Four cornerstones for a brand’s success in the metaverse
Now the dust has settled on Austin’s most inspiring festival, we’re reflecting on a week of mind-altering experiences, future-shaping discussions, and flamboyant live events.
South by Southwest (SXSW) brought a cornucopia of future tech firmly into the spotlight, with talks and tips from the industry’s finest. At Honey, we consider ourselves mood shakers. We soak up events like SXSW to pick up on the ideas and technologies shaping the zeitgeist and share our knowledge on how brands can capitalise. Among the absurd, eccentric, and weird, it was the metaverse that stood out at SXSW.
This is the year of Web3, the metaverse as the new shiny frontier for work and play, and can be defined as anything where technology intersects with our day to day life. It’s currently a sea of familiar independent islands such as Second Life, Fortnite, The Sandbox and Holoride, but it has the potential to be so much more expansive. A world where technology augments and improves our experiences, and a promising new world economy.
If you’re not thinking about how your brand will exist in the metaverse, you should. It’s been around for 30 years and will shape your customers’ future. We’re here to guide you through its existence today and what tomorrow might bring. In this post we share our thoughts on the cornerstones for a brand’s success in the metaverse.
1. Add Value
The secret superpower of Web3 is the power of community building, so don’t try to sell in the metaverse – it’s not a new ecommerce platform. The metaverse will see a move towards a more decentralised, user owned digital landscape that thrives on ethereum and digital tokens. It’s a new cultural economy where value can be assigned to creators through asset tokens. To stand out, brands will need to be sure to give value to fans and loyal users through community access passes, private gig tickets, vouchers and discounts for ecommerce, or NFT giveaways. In Web3, you are a member, not just a user.
It seems that we are at the start of a new era where creators and communities can monetise what they do in a new way. As this new world will be owned by the user, brands will need to be sure they are rewarded for their contributions, empowering visitors to monetise time spent with their brand. Start by embracing the emerging NFT culture. Think how your brand enables your community to benefit from ownership of digital assets. While Web2 was dominated by the platforms, Web3’s metaverse gives brands the opportunity to forge deeper connections with communities. In this new community users will want to have influence with a brand – a value exchange, but what utility can you provide?
3. Be open to collaborate
In the metaverse, your brand will need to mash up your content with other brands and encourage user generated content. If it’s not open to a rework, a remix, or a reinterpretation, just how is your user going to engage with their content? If you let fans mix, remix and create with your brand assets, IP and NFTs – you’ll build a brand that drives user loyalty and engages with them on an emotional as well as intellectual level. We could see co-created experiences by brands and their communities, where creators share revenue co-created, community-focused brand experiences.
4. Unleash your creativity
What’s the best thing about building a new world, if not being able to bend the rules? To truly dive deep into the metaverse, don’t copy the real world. Instead, offer immersive experiences that engage fans to deepen their affinity with your brand. Allowing your users to embrace the sky’s-the-limit mentality will help them unleash their wildest dreams, and return over and over again to see what you’re cooking up.
Want more from SXSW, or the metaverse? Or just want disruptive solutions that break the mould, bringing the buzz to your buys? Follow our socials LinkedIn and Instagram @make.honey now. Or email us at firstname.lastname@example.org