Selling in the Metaverse: There are opportunities for brands in this ever-changing landscape, says Anton Bernstein, CEO of Pocket Worlds.
As technology evolves, brands are seeking out increasingly targeted ways to identify prospective customers and sell their goods. Over the years, consumer attention has shifted from print to television to social media, and now to the metaverse.
As the next generation of consumers emerges, brands have a never-before-seen opportunity to build awareness and sell products in unique and intentional ways.
The definition of the metaverse is evolving, but in its simplest form, it’s a virtual space where users can engage in a digital environment. There are several metaverses in existence and counting, and recent predictions show the metaverse contributing $3 trillion to the global GDP within the next ten years. If that alone doesn’t motivate adoption, here are some reasons your brand should sell in the metaverse.
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In this guide:
Selling in the Metaverse: Why it is Compelling
All that’s required to enter the metaverse is a computer or mobile device and a WiFi connection. Leading mobile metaverse Highrise has users spanning over 50 countries.
Large User Base
Since its inception in 2012, Sandbox has received over 40 million downloads. Roblox, which launched in 2006, has been downloaded by over 200 million users and boasts almost 45M daily active users.
Direct Access to Consumers
Research shows that consumers will soon spend over an hour in the metaverse daily. Platforms with high user engagement each month provide both quantity and quality access to their user base.
Better Business Model
Brands can sell digital products with high margins directly to consumers, rather than paying for ads or clicks.
Which Metaverse is Right For You?
Before deciding how to sell your product in the metaverse, you must first decide where. Not all metaverses are created equal. While there are similarities, each platform is unique and attracts a different audience. A successful metaverse sales strategy must first account for the platform’s existing user base.
Here are some helpful tips for making this decision.
-Leverage those who know your business best. Have your team create profiles and actually engage with several platforms. Use their insights to curate a list of the top metaverses that align with your brand’s goals.
-Aligning with the overall look and feel of a metaverse is important, but always consult the data. For example, Highrise has a user base that’s over 75% female and predominantly between the ages of 18-25. In contrast, over half the users on Roblox are under the age of 12. Each demographic requires a vastly different strategy.
-Identify third-party developers on the platform who can build out experiences or content for you that can then be distributed and sold directly in your metaverse of choice.
Selling in the Metaverse: Building and Implementing Your Strategy
After deciding where to sell your product, it’s time to decide how. With new technology evolving daily, the metaverse offers limitless possibilities. The decision simply requires some creativity and forward thinking.
A flashy metaverse activation may spark headlines but requires large investments of time and resources. Brands starting out should implement a test-and-learn strategy on a smaller scale. Most metaverse platforms have creator tools that allow you to test the waters by releasing content and experiences with little investment.
Not all metaverses require blockchain technology. However, it can provide your company with an opportunity to create a new product or sell an existing one in a new way.
Consider leveraging non-fungible tokens (NFTs) to sell a digital version of your consumer goods. Or, launch a profile picture (PFP) NFT project to create an exclusive group of your most dedicated customers. This is a vast and ever-changing landscape so be sure to conduct thorough research before launching.
Consumers increasingly turn to content creators on traditional social media platforms when making purchasing decisions. Partnering with influential users within your chosen metaverse can be a successful tool to drive awareness and inspire engagement.
The metaverse offers an unmatched potential to meaningfully connect with a high volume of consumers. As with any strategy, keep the mission and vision of your product at the forefront. And who knows, the metaverse might provide an entirely new way to sell to your customers that you never would have imagined otherwise.
Frequently Asked Questions
What is the metaverse?
What are the uses of metaverse?
What is virtual reality (VR) vs augmented reality (AR)?
What is an NFT?
About the Author
Anton Bernstein is the CEO of Pocket Worlds, the parent company of both Highrise and Everskies. With over 20 million installs, Highrise is a leading mobile-first metaverse serving 2 million monthly active users who create avatars, build environments, host experiences, and trade collectibles. Since 2016, Anton has managed the virtual community with one vision: to expand Highrise into the largest digital nation on the Internet, where citizens can live, play, serve each other, and earn an income.
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