What is the relationship between NFTs and the metaverse? What does one have to do with the other? Contrary to what many people think, they are not the same thing.
But they do have a lot to do with each other and are closely linked. The Blockchain networknetwork, a kind of shared and immutable ledger, allows the use of NFTs for financial transactions within the metaverse. This is how these concepts interconnect.
With the growing popularization of the metaverse and the adherence of users to virtual environments, whether to buy, play or simply interact with each other, brands are increasingly betting on this trend. But mainly, they are developing exclusive items to generate extra revenue and more and more opportunities for customer engagement. In other words, NFTs.
These "non-fungible tokens" can be anything in the digital world: an image, a video, an audio, a domain name, music albums, and even the well-known skins.
A recent example that drew a lot of attention was the partnership of the most famous K-pop group of today, BTS, with the online game Free Fire, a success in Brazil and worldwide. In all, seven new costumes were added to the game, all created by the group members.
Photo: Reproduction/Free Fire
In addition, the collaboration yielded other thematic content in and out of the game. Apart from the skins, users had access to emotes (emoticons used by viewers in the chat), challenges, and a two-episode show featuring the K-pop stars.
This collaboration strongly engaged the group's fans, who also became the game's new ambassadors, as it was necessary to fulfill a series of tasks to unlock the skins. Hybe Corporation, the company responsible for BTS, managed not only to reach and bring the public into the virtual environment, but also increased brand recognition (BTS) outside of it. Since the announcement of the collaboration caused a tremendous impact on social networks and further consolidated the septet's fame, enhancing the group's name in the market.
Following the same strategy, several other brands are also taking advantage of this trend of this trend of customization of the game characters and other consumption behaviors within the metaverse to reach new audiences and increase their recognition. Gucci and Louis Vuitton, for example, are brands that are signing collections and partnering with major global game developers in order to popularize their own NFTs.
Skin developed by Louis Vuitton for the game "League of Legends" - Photo: Reproduction/Riot Games
Gucci and the game Tennis Clash, by WildLlife Studios, have a million-dollar partnership that, in addition to the costumes for the characters, also gives players the chance to dress up as their favorite avatar. Gucci's exclusive line will include headgear, socks, shoes, and general clothing. The intention is to enhance the real-world gaming experience.
Considering that the gaming industry is valued at US$163.1 billion, making more profit than the music and movie worlds combined, and that the skin market is worth more than US$10 billion annually, investing in collections for the the metaverse proves to be a very effective tactic, both inThe most interesting thing for brands to invest in collections for the metaverse is that it is a very effective tactic, both in profitability and in increasing the popularity of brands.
The most interesting thing about brands investing in launching their NFTs in the metaverse is that, firstly, the result is reflected in and outside the online environment. Second is that this strategy is not limited only to large brands and for very high values. It is possible for companies of all sizes and niches to make and promote their campaigns along these lines.
Skins developed by Gucci for the game "Tennis Clash" - Photo: Reproduction/Wildlife
Although some say that NFTs and metaverse will gradually lose popularity among Internet users, the prospects for the future are different, so much so that there are already some e-commerce platforms that help other companies in this process, and it is necessary to invest only the value of the layout and then create a free account.
So, no matter what the size or the audience, any brand can experiment with NFTs and the metaverse in order to reach customers in this new digital environment.
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*Article also published by Codeby on E-commerce Brasil partner site.