In March 2021, the NFT stakes rose when Beeple sold an NFT for $69 million. Since then, the NFT craze has cast a lure and driven NFT prices to an average of $4,000, with some going for over $1 million — far out of the average individual’s price range.
But while the hype has increased sticker prices of NFTs, the expedited growth and excitement around the industry has left out a tremendous consideration — the entry point for brands.
Recent announcements, such as Zuckerberg’s Meta rebrand, have brought mainstream attention to the industry. Now, on the radar of consumers, many are diving deeper into the world of the metaverse and wondering how they can get involved. As the founder of a digital experience builder for brands, I’m seeing firsthand the increase in interest from brands across disciplines. As consumer speculation and interest develop, time is of the essence for brands looking to capitalize on the moment and prepare themselves for Web 3.0; those who don’t could be left in the dust.
This pathway to the metaverse is uncharted territory for many and so, I’ve outlined four tips to get you prepared to thrive in the next decentralized version of the internet.
Don’t glaze over the metaverse news as simply a fleeting fad. Shifting dialogue by tech leads has proven that the metaverse could indeed be on the horizon and that brands need to be ready.
Do your due diligence and research on your own to develop a broad understanding of what the metaverse and Web 3.0 are and how your company can evolve to fit this narrative. By no means do you need to be an expert, but developing an initial general understanding is crucial in leading your company to pivotal decisions.
Consider allocating an in-house team for development.
If you’re interested in investing in the metaverse, tap hires or identify a third-party consultant that has a prior understanding of the metaverse, Web 3.0 and what future implications may be in store for the decentralized internet.
The metaverse is complicated — there is an extreme element of the unknown by even the most versed in the space. While public knowledge of the space is relatively recent, there have been many focused on its development for years past and years to come before we truly see how it’ll take shape.
If you do not have a team working on the development and entry of your brand into the metaverse, you could be lagging behind competitors.
Pulse check your consumers.
Develop an understanding of the landscape your consumers are operating in. Is your audience primarily digital? As a result, have you had difficulty connecting with them to a degree resulting in true engagement? Consumer patterns have shifted, and to meet this, the way companies operate must evolve to meet in the middle.
Start with what is available.
There are already a plethora of options available today to begin your brand’s metaverse journey, with new tech developing almost daily. Take the time to assess your options from what already exists to determine if it is in your best interest to become an early metaverse adopter. Take a look at how you are currently reaching your consumers. Have traditional forms of connection been void of tangible results? If so, it may be time to branch out and pursue innovative, digital experiences.
While conversations of the metaverse may feel like a futuristic world to many, it is critical that those who wish to excel in Web 3.0 consider beginning preparations today. A transition to Web 3.0 will not occur overnight nor should a brand expect their strategy to develop as simply. The new age of the internet will require careful, strategic considerations for all involved, and the above tips provide a guideline for all to set out on a path to make their mark.