How can we help you today?

Fill in the form below so we can explore ways to reach your goals or call us at 1800 577 346.

1 / 2
x
How can we help you?
One last step

Leave your details below and we'll be in touch.

Confirmation
2 / 2
x
Previous
Next step
Thanks! We have received your form submission, I'll get back to you shortly!
Oops! Something went wrong while submitting the form

Why and How to Get Your Brand into the Metaverse

Why and How to Get Your Brand into the Metaverse
What's new: K-Startup Grand Challenge 2020 for Australian/New Zealand Startups! More information here.

So you’ve probably been hearing a lot about the metaverse lately, especially since Facebook changed the name of its parent company to Meta, pre-empting a move into a brave new virtual world.

But for those who aren’t devout tech geeks, what exactly is the metaverse?

Put simply, it is a virtual world in which you can participate and interact with other actors.

And if you’re thinking that this is nothing new, then you’d be right.

Earlier versions of the metaverse include games like The Sims and Second Life.

Nowadays, logging in to games such as Fortnite or Roblox offers us a path into the metaverse.

And dedicated metaverse social platforms such as Topia and Decentraland are attempting to bring people together — much like Facebook promised many years ago — in the metaverse.

So why is this important?

Well, Gen Z-ers spend nine hours a day in front of a screen. Remove a generous eight hours for sleep, and you’re left with just seven hours for other activities.

Generation-Z, or Zoomers:

  • Have significantly less sex (about 50% less than Gen Y)
  • Spend more time interacting with their friends online than previous generations
  • Are more likely to prefer attending concerts and immersive experiences in the metaverse instead of the real world

The average amount of time people, and in particular Gen-Z, spend playing games has risen to over 7 hours a week with power users spending over 20 hours a week on Fortnite.

This is a generation that has been raised with the internet, and in some cases, by an iPad in their formative years.

To many of them, being beamed into the virtual world to watch rapper Travis Scott perform is no less organic than attending a concert in person.

And for better or worse, as this generation grows up, and as subsequent generations follow, it’s hard not to see the metaverse consuming much of the hearts and minds of a significant swath of the global population.

And this presents a huge yet untapped opportunity for brands to step into the metaverse, tap into new audiences, and unlock new revenue streams.

Some brands have already begun to do just that.

Nike

The apparel giant has filed a handful of trademark applications, declaring its intention to sell virtual branded sneakers and apparel.

Disney

Disney CEO Bob Chopek recently said that the company plans to build its own metaverse by connecting the physical and digital worlds.

“Our efforts to date are merely a prologue to a time when we’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse. And we look forward to creating unparalleled opportunities for consumers to experience everything Disney has to offer across our products and platforms, wherever the consumer may be”, said Chopek.

NASCAR

The racing giant recently announced its partnership with gaming experts Subnation to develop an advanced digital ecosystem for auto-racing fans.

The ecosystem will expand brand partnerships, accelerate e-commerce, and distribute original content. In addition, NASCAR will roll out its own virtual experiences, exclusive NFTs, and limited edition apparel via its metaverse.

And then there are the performers.

Travis Scott

The hip hop superstar partnered with Epic Games to perform a concert for users. The live concert, below, garnered over 12 million live viewers (that’s about 600 sold-out Madison Square Gardens in one go), and received an additional 173 million views on Scott’s YouTube channel after the fact.

Other artists such as Ariana Grande and J Balvin have performed on Fortnite, whereas Lil Nas X and Twenty One Pilots have performed in Roblox.

If your brand is considering getting into the metaverse, where do you begin?

First, and as with anything, clearly define your objective and target audience.

Second, consider whether creating your own metaverse or piggybacking off someone else’s is the best way to meet your objectives.

Finally, partner with an existing metaverse publisher, developer, or marketplace, to get your brand and concept into the metaverse.

Still have questions? Get in touch with the team at Collective Campus.

Workflow Podcast

The WorkFlow podcast is hosted by Steve Glaveski with a mission to help you unlock your potential to do more great work in far less time, whether you're working as part of a team or flying solo, and to set you up for a richer life.

No items found.
FREE EBOOK

100 DOS AND DON'TS FOR CORPORATE INNOVATION

To help you avoid stepping into these all too common pitfalls, we’ve reflected on our five years as an organization working on corporate innovation programs across the globe, and have prepared 100 DOs and DON’Ts.

No items found.

Steve Glaveski

Steve Glaveski is a Harvard Business Review contributor on all things high-performance at work. He is the author of Employee to Entrepreneur (Wiley, 2019), and co-founder of Collective Campus, the boutique consultancy behind FutureLaw Academy that has generated millions of dollars selling discretionary services to many of the biggest organizations in the world - without the benefit of an established brand,pre-existing relationships, a corporate card, or a large team. Steve previously consulted to the likes of King & Wood Mallesons, Mills Oakley, and Cornwalls, and worked in consulting for EY and KPMG.

Ask me a question!