Some good observations in this article from Jamie Burgess, VP of partnerships at AmazeVR. “Brands that are involved early and maintain a position in the metaverse will see value in the long term,” he says. An estimated 25% of people will spend up to an hour a day in the metaverse by 2026. As consumers gravitate to the metaverse to socialize, work, and play-—and new VR headsets and applications from major players like Meta and Playstation make their way to market—Burgess expects to see more brands playing a role in sponsoring immersive entertainment experiences.
Marketing in Web3 and the metaverse is a relatively nascent concept for multi-location brands. While there are plenty of opportunities for innovation and experimentation, a lack of understanding about how to evaluate performance and measure ROI from metaverse-based marketing campaigns has slowed down widespread adoption.
Luxury fashion brands like Gucci and sports retailers like Nike are selling digital versions of popular real-world products for thousands of dollars in the metaverse, and the fast-fashion retailer Forever 21 is selling products in Roblox that cost less than $1 each. The high/low approach is just one of many being tested by big name brands.
Read the full article in Street Fight Mag here