How brands are investing in NFT and metavers

How brands are investing in NFT and metavers

by Fellipe Guimarães

Tuesday, May 31, 2022

Reading time: 6 minutes

What is the relationship between NFT and metavers? What do they have to do with each other?

Contrary to many people’s beliefs, they are not the same.

But they do have a lot to do with each other and are closely linked. The Blockchain network, a type of shared and immutable record, allows NFT to be used for financial transactions within the metaverse. This is how these concepts are intertwined.

How brands are investing in NFT and metavers

What is the relationship between NFT and metavers? Contrary to many people’s beliefs, they are not the same.

Brands and NFT

With the growing popularity of metavers and the adherence of users to virtual environments, whether to buy, play or just interact with each other, brands are increasingly betting on this trend. But mostly, they are developing unique items to generate additional revenue and more opportunities for customer involvement. That is, NFT.

These non-consumable tabs can be anything in the digital world: an image, a video, an audio, a domain name, music albums, and even familiar skins.

A recent example that caught the eye was the collaboration of today’s most famous K-pop group, BTS, with the online game Free Fire, a hit in Brazil and around the world. In all, seven new costumes have been added to the game, all created by the band members.

In addition, the collaboration led to other thematic content inside and outside the game. With the exception of skins, users had access to emotes (emoticons used by viewers in chat), challenges, and a two-episode program featuring K-pop stars.

This collaboration involved a lot of fans of the group, who also became the new ambassadors of the game, as it was necessary to perform a series of tasks to unlock the aspects. Hybe Corporation, the company responsible for BTS, not only managed to reach and bring the audience into the virtual environment, but also increased brand awareness (BTS) outside of it, as the announcement of the collaboration had a huge impact on social media and beyond. it consolidated the fame of the septet, valuing the name of the group in the market.

several examples

Following the same strategy, other brands are also taking advantage of this trend to customize game characters and other consumer behaviors within the metaverse to reach new audiences and increase their recognition. Gucci and Louis Vuitton, for example, are brands that sign collections and partner with leading global game developers to popularize their own NFTs.

Gucci and the game Tennis Clash, from WildLlife Studios, have a multimillion-dollar partnership that, in addition to the characters’ costumes, gives players the opportunity to dress up just like their favorite avatar. Gucci’s exclusive line will include hats, socks, shoes and general clothing. The goal is to enhance the real-world gaming experience.

Tags and NFT on metavers

Considering that the gaming industry is valued at US $ 163.1 billion, making a bigger profit than the music and film universe together, and that the skins market is moving more than $ 10 billion a year , investing in collections for metavers proves to be very effective. tactics, both in terms of profitability and increasing the popularity of the brand.

The most interesting thing about brands that invest and launch their NFTs in the metaverse is that, first, the result is reflected in and out of the online environment. Secondly, this strategy is not limited to big brands and very high values. Companies of all sizes and niches may conduct and promote their campaigns in this direction.

Although some say that NFT and metavers will be losing popularity among Internet users, the prospects for the future are different, so much so that there are already some e-commerce platforms that help other companies in this process, which only require an investment of value. of the design and then create an account for free.

Thus, regardless of size or audience, any brand can experiment with NFT and metavers to reach customers in this new digital environment.

Read also: Scheduled shortages and the value of NFTs

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