GamesBeat Summit: What brands need to understand about the metaverse

Metavers is big news for the entire game industry and for brands as a whole. The question is, how can brands get traction in metavers as they begin to catch up in the real world? On the first day of the Gamesbeat Summit 2022, three brand experts and Metavers Convert took the stage to discuss these and other big questions with VP Brett Sepington, VP of global consumer insights company Interpert, as Metavers’ promise grows bigger.

“It’s important for brands to participate now, because that’s where our audience is going,” said Angelique Wendet, VP and head of marketing at Los Angeles-based premium yoga apparel company Alo Yoga. “As all good marketers will tell you, you want to meet your audience wherever they are.”

Brands should jump right in to test and learn right now as the community and technology evolve, growing as it grows, but authenticity is key.

“Many of the rules for engaging people in the game are the same as for engaging people in metavars,” said Gabriel Heyman, head of the global brand partnership at Zinga. “Honesty is very important. Being an addition to the gameplay. Improving their experience. You’ll see a lot of activity in Metavers, the current Web 2.0 Metavers, that add value to customers.”

History shows that if you were early on social media, you benefited disproportionately from it. In the early stages of any network, the competition is less, it’s easier to come out and it’s easier to learn, adds Samuel Huber, founder and CEO of Admix, the leading games monetization platform.

“We see Metavers as a new channel to effectively reach audiences,” he said. “And then whether it’s Roblocks, Sandbox or Decentland, they’re all effectively different channels that have different audiences and different tools for creating content in different ways. It’s always important to be early, to experiment and be able to make mistakes, to understand the platform ahead of your competitors. “

Web 2.0 vs Web3

Hayman pointed out that there are only two main metavars platforms, Roblox and Fortnite, but Web 3 is a completely different wax ball, as cryptocurrency is involved, and losing and earning money is a very solid proposition for the consumer.

“Average [crypto] Someone’s wallet at Web3 is now 21,000, “she said.” She’s a high-value customer in that space. I don’t think we’ve found the perfect cocktail to join. “

But brands understand that Web 3 is the next stage of the Internet, Huber pointed out, and it’s a trend that’s bigger than any brand. In this new online culture, it is very important for brands to gain access and not just experiment, but keep signaling their relevance – for example, take the board app and Adidas. In Web 2.0, Adidas is a huge brand. In Web3, Bored Ape is the biggest brand.

“It simply came to our notice then [for Adidas] That is to say, we are consistent in this new phase of the Internet, “said Huber. Brands are moving forward. ”

When you have big cultural changes like Web3 and decentralization, a new way of empowering the creative economy, and so much more, it changes the way consumers think about economies and brands.

“Maybe something like a luxury brand isn’t really good anymore because it doesn’t represent the interests of the new generation,” he added. “I think Web3 is really embodying that new culture, which is against establishment, decentralization. [where] You can have digital things. Being able to associate your brand with it is a very strong signal.

Wendet said the idea of ​​co-ownership with brands can be a powerful one for players, but brands can’t worry more about trying to be cool or consistent – their involvement still needs to be authentic, and you need to build experience. Or a utility that makes sense to your consumer, whether it’s in the 2.0 or 3 universe.

“Actually, Web 2.0 metavars are definitely the gateway to what we now know as Web3 metavars,” she said. During the Yoga brand with New York Fashion Week, RoBlocks saw a brand activation, offering an island dedicated to mindfulness, mindful movement and yoga in Metavers – and where customers can also pick up digital fashion items. There was no monetization, but it just launched about 27 million items of digital fashion worn in Metawares, she said.

The biggest misconception about metavers

Basically, when it comes to expectations, Ready Player One There is so much to answer for.

“There’s a general misconception about what technology can actually do,” Huber said. “Getting 10,000 people in a single instance at a live concert in VR, technology can’t do that. Not even close … There is a break between the dream of brands, when they finally understand the power of metavars and what you can really do today. “

Wendt said brands want to jump because they see other brands jumping or see in the press, but in no way understand the space. You just have to be more discriminating with the help you render toward other people, ”she said.

If you are not exploring and testing, and continue to study as things evolve, you run the risk of stumbling. “Space is changing – it’s changing every day,” she said. “There are no experts in this field.”

Heyman points out that unless you know what you’re trying to achieve and whether the audience you want to capture is the right audience for the purpose, you can’t jump into the metavers strategy. She points to Gucci’s activism in Roblocks, where only 5% of the audience is over 25. Hayman unlocked some Gucci swag for his own avatar – but his kids weren’t really impressed.

“Maybe they’re trying to reach tomorrow’s consumer – but there are other places in gaming where maybe their consumer is more aligned with whom,” she said. “Understand what your purpose is, who you are trying to reach, what the purpose is and not just today’s glamorous thing. What are we really doing here? What is our true purpose and ROI? “

Launching Metavers Vision

How do you get started, and what’s important for a metavars strategy? Wendette noted that testing and learning is always essential, as there is no one right answer right now, and there will be more choices in the future. And on top of that, be educated, and experience Metawars yourself as a customer and as a user before you bring your brand into space.

Hayman said authentication is key, so if you don’t have your own crypto wallet and decentralized account, look for team members who do.

“And then trust your partners, people like us who are in business and build this environment, about what the audience will respond to and not react to,” she said.

For Huber, it’s clear that Web 3 is the next phase of the Internet, driven by the adoption of blockchain and crypto, with 300 million people using it every day.

“It’s happening one way or another,” he said. “The sooner you get admission, the sooner you’ll be relevant.”

For the full conversation, watch the video on demand here.

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