Step into the Metaverse: How the Immersive Internet Will Unlock a Trillion-Dollar Social Economy by Mark Van Rijmenam

Author:Mark Van Rijmenam [Rijmenam, Mark van]
Language: eng
Format: epub
ISBN: 9781119887584
Google: v-m7zgEACAAJ
Amazon: B09VCPRTKJ
Barnesnoble: B09VCPRTKJ
Goodreads: 59862562
Published: 2022-04-21T21:34:26+00:00

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S T E P I N T O T H E M E T AV E R S E

The Era of Experience Marketing

When organizations want to venture into the metaverse to connect with

consumers, it is wise to involve the creators, the artists, and the influencers

who already have an in- depth understanding of the various virtual or aug-

mented reality applications. By involving the community as early as pos-

sible, brands can avoid (potentially costly) mistakes such as Gucci’s. This

also means that if you are new to the metaverse and want to enter a new

community, be sure to be humble as a brand, even if you are a multina-

tional organization. Brands have the tendency to enter a creative commu-

nity and turn it into the Super Bowl, according to Justin Hochberg, founder

of the Virtual Brand Group. Instead, brands can stand to benefit a lot more

if they become part of the community and do not bombard the commu-

nity with advertising messages. This applies especially to the metaverse.

Moreover, since the metaverse is still a work in progress, for at least

the coming years, even if you join with the best intentions, there are risks

involved. For example, when McDonald’s created a set of 10 NFTs to cel-

ebrate their McRib at the end of 2021, they quickly found out that mint-

ing NFTs is something different than frying burgers. The McRib NFTs

were described by McDonald’s as “digital versions of the fan- favorite

sandwich.”179 Unfortunately, sometime after the announcement, a racial

slur was discovered in an early transaction linked to the Ethereum

address associated with the official McRib NFT collection.180 A racial slur

linked to McDonald’s is now on the blockchain indefinitely. The com-

pany stated that they had no idea how it happened, but a fun brand expe-

rience quickly turned sour. Regardless of whether it was an insider or

someone completely unaffiliated with the brand, the metaverse is not

without risks for brands. Having a good, shared understanding of what

you are doing is thus important. Of course, in these early days, this

means involving those who have been in this space for years, who under-

stand the various continuously evolving environments, and who can

guide the organization into this exciting new opportunity. It also means

associating yourself with new and existing virtual worlds instead of cre-

ating your own ecosystem, at least for now.

Brands that do step into the metaverse have an opportunity to dem-

onstrate leadership, associate themselves with innovation, and tap into

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