Metaverse and brands: new Eldorado, or testing ground to take? – Picture

Nike, Axa, Balenciaga, Forever21 or even Carrefour, there are many brands that have invested in virtual universes, and not a day goes by without a new impact announcement. So much so that some forecasters are already imagining a total market for the metaverse of about 700 billion dollars by 2030!

It’s hard to believe for the largest number, because these metaverses are still in an embryonic stage-this is clear for the moment of weak penetration into this universe with the general public. This adds to the weak signals released by the market in recent months: price correction of cryptocurrencies, declining enthusiasm around NFTs, and so on.

So, should you invest in the metaverse if you are a brand? Is it really accessible to all brands? What can we gain by venturing out there now? How do you avoid losing, in the short and long term? And most of all, what place will it occupy in the brand experience of tomorrow?

We always talk about accelerating the pace of change. What’s new about Web3 is that it’s maturing at a rapid pace, uniting brands from the very beginning. Because today, these virtual universes require brands to gain credibility, as some brands need, for image and experience reasons. Fifteen years later, debates are raging about Facebook’s profitability, and the space that brands can occupy. It takes at least 6 or 7 years for the iconic web 2.0 platform to give birth to a useful model.

In contrast, Web3 immediately offered a completely different paradigm, making it an important toy for brands, for at least three main reasons.

First of all, Web3 is based on a so -called “decentralized” philosophy and model. Against the dominance of GAFAM, it offers a democratic and open model, to which all actors are welcomed. Sébastien Borget, co-founder of The Sandbox (one of the reference platforms, with a gaming and social vocation, among the metaverses established), explained that in the long term, “only 10% of the platform’s content is viable. in The Sandbox ” – the rest is in the hands of the” creators “.

Beyond these creators: the brands. Now there is a certain form of similarity between platforms and brands, which now have a card to play with by experimenting and offering an experience of their image, consistent with their DNA, their identity and their values. True hallmarks of IRL culture, they have the prestigious, intangible assets and financial means to offer original and tailored experiences that meet the desires of new Web3 explorers. The fashion and luxury industry is at the forefront of this area, as did Louis Vuitton in League of Legends, but many other sectors are gradually following suit.

Then, about these new Web3 explorers precisely, they are younger, more connected, in search of experiences and shared opportunities. So there is an important play and coverage for brands, which need to be where their consumers are, in order to attract the Z and Alpha generations. It’s a question of taking a step forward, by creating a link with consumers tomorrow – even the next day.

In the end, Web3 operates on a more mature business model than previous releases. The issue of value creation and its sharing among stakeholders is central to this model. Creating communities (the famous DAOs) with their own tokens and cryptocurrencies, the logic of “play-to-earn”, or even paying attention to Internet users (see model in the Brave web browser and its proprietary currency., the BAT) are all examples of this financial maturity. Of course, this does not mean that all Web3 business models are destined for success! As with any entrepreneurial adventure, only time will tell which models will hold their own over time …

So, of course, going the twists and turns of the Metaverse and its ecosystem presents part of the danger. Brands need to ask themselves the right questions: will my brand asset be planned on Web3? How do I offer a consistent experience across all the channels and points of contact that are already active in my brand? Or, is it possible to project oneself responsibly in this universe, so as not to betray the brand commitments already made elsewhere regarding CSR?

However, it seems like it could soon be more risky for a brand to move away from Web3 than to invest in this space – in a thoughtful and responsible way, and with good support, of course! Experimentation and exploration are still allowed, and there are many possibilities, with the goal of not only investing in a platform, but to offer real -world experiences and content in line with the brand strategy.

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