Branding: The metaverse journey

We all remember when brands had static websites with basic information about their products/services and contact details. Things would evolve rapidly with the changes brought by technology.

Then came the social media revolution.

There has been a rise in interactive websites and social media engagement. This enhanced interaction is more customer-centred, with personalised customer experiences, reviews, and live chat support. Major brands leveraged platforms like Facebook, Twitter, and Instagram for marketing, engaging with customers directly and building community.

The shift to virtual reality.

The Current Shift we are experiencing aims at an Immersive virtual reality experience with the Metaverse. This is a technology-driven Real-time 3D social medium where brands and individuals can create and engage in shared experiences as equal participants in an economy with societal impact.

Brands in the metaverse.

Major brands are employing diverse strategies to navigate the evolving digital realm of the metaverse. Nike, for example, placed its bet on a Multifaceted Approach.

The brand actively engages with corporate metaverse platforms, seeking innovative ways to connect with customers within these controlled environments. The acquisition of RTFKT, known for its web3-ready virtual sneakers and fashion items, showcases Nike's commitment to exploring

This was a strong move to ascertain it’s branding into the metaverse and NFT space. Nike is positioning itself as a leader in digital innovation, using the metaverse to revolutionize how the brand interacts with consumers.

• Nikeland on Roblox is a virtual space where users can play games, design avatars, and engage with the Nike brand in new ways. It allowed
  
  Nike to tap into the burgeoning market of gamers and digital natives, expanding its reach.

• The Airphoria gaming Experience in Fortnite is designed for players to engage with Air Max sneakers in new, captivating ways

The Nike brand is leveraging the metaverse to assert its brand extension into virtual worlds, creating a new dimension of brand presence.

The race is on

We can read the same moves made by other brands like Atari, with its intuitive gaming innovations in the Sandbox platform, based on an Open Metaverse Strategy. Adidas’s metaverse strategy aligned a digital fashion entry based on innovative collaboration and brand expansion. Adidas showcased its Virtual Gear collection during the Metaverse Fashion Week in Decentraland.

The branding journey is at high speed as all major brands are already in the metaverse taking advantage of the limitless possibilities the ecosystem offers. The market potential of the metaverse is projected to reach $800 billion in 2024, as 70% of consumers use the metaverse for escapism and new experiences.