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Monetizing the metaverse

Monetization is a key component to ensuring that brands thrive in the metaverse

Platforms such as Decentraland let users create their own metaverses by purchasing a plot on virtual land with their MANA cryptocurrency.

You can buy the land as an NFT on Ethereum. The contract binds you to that land. Like in physical reality, you can rent or sell your land. The metaverse allows us all to be owners, and that’s part of its appeal.

Even though tech is still very limited, brands can engage in new and unique ways with their customers.

One keyword that is key to the metaverse’s appeal is “community”. The metaverse brings people together in new ways that are delighting the online gaming community.

Although the community aspect of the metaverse could hold the key to monetization at the moment, brands would benefit from an experimental mindset. The tech is still in its infancy and metaverse experiences still have a lot of work to do.

What has the relationship between brands and the metaverse been like? Let’s take a look at some examples.

Monetizing the metaverse

SNOOP DOG via SANDBOX

American hip-hop star Snoop Dogg has entered the virtual world of The Sandbox, recreating his mansion as a location to show off his NFT collection and organize virtual parties. In addition, The Sandbox will organize two land sales on September 30th and November 4th for land, premium land, and special auctions for bigger estates.

t’s called ‘The Snoopverse. A parcel of land in Snoopverse was sold for $500,000 and became the lucky buyer’s virtual neighbor.

Snoop stated about the project, “I’m always looking for new ways to connect with fans, and what I’ve created in The Sandbox, is the future of virtual hangouts, NFT Drops, and exclusive concerts.”

Monetizing the metaverse

GUCCI GARDEN via ROBLOX

After bringing some rare items to Roblox last year, Gucci is entering the metaverse with a virtual experience on the online game platform.

Intent on expanding its brand awareness to younger audiences, Gucci is taking its collaboration with Roblox to the next level, by creating Gucci Garden, a virtual brand experience right within the online game platform.

Gucci held a 14-day digital garden exhibition in May 2021 as part of its 100th-anniversary celebrations. This space was hosted on Roblox and allowed you to personalize your avatar. You could also wear digital Gucci gear. It was a celebration of self-expression and old Gucci campaigns.

Monetizing the metaverse

LOUIS VUITTON via LOUIS THE GAME

Louis Vuitton celebrated its 200th birthday by creating a game for iOS or Android. The game features Vivienne as Vivienne on a mission, to collect 200 candles. These candles will teach you about Louis Vuitton’s history and heritage. There are 30 NFTs that could be collected, including 10 NFTs from Beeple, an artist whose digital collage was sold at Christie’s for $69.3million. These Louis Vuitton NFTs are collectibles that cannot be sold on the secondary markets.

Monetizing the metaverse

RTFKT via NIKE

Nike announced in December that they had acquired RTFKT NFT studio, an NFT studio that specializes in gaming and culture. RTFKT was known for its digital sneaker NFTs. Nike has indicated that they intend to offer virtual footwear, apparel, and accessories for digital environments.

Monetizing the metaverse

COCA-COLA via TAFI

Coca-Cola and Tafi, 3D creators, hosted an auction in July 2021 for the virtual “loot boxes” of NFTs. These loot boxes contained a Coca-Cola bubble jacket that could be worn by NFTs, which could then be unlocked to use in Decentraland.

These are just some examples of companies investing in the metaverse in innovative ways. It will be exciting to see where the new realm takes us in 2022.

Stay tuned to receive more updates about brands engaging in metaverse experimentation.

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