Quick Summary:
- Providing real value to people brand works with has been a priority.
- Successful NFT/Web3 communities gave their holders/users opportunities.
- Metaverse provides brands with a place where they can start over.
Related: How To Succeed In Web3
NFT 2.0 technology offers a user-centered experience that is more creative and easy-to-use as we move into the technology space. Brands are also exploring how to make their products more valuable through Web3 marketing while making money from NFT ventures.
Added Value
A clear value proposition and a story are needed for NFTs to succeed in the Web3 ecosystem. Particularly in an era of constant technological change, this is true.
Providing real value to people they work with has been a priority for Web3 marketing agencies. However, if a brand wants to stay true to its fans, its digital assets need to engage audiences and communities in order to be worthwhile.
New Beginnings
Metaverse provides brands with a place where they can start over. Metaverse and the real world don’t have to offer the same thing. However, successful brands in the metaverse stay true to their core business while finding a new way to showcase it.
In Under Armour’s Curry brand, for instance, exclusive digital shoes went beyond just buying virtual shoes as part of a metaverse campaign. Based on Steph Curry’s performance during the 2022 NBA playoffs, the digital assets were released gradually. Under Armour was able to reach a new audience while also expanding its digital presence and providing NBA fans with a new way to interact with each game they watched.
Such a campaign illustrates how much work the brand, creative agencies, and marketing agencies must put into creating an activation that has meaning. Brands need to put the community ahead of making money when making an NFT or metaverse campaign. In the early stages of the metaverse, brands’ actions will have a profound effect on what it looks like in the future. It’s impossible to maintain the status quo or set standards for what consumers should expect. With the consolidation of this market, businesses that provide useful digital assets to their customers will be able to gain a competitive advantage over their competitors.
NFT 2.0
NFTs (non-fungible tokens) have been a hot topic over the past year. By adding more utility to existing infrastructure, NFT 2.0 could make NFTs more useful to a wider audience. Among these assets are digital artwork, in-game items that can be used in multiple games, music, and collectibles. Artists could create shirts for virtual avatars, sell them as NFTs, and track the number of buyers using the blockchain. Imagine if a big brand moved forward with a similar artwork idea using their logo and tracked thousands of unique NFT purchases.
Successful NFT/Web3 communities gave their holders/users opportunities, and this was a key factor in their success. Users have made money by taking advantage of these opportunities. It is also true that successful communities help people who are interested in the project for a long time, such as through the sale of digital property in the metaverse to individuals who are interested in the project for a long time. Creating private channels, such as a Discord community, for networking and forming partnerships is another example of a long-term opportunity.
The brand can’t force people to engage with its digital efforts, but it might be able to build a loyal community if they are able to get a small group of people on board. Hence, when building an NFT community, everyone should ask themselves what benefits and opportunities NFT holders can obtain besides quick profits.
Future Brand Placement in Web3
It has been a bear market for NFTs and cryptocurrencies throughout 2022, which makes it difficult for brands to take the lead. However, despite the low market value, many brands are still launching activations. It shows how much potential brands will have once the market recovers. NFT or metaverse activations that create value and work with other systems should be included in brand marketing plans. You can get small artists or musicians to create something for a prize as part of a brand competition, or you can create a cool design that can be used in different games. Engaging customers, promoting interoperability, and adding value will be the three main pillars of future brand positioning.
Mint passes, which are reusable for a long time, have also been in high demand recently. This may be because people are less interested in projects that look good on paper but don’t help them. Therefore, brands wishing to enter the NFT space should be willing to translate their products in a fair and fast manner to the Web3 community.
Conclusion:
In the metaverse and with NFT activations, there is no limit to what brands can do, but as this market continues to grow, community building is a key part. Although this past year was not as successful as the last, we can still expect growth from a long-term perspective.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
