Increase your brand value online by venturing into the metaverse

The opinions expressed by entrepreneurs contributors are their own.

Innovation is key to wanting to stand out from the competition and embrace creativity. Businesses are beginning to see the utility of NFTs – digital products with unique identifiers. Companies that incorporate NFTs into their strategy should consider collaborating with creators, tokenizing events, turning physical products into NFTs, licensing, and hosting NFT contests and giveaways. Zipline survey results indicated that 84% of Gen X, 70% of Gen Y, and 63% of Gen Z would be interested in an NFT from brands they love.

NFTs enable brands to add value to digital products; however, the product must have value for consumers. Brands such as Gucci have created NFT apparel, and Nike has digital sneakers that avatars can use in the metaverse. The emerging use of NFTs now allows brands to merge the digital and physical worlds; consumers can buy or win a digital product such as an image or video, then they can deliver a physical branded product to complete the marketing loop. Businesses can design NFTs themselves or hire a company that specializes in creating NFTs and NFT platforms. NFTs are a viable option for brands to connect with the consumer and increase their recognition. Brands that invest in using a predefined NFT platform are more likely to realize market gains.

Related: Your brand can be part of the metaverse. Here's how.

In the past, customers would visit a website or app to access products offered by a company. Thanks to advances in technology, brands can create more immersive experiences for customers. Customers can visit a virtual storefront, like the one created by Nike, to go beyond just viewing products. In the metaverse, customers can interact with digital products by using an avatar to try on clothes and other products. The possibility for brands to elevate the customer experience from a bland website visit to a rich and immersive encounter should be explored. An Accenture consumer survey indicated that 64% of respondents had made a virtual purchase and 83% were willing to make purchases through the metaverse.

Brands that simulate the convenience and efficiency of a traditional in-store shopping experience are more likely to hold customers' attention. Once the decision has been made to launch a storefront in the metaverse, companies must decide which metaverse platform to use. There are well-known platforms, but brands should consider creating their own platform for more control. The storefront design can be a standalone application or a virtual space. Media companies can help the brand create and design interaction layers that define storefront functionality and the ability to integrate with third-party tools. Customers can experience 3D using wearable devices such as virtual glasses, haptic gloves, smart glasses, and VR headsets. Well-constructed storefronts enable a high level of interoperability with increased access to data and manipulation of digital objects by the consumer.

Related: 4 Ways to Revolutionize Your Customer Experience in the Metaverse

Virtual meetups are in place thanks to the Zoom boom, and brands can take advantage of the change by hosting personalized virtual events. Immersive virtual experiences can attract new business customers for brands that want to expand across geographic boundaries. The type and structure of the virtual event is limited only by the level of creativity and allows...