What do Snoop Dogg, Nike, Sotheby’s, and PwC all have in common? They’ve all invested in real estate in the metaverse.
Looking beyond the world we see in two dimensions on screens—phones, laptops, desktops, or iPads—they have decided to purchase a plot of pixels in a three-dimensional virtual world we can experience through a headset.
These are just a few of the entrepreneurs and brands experimenting with new forms of audience engagement. So, what can we learn about brand building in the metaverse from these pioneers?
THERE IS A MULTIVERSE OF VIRTUAL ENVIRONMENTS
While the word “metaverse” sounds like one place where everyone’s digital avatar is hanging out, the reality is a multiverse: A series of different 3D worlds on different platforms. These platforms are typically world-building games.
You’ll find Snoop in The Sandbox, where you can “attend Snoop’s private metaverse parties, get access to exclusive NFTs, and enjoy priceless experiences.” More about non-fungible tokens (NFTs) in a moment—in the metaverse, nothing is going to be free.
Let’s leave The Sandbox and join Roblox, where you can try out the virtual skatepark built by a company synonymous with skateboarding, the California footwear brand Vans, or join the nine million-plus virtual athletes who enjoy the sports challenges in Nike Land.
Head over to Decentraland and you can find Sotheby’s auction house and a virtual version of Samsung’s New York store. The Samsung store was launched to coincide with CES 2022. Visitors can start a quest “exploring, playing, and collecting” digital assets.
If you join the 350 million gamers who play Fortnite, you will encounter brands galore—from Marvel to Wendy’s. Then, of course, there’s Facebook—sorry—Meta’s own Horizon platform and Horizon Workrooms for workplace collaboration.