Fashion

Meet me in the metaverse

The next wave of digital change is here, giving promising companies the opportunity to act today to be ready for the future.

 

What is the metaverse?

The physical world comes alive with new possibilities, environment after environment, each with its own rules. We already have small smart physical worlds like smart factories, smart cruise ships and automated ports. Tomorrow we will see them grow into smart neighborhoods, cities and countries where massive digital twins mirror physical reality. And purely digital worlds are also expanding. Large companies will have their own internal metaverses so that employees can work and interact from anywhere. In our spare time, new consumer metaverses will take us to almost any world we can imagine to play games, socialize or relax. While we are at the dawn of the metaverse, leaders who avoid the uncertainty of the metaverse will soon operate in worlds defined by others.

Experiment with earning models.

Direct selling may not be at the center of the metaverse right now, but that doesn’t mean brands shouldn’t think ahead and plan for future potential. Direct selling of virtual goods through avatars is already a $54 billion market, and some forward-thinking brands are testing different revenue opportunities. Forever 21, for example, sells a hat on Roblox for less than a dollar. On the other hand, Gucci sold a digital version of its Dionysus bag last year for $4,115 — more than the price of the physical item itself. Nike is testing unique NFTs with the recent release of the Nike Cryptokicks.(a virtual model of Nike Dunk sneakers) developed by creative studio RTFKT, which Nike acquired in December. Just as online-to-offline conversion is the norm today, we can expect to In the future, there will be more opportunities to move from the metaverse to offline. In April, Chipotle said it was the first brand to allow Roblox players to exchange digital currency for real-life rewards, when it offered burrito vouchers to the first 30,000 patrons of its metaverse restaurant.

Create, use and collaborate for new opportunities in the metaverse.

For the metaverse, as with any new venture, brands must evaluate the skills they will need, determine which ones they already have and which they need to acquire, and appoint someone to lead the development and implementation of a consistent strategy to deliver value. Brands should also strive to work with and learn from other people, including independent communities of developers and creators who are already active on the platforms. For example, there are hundreds of thousands of people in the Roblox developer community who are actively developing various applications and learning how to make money from them. Last November, NASCAR partnered with Badimo, developers of the hit game Roblox Jailbreak, to add a branded car to the game for the ten-day event. During this time, gamers have visited Jailbreak 24 million times, which is 30% more than the number of concurrent players. Creative, branding and marketing agencies are also rapidly launching new service models and metaverse opportunities, including their own virtual studios. In addition, celebrities and influencers are increasingly associating their names with metaverse initiatives. In some cases, they are deeply involved in the actual creation of new immersive media for the metaverse. For example, last year rapper Snoop Dogg built his own “Snoopverse” at The Sandbox. A few months later, he released the first music video set entirely in the metaverse. “The House I Built”, like Snoop Dogg’s previous videos, includes dancing, hanging out by the pool, and driving nice cars. But this time, his digital twin is enjoying the lifestyle.

Plan ahead for brand risks

There are many warning examples of brands putting themselves at risk by interacting directly with consumers online without preparing for quick online feedback or potential social media virality. In the metaverse, the risks may be even greater as these events take place in real time and are more immersive. Brands would do well to establish ground rules for engagement—detailed policies and enforcement practices that they can follow later—for example, with regard to customer service, intellectual property management, user security, data privacy, and disinformation. Already now, in some cases, something has gone wrong. One global electronics brand launched a new product line in its metaverse with great fanfare, but frustrated fans found it difficult to gain access and were forced to effectively “queue up” off-site.

Rethink how you measure marketing success.

Measuring the return on marketing spend is always critical, but the corresponding metrics for the metaverse may not be what you expect. Digital marketing typically focuses on metrics such as number of visitors, conversions, likes and shares, and the cost of customer acquisition. With the metaverse, marketers may need to define new engagement metrics that account for unique behavioral economics (such as NFT “rarity”, which should be unique). For example, online food delivery company Deliveroo has deployed virtual drivers to make virtual deliveries in Nintendo’s popular Animal Crossing game, including promo codes for real-life redemption. During the first hours of the game, he scored three million in-game interactions with players.

Define your marketing goals for the meta-universe.

Why do you want to be part of the metaverse? If there are consumers of your brand, do you want to raise awareness to new audiences, position your brand and create favorable sentiment or loyalty? Is your goal to drive innovation in your marketing team? In the short term, the main goal of brands should not be direct sales promotion, as sales of virtual goods are still much smaller than sales of physical ones. What’s more, today’s metaverse audiences, especially on online entertainment platforms like Roblox, often appear younger, bringing both opportunities and risks.

Design experiences that appeal to your target audience.

Consumers tend to view brands in the metaverse as innovative, so the bar for delivering innovative experiences is high. Companies must strike the perfect balance between native advertising, immersive experiences (including games, virtual stores, events, and sponsorships) and real-life activations to complement the metaverse. Take for example what skateboarding retailer Vans did last fall by launching the Vans World Interactive Skatepark at Roblox. To increase brand awareness and appeal to the company’s core demographic, Vans allowed visitors to virtually explore skate sites with friends. Visitors can also earn points through gameplay to spend on virtual sneakers and clothing items, as well as create custom skateboards in the virtual skate shop. It has successfully attracted both existing and new fans, with over 48 million visitors so far.

technologies of the Metaverse

Goggles/helmet/lenses

One of the most important elements of such a metaverse is the equipment for entering that very universe. These are virtual reality goggles/helmet/lenses. In 2021, more and more such devices appear. While many of them are compromises of graphics quality, power and mobility. Of course, wireless devices have the greatest potential, with all the hardware located right in the device case. An example of such a device is the Oculus Quest 2. But it is still quite bulky, sometimes hot, making you sweat in especially stressful moments and lacking power. And do not forget about the field of AR, which is also beginning to transform our familiar reality - it also needs separate devices.

Suit

However, this is not everyday wear. I suppose that in the future there will be suits with smart threads that can transfer our behavior to the virtual space online and at the same time track the state of the body. Like fitness trackers now, only for the whole body. And that is not all. Another important feature of costumes for the metaverse is sensorics, that is, the ability to perceive all physical influences in virtual reality, to feel virtual objects as if they were real. This will take the virtual experience to a completely different level.

3D scanning of objects

But after all, many of us will want three-dimensional avatars that look like ourselves, repeating gestures, facial expressions. And here you will have to use the technologies of 3D scanning of objects and Motion Capture, which is actively used in the creation of films and games. Today you can create a model of your face using the Live Link Face application and export it to Unreal Engine, or you can create your own avatar using the n3D application.

Key technologies

Systems:

  • Blockchain 
  • Hardware infrastructure
  • Artificial intelligence (AI) Augmented Reality (AR) and Virtual Reality (VR) 
  • 3D reconstruction 
  • Internet of Things (IoT)
  • Transition to the Metaverse

INDUSTRIES THAT ARE ALREADY IN METAVERSE

Fashion

Retail

Music

Sport

Tourism

Cars

TV / Movies

Offices

Art

Of course, not all companies and brands have a well-defined strategic plan for presence on platforms. However, work is underway.

Conclusion

Finally, the metaverse has a lot of potential for the future beyond marketing. To create value for the entire enterprise, companies must take the time to think through the potential strategic implications of the metaverse for sales, operations, manufacturing, research and development, and people management. Organizations and brands that plan and execute now will benefit the most from the future of the metaverse.

We connect.

we provide comprehensive services for clients of the sector along the entire value chain, from raw materials to the end consumer. We are customer-oriented and understand the trends of the national and international markets.