse promises for businesses, many major brands do not yet have a concrete and comprehensive metaverse marketing strategy. For these types of brands who don’t have the necessary infrastructure to plunge into the metaverse, an excellent way to get a head start and avoid falling behind this new technology is by partnering with a web3 native company that already has a solid framework, your brand could latch onto.
Last year, Nike did just this: the powerhouse joined the digital wave and acquired RTFKT, a metaverse-focused studio dedicated to the creation, purchase, and sale of digital assets and tokens. Together with the creators behind RTFKT, Nike took on the world of digital fashion and put out the first-ever digital sneakers, “Nike Cryptokicks.”
4. Advertising within the metaverse
Advertising in the metaverse is fairly new — it’s still in its early, testing stages, and there aren’t yet enough data points to know for sure which strategies work and which don’t. The consensus, however, seems to suggest that the right way to go is in-game advertising — meaning, brands should avoid ads that might be received as intrusive or obstructive, and instead opt for those that seamlessly integrate into the game’s infrastructure.
A fitting choice could be billboards that mimic those of the physical realm. Roblox will start offering digital billboards and innovative paths to advertising in these new markets. Richard Sim, senior product director for monetization, said their mission is to build “from the ground up a new ad system that will deliver 3D immersive ad experiences.” Reports suggest that these digital billboards are highly effective in uplifting buying intent by 12% and even “enhanced gameplay realism”, according to 95% of gamers.
5. Sell phygital NFTs
In light of the metaverse’s accelerated growth, brands have been flocking over to the web3 world, searching for innovative marketing and business strategies. The latest approach: selling phygital NFTs. Phygital NFTs, whose etymology is derived from a combination of “physical” and “digital”, are NFTs with redeemable physical products.
DTC brands are especially apt to this advertising method, as they can act as a bridge between the two worlds: consumers might like to explore products within the metaverse, but they will likely value physically having them — this is where the power of connecting NFTs to tangible goods lies.
DTC brands who need to transform quickly can count on expert help. If your team needs assistance bridging the gap between the actual world and the metaverse, Cominted Labs has a staff of native specialists that grew up in both worlds.
Schedule a free consultation call with us now, and together we’ll devise a plan to increase your chances of long-term success in the metaverse.