Page 32 - ADNews magazine March-April 2022

Investigation
options available to ensure you’re making your mark. But it’s impor- tant to lean on the experts who are building for this world, to get your best foot in the door.
“Defining your intention is the first important step. Brands have the chance to own a niche cate- gory in this new space. For exam- ple, if you work for a makeup com- pany, you’re fighting competitors in an extremely cluttered environ- ment. But in the metaverse, early players could take ownership of the category and build entirely new communities way ahead of bigger players.
“For other brands, the metaverse is a chance to completely reinvent themselves or refresh their image with new audiences.
“So how do you act on these opportunities? It depends on your level of investment and involve- ment. As a starting point all brands should be thinking about how their brand looks in a 3D space. From cre- ating products in 3D, augmented reality experiences or 3D assets such as wearables and avatars. Yahoo has already helped plenty of brands, including the likes of BIG W, Officeworks and Optus start here.
“At a more integrated level, com- panies can engage with new commu- nities by creating digital assets that they can trade, wear or consume. Think NFTs and digital garments.
“At the highest end of the spec- trum, brands can jump in with both feet and create their own vir- tual worlds to curate a whole new brand position and audience.
“With Facebook changing its name to Meta, and Nike filing sev- eral trademarks to make and sell virtual Nike-branded sneakers and apparel, the big players are already taking this seriously. It’s the direc- tion our ad industry is heading, whether we like it or not.”
Jade Harley at Kaimera: “Much like the emergence of social media, the metaverse will disrupt the way we buy and sell things, engage with others, conduct business and explore new worlds.
“There are two ways to look at the opportunity for advertisers in the metaverse. First, is simply as an additional channel in your marketing mix - the Metaverse will have its own ad formats that
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are likely to be trafficked and measured in much the same way as digital display.
“More exciting for brands, however, are the rich opportunities the metaverse will offer for immersive storytelling and gamified experi- ences. Smart brands and agencies will be looking at ways to flex their storytelling muscle and bring added value to the world with immersive experiences that encourage user interaction - enabling deeper, more meaningful engagement and interaction between brands and fans.”
Xiaofeng Wang at Forrester: “We’ve seen pioneering brands using virtual world platforms like Fortnite and Roblox which are providing opportunities for “metaverse-lite” brand activations or marketing cam- paigns, such as Gucci, Hyundai and Vans. Brands like Burberry and Bobbi Brown also participated in Alibaba’s ‘metaverse art exhibition’ and ‘metaverse symphony’ campaigns on Singles’ Day in 2021.
“But these early cases were more about leveraging the novelty to attract attention and create a new experience for brand engagement, and not yet considered as additional advertising inventory. Most consumers are not yet ready to use the metaverse on a regular basis, therefore, it’s not mature enough to be a regular advertising channel yet, only some pilot marketing campaigns.”
Nick Bell, founder of a string of digital agencies including a metaverse agency, Mooning: “If you are a brand, dive into Web3.0 now for first mover advantage. It’s not only a way to attract a new crypto native