Metaverse: New Digital Opportunities for Enterprises

The Metaverse, as a digital world composed of multiple virtual reality spaces, is gradually changing the way people live, work, and socialize. It brings new opportunities and challenges for the development of the digital economy, while also providing enterprises with a brand new space for growth.

Reasons for Enterprises to Enter the Metaverse

Companies have multiple considerations when entering the Metaverse. First, the Metaverse opens up a broader market for businesses, providing more opportunities. Second, through features like virtual reality, virtual stores, and social interaction, companies can expand their marketing and sales channels. In addition, the Metaverse can provide businesses with more data analysis and user feedback, helping to enhance brand awareness and loyalty, as well as strengthen brand image and influence. Finally, entering the Metaverse is also a strategic choice for companies to lay out their future in the digital economy.

Corporate Metaverse Case Analysis

Many companies have begun their exploration journey into the Metaverse. For example, a tea beverage brand launched 300 NFT blind boxes on its third anniversary, priced at 39 yuan, which sold out immediately upon release. This event not only satisfied users' consumption desires but also enriched the brand's image and story. The brand achieved nearly 200 million yuan in total merchandise transaction volume within 72 hours, equivalent to a week's sales from its over 700 stores nationwide.

Another real estate group, on the occasion of its 30th anniversary, purchased a well-known NFT as the symbol of its digital strategy and issued derivative digital collectibles. These digital collectibles have become the only identity marker for users to enter the group's Metaverse.

A luxury brand has launched a mobile game to commemorate the 200th anniversary of the brand's founding. Players can delve into the brand's history through the game, and completing the game gives them a chance to earn an NFT co-created by the brand and a well-known crypto artist.

A well-known beverage company also entered the NFT space at the end of 2021, launching a series of NFTs generated by AI algorithms, and created the first online experiential space for its brand concept the following year.

The Correct Posture for Building a Brand Metaverse

To successfully create a brand Metaverse, companies need to establish the right concept. The Metaverse should be built on the culture of the company or organization itself and the existing brand effect, rather than simply applying virtual reality technology and e-commerce components. A true Metaverse requires the support of blockchain technology and NFTs, which are essential components for constructing a decentralized, interoperable Metaverse with real ownership and value exchange.

Companies need to showcase their brand image, story, and culture in the Metaverse, which requires in-depth cultural accumulation and preparation. Compared to Web3 native projects, traditional brands have a greater advantage in the Metaverse because they already have a certain consumer base and traffic. Companies can attract the attention of users and Web3 natives by telling unique brand stories and showcasing their values and mission.

Case Study: Martell's Metaverse Journey

Martell, the well-known cognac brand with a history of 300 years, demonstrates how to combine traditional branding with the Metaverse. They have created a virtual wine estate exploration experience, where users can visit the Château de Chanteloup either in 2D or VR, gain insights into the classification and production process of cognac, and even interact with virtual bartenders.

This immersive experience not only includes Cognac culture but also incorporates elements of art and life. Throughout the exploration process, game segments are added, allowing visitors to earn the "Martell Expert" certification level by completing tasks.

Martell has also partnered with the Metaverse platform Sandbox to become the first cognac brand to enter the virtual universe. They launched a limited edition NFT collection featuring brand elements such as vineyards, blue ribbons, and castle deer. Additionally, Martell offers live events that give users the opportunity to engage with cellar masters face-to-face and even create their own cognac in virtual space.

Conclusion

The Metaverse provides brands with limitless creative space, enabling them to create richer and more diverse virtual experiences. By integrating virtual goods, service economies, and advertising marketing, it achieves a perfect transformation of online activities and offline economies. In the Metaverse, consumers can more intuitively experience brand culture and values, which not only brings innovative business models and marketing strategies to enterprises but also offers users a richer consumption experience and interactive opportunities.