For brand leaders, we see time and time again that it’s difficult to assess the landscape of brand technology vendors and their solutions as many functionalities overlap. There are, however, best-in-class solutions available, depending on specific characteristics of any organisation.
4. Branding in The Metaverse
Similar to NFTs, ‘The Metaverse’ seems far away for many. What makes The Metaverse unique, is that it is the internet best experienced in virtual reality. I know it’s been tried before – when technology was less advanced, for example with Second Life. However, this isn’t far away for those of us willing to embrace it. Whatever you think of Facebook, they and Microsoft are betting big time on the new digital ecosystem, where you can appear digitally in an online world through avatars and other appearances. Compare this development to the early days of the internet, securing your unique URL seemed all well and good at the time, however nowadays, securing an effective and relevant URL has become almost impossible in a very mature marketplace.
For brand leaders, the simplest way to get their heads around the Metaverse-implications, would be to take a closer look at the persona they’re already using, and to start exploring and imagining what they might look like as avatars. Next to avatars, you can then expand by assessing the brand assets that could work for your organisation in this new reality. You can then prioritise by balancing the anticipated effectiveness in brand-terms with the effort and means it will take to achieve that.
5. Non-Fungible Tokens (NFTs): a new space to watch for brand leaders
Whilst branding has become very experiential across the touchpoints and channels that we all know, there’s a new arena being opened. For gamers and art-lovers this is nothing new, they’ve recognised early on that digital characters or items can provide a special meaning. NFTs, or non-fungible tokens, are unique files that live on a blockchain and are able to verify ownership of a work of digital art. We’re currently seeing news about the first NFTs being auctioned. Back in March, an NFT of the artist known as Beeple sold for $69 million at Christie’s. The sale positions him ‘among the top three most valuable living artists’, according to the auction house. More recently, Catawiki and L’Oréal Paris announced to be adding a special NFT-auction section to their portfolio. What’s most interesting here are the demographics, as younger people are far better versed in this new world than older people.