The transition to the metaverse is comprehensible considering that, according to Gartner, by 2026, a quarter of the world’s population will spend at least an hour each day working, shopping, learning, and having fun there, as reported by Cryptoslate.
If the brands are serious about the styling and presentation of their products, including the experience they want to deliver are likely to be more successful than those chasing short-term games.
“If the brands can create something that’s quite creative, something that actually speaks out to the customers, something that is quite engaging, and that there is some sort of purpose to it and there’s some sort of replay value to it, and it gives customers a reason to go back to it,” added Rekhi.
Rajpal Rekhi, managing director, RA Republic, a company that assists with metaverse branding, told CryptoSlate in an interview that the metaverse presents limitless potential and opportunity for businesses that value customers. What companies get out of a metaverse presence depends on their values and goals.
“The metaverse is a perfect opportunity to not only create an avenue for connection, but it can also be a place where they can express their creativity, build new customer experiences, and build new ways to interact with their audiences as well,” Rekhi said.
While creating a brand in the metaverse might be challenging, if done right, it can eventually pay off handsomely. Through the selling of non-fungible tokens or the provision of other amenities, brands may boost their revenue. Just a few of the companies now experimenting with the metaverse to boost sales or brand recognition include Gucci, Louis Vuitton, and Coca-Cola.
Brands need to consider how to advertise new innovative products to a consumer base that is already familiar with the services efficiently across numerous contact points.
“There’s a lot of opportunities for revenue to be generated for a business as long as they have clearly thought about the reasons as to why they are doing it and what they’re trying to achieve, and what connection they’re trying to build,” Rekhi added.
Significant infrastructure and training expenses are necessary for branding in the metaverse. But if the company’s clients are searching for a digital experience and the brand can meet those expectations, the return on investment makes the metaverse enterprise practically rational.