Tech

In the metaverse and NFT 2.0, marketers should focus on utility and community


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As we move into the NFT 2.0 technology space, we see a more innovative and accessible approach to creating user-centric experiences where participants can benefit from utility. Web3 Marketers are also studying how brands can position themselves to continue to generate profits from NFT projects while adding value to their products. However, for NFT To thrive in the Web3 ecosystem, consumers need storytelling and value propositions, especially in an environment where technology is constantly evolving.

Web3 marketing agencies have carefully implemented brands into inverse to build awareness and actual utility for the consumers they interact with. However, for a brand to stay true to its fan base, its digital assets must combine audience and community engagement to create a worthwhile experience and retain consumers. use back.

Metaverse gives brands a context to reinvent themselves. What they offer in the real world is not necessarily exactly what they offer in the metaverse. That is to say, brands that have successfully entered the metaverse are respecting their core business while seeking to present it a little differently. For example, Under Armor’s Curry brand was able to launch an exclusive metaverse campaign, digital shoes More than simply buying virtual shoes. Digital assets are continuously released throughout the 2022 NBA knockouts and are subject to Steph Curry’s performance. It gives fans a new way to interact with each NBA game they’ve watched and allows Under Armor to reach a new audience while simultaneously building its digital footprint.

Such a campaign exemplifies the work that needs to be done behind the scenes by brands, creative agencies, and marketing agencies to develop a meaningful trigger. When creating an NFT or metaverse campaign, a brand must look at past returns and focus on community. Metaverse is currently in its raw state, but will be shaped in the future by what brands are doing at the moment. There is no status quo, no standard for consumer expectations, and as more businesses offer digital assets with utility to their customers, they will have a much deeper competitive advantage as the market grows. This new school merges.

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Build a seamless NFT 2.0 ecosystem with value creation

NFT has been much discussed over the past year, but NFT 2.0 has the opportunity to create more potential for a wider audience by embedding more utilities into existing infrastructure. These may include digital artwork, in-game items that can be used in different games, music, and other collectibles. On a small scale, an artist can develop a shirt design for a virtual avatar, sell it as an NFT to individual users, and use the blockchain to track sales. Extending this idea, a major brand can bring the concept of similar artwork forward with their brand logo and track thousands of unique NFT purchases.

When you look at successful NFT/Web3 communities, much of their success stems from one thing: They created opportunities for their owners/users. Much of that opportunity is a financial gain for users as they monetize market fluctuations, but successful communities also offer those who are looking at the project from a long-term perspective, such as like buy a digital asset in metaverse. Another example of a lasting opportunity is when community members interact and create content for other members or even create exclusive channels, such as the Discord community, to create opportunities to network and co-operate.

Brands can’t force everyone into their digital efforts, but engaging a small group of consumers, individuals who see lasting value in a project, creates potential. Build a loyal community. So, when building an NFT community, people should ask themselves what opportunities and benefits they can bring to holders besides quick financial gain.

The future of brand positioning in Web3 and the metaverse

The bear market that the NFT and crypto have been involved in throughout 2022 is an obstacle for brands looking to show initiative in this area. On the other hand, there are still a lot of brands launching activations, regardless of the market value, which indicates the potential extent that brands will see after the market picks up. When brands are developing their next marketing plans, they should include an NFT or inverse enable value creation and interoperability. An example could be an interesting design that can be applied to different games; branded artwork for display on social media platforms; or even inspire small artists or musicians to create something as part of a branding contest to win prizes. Generating engagement, driving interactivity, and creating value will be the three key ingredients for future brand positioning.

There has also been a significant increase in the generation of Mint tokens recently, providing utility to holders for a long period of time. This may be because people are starting to care less about profile photo projects that don’t bring utility until much later. This suggests that brands trying to enter the NFT space should be willing to tap into their real-world resources and products to translate them directly to the Web3 community quickly and fairly. .

The potential for brands in the metaverse and NFT activation is limitless, but as this market continues to grow, their efforts must be done correctly, with community building being one of the most important. Main ingredient. It is interesting to see how much growth has been achieved over the past year and this is expected to continue for the foreseeable future.

Jack Cameron is the Co-Founder and COO of Insomnia Lab.

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