As we start moving into the NFT 2.0 technology space, we see a more creative and easy-to-use way to make a user-centered experience where everyone can get something out of it. Web3 marketers are also looking into how brands can position themselves to keep making money from NFT ventures while also making their products more valuable. But for NFTs to do well in the Web3 ecosystem, consumers need a story and a clear value proposition. This is especially true in a world where technology is always changing.
Web3 marketing agencies have been putting brands into the metaverse in a careful way to raise awareness and provide real value for the people they work with. But if a brand wants to stay true to its fans, its digital assets need to include audience and community engagement to make the experience worthwhile and keep people coming back.
The metaverse gives brands a place where they can start over. They don’t have to give the same thing in both the real world and the metaverse. The brands that have done well in the metaverse, on the other hand, stay true to their core business while finding new ways to show it. Under Armour’s Curry brand, for example, was able to start a metaverse campaign with exclusive digital shoes that went beyond just buying virtual shoes. The digital assets were released slowly over the course of the 2022 NBA playoffs, depending on how well Steph Curry did. It gave NBA fans a new way to interact with each game they watched and helped Under Armour reach a new audience while expanding its digital presence at the same time.
A campaign like that shows how much work the brand, creative agencies, and marketing agencies have to do behind the scenes to make an activation that means something. When making an NFT or metaverse campaign, a brand needs to put the community ahead of making money. The metaverse is still in its early stages, but what brands do now will shape it in the future. There is no status quo and no standard for what consumers should expect. As this new market consolidates, businesses that offer digital assets that are useful to their customers will have a much stronger competitive edge.
Creating value while building a smooth ecosystem for NFT 2.0
In the past year, there has been a lot of talk about non-fungible tokens (NFTs). However, NFT 2.0 has the chance to make NFTs much more useful to a wider audience by adding more utility to existing infrastructure. Some of these assets are digital artwork, in-game items that can be used in more than one game, music, and collectibles. On a small scale, an artist could design a shirt for a virtual avatar, sell it as an NFT to a single user, and use the blockchain to keep track of how many people bought it. Taking this idea to the next level, a big brand could move forward with a similar artwork idea using their logo and track thousands of unique NFT purchases.
When you look at successful NFT/Web3 communities, a big reason for their success is that they gave their holders/users opportunities. Many of these opportunities have helped users make money by taking advantage of changes in the market. However, successful communities also help people who are interested in the project for the long term, such as by letting them buy digital property in the metaverse. Another example of a long-term opportunity is when members of a community work together to make content for other members or even create private channels, like a Discord community, that can be used for networking and forming partnerships.
Brands can’t force people to engage with their digital efforts, but if they can get a small group of people who see the long-term value in a project on board, they might be able to build a loyal community. So, when building an NFT community, everyone should ask themselves what opportunities and uses NFT holders can get besides getting profit quickly.
How brands will be placed in Web3 and the metaverse in the future
All of 2022, NFTs and cryptocurrencies have been in a bear market, which makes it hard for brands to take the lead in this space. On the other hand, even though the market value is low, a lot of brands are still launching activations. This shows how much potential brands will see once the market picks up. When making their next marketing plans, brands should include an NFT or metaverse activation that creates value and works with other systems. Some examples could be a cool design that can be used in different games, artwork with the brand’s name on it that can be shared on social media, or even getting small artists or musicians to make something for a prize as part of a brand competition. Future brand positioning will focus on three main things: creating engagement, promoting interoperability, and making value.
Recently, there has also been a big increase in the number of people making Mint passes, which can be used for a long time. This is probably because people are becoming less interested in projects that look good on paper but don’t help them until later. This means that brands that want to get into the NFT space should be willing to use their resources and real-world products to translate them directly to the Web3 community in a quick and fair way.
There is no limit to what brands can do in the metaverse and with NFT activations, but as this market continues to grow, their efforts must be done right, with building a community as a key part. Excitingly, there has been a lot of growth in the past year, and this is likely to continue in the near future.
Source NFT NEWspro