The metaverse presents an exciting new frontier for brands to engage consumers in digital experiences. But many companies are still trying to wrap their heads around exactly what the metaverse is and the opportunities it presents.
Marc Beckman, Co-Founder and CEO of DMA United, the award-winning advertising agency positioned at the center of style and design, was recently interviewed on the Outthinkers Podcast. Marc has designed and implemented creative campaigns for individuals and corporations, including brands such as NBA, Pepsi, Sony, Warner Bros. Entertainment, Nelson Mandela, Gucci, and MoMA.
Marc’s work centers around helping brands tap into the value being created within the digital space, including new brand loyalty channels, revenue streams and opportunities for brands to connect with their customers.
During the episode, he shared:
- Real-world insights from his marketing agency on how to leverage and pull your brand into the metaverse
- The essential things you need to know about Web3 and the metaverse to take advantage of new opportunities
- How to use the perception of value of digital assets to create new revenue streams without cannibalizing your legacy streams
- The new opportunities to co-create with third parties in the digital space—or create a microverse of your own for your brand
- What brands can do—and examples of what they are already doing—to revamp their brand loyalty programs with these new technologies
Defining the Metaverse
There’s still a lot of confusion around the term “metaverse.” Marc breaks it down into two main categories:
- Web 3.0 – Blockchain-based platforms and experiences enabled by cryptocurrency, NFTs, smart contracts, and digital wallets.
- Metaverse Activations – Immersive digital experiences that may or may not utilize blockchain, such as partnerships with gaming platforms like Roblox, Fortnite, and Minecraft.
Brands can choose to activate in fully decentralized Web 3.0 ecosystems or create more centralized, controlled experiences tailored to their brand community.
The Value of Digital Assets
As younger generations spend more time interacting in digital worlds, the perceived value of digital assets like avatars, wearables, and status symbols continues to grow. Luxury fashion houses like Gucci and Balenciaga are already seeing success selling digital apparel and accessories.
The Travis Scott Case Study
Musician Travis Scott gave a virtual concert on Fortnite that netted over $20 million – nearly half of his revenue from touring that year – in just 20 minutes. This demonstrates the staggering commercial potential for brands to create unique live events and experiences in the metaverse.
Is it Time for You to Enter the Metaverse?
For brands on the fence, Marc argues there are opportunities to engage right now. Whether the goals are to generate revenue or increase reach and awareness, the metaverse enables new creative activations not possible in the physical world.
Brands that wait too long risk missing out as consumer expectations and demands evolve. The companies activating now with thoughtful strategies will have a first-mover advantage.
It’s an exciting time for marketers and strategists to reimagine how their brand can show up digitally to delight consumers. The metaverse frontier is open for exploration and pioneers willing to chart a course.
Listen to the full interview here.