Monetising The Metaverse-Opinion By Together Agency

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Can everyday food and drink brands turn the Metaverse into a meaningful business enterprise?

At Together Agency, we’re always identifying relevant trends to keep our clients at the forefront of brand development.

That’s why we’ve taken a deep dive into the Metaverse. As people bypass traditional media, the Metaverse offers new ways for brands to engage and excite audiences. For industry creatives, it’s an opportunity to break with convention.

The Metaverse has been hailed as the next generation internet. Facebook has staked its future on it, expecting it to be an immersive, 3D experience. ‘Its defining quality will be a feeling of presence, like you are right there with another person, or in another place.’ At this moment, it’s a testing ground for many household brands – each seeking to understand how they might want to show up in people’s lives as more of us start spending our time there. Whether you’ve grasped what the Metaverse is or not, in a few years’ time vast swathes of the population will be living alternate lives in this digital universe. They will gain access with VR headsets or AR glasses – or maybe a next generation smart phone. They will be able to ‘jump’ between different Metaverse platforms (such as Fortnite and Sandbox) via ‘fixed identity avatars’ that are recognised by others. They will be able to interact and socialise with ‘physicality’.

“By 2026, 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, social and/or entertainment.” Source: Gartner Inc.

ALL THE FASHION

With traditional ad campaigns losing impact, progressive brands of all sizes have been experimenting in virtual reality spaces. In March this year, the first ever Metaverse Fashion Week hosted more than 70 apparel brands on the Decentraland platform, attracting audiences well over 100,000.

Making the point that the Metaverse isn’t just for fashionistas, Unilever has been demonstrating how everyday brands such as Hellmann’s Mayonnaise can also play. In 2020, the brand launched its very own island in Nintendo’s Animal Crossing game. It inspired gamers to reduce food waste and trigger donations to a charity fighting food waste. It’s a great example of how a brand can land a positive message in an original way.

At a time when experiences matter more, the Metaverse enables everyday brands ways to excite and engage a new generation of consumers, as well as gamers and anyone else prepared to take the plunge.

Check out our latest blog here and discover who the other brands are that are monetising this latest trend.