Learning From Metaverse Missteps

Most brand metaverse experiences are failing.
But that doesn’t mean they’re failures.

In this first phase of Web3, we’re seeing similar patterns from the early dot.com & social media eras repeat themselves:

• Brands/agencies celebrate the launch of a new environment or experience instead of #engagement or repeat visit metrics.
• Many initial experiences merely replicate the banality of physical experiences (shopping, ordering food, etc.)
• They are missing opportunities to educate about the technology & terminology.
• As a result, most metaverse spaces have fewer than 100 active users at a time.

SOME GOOD NEWS:

• Total metaverse users continue to grow (1.5B+ worldwide).
• Consumers are spending more in these spaces.
• Web2.0/social platforms are integrating Web3 tools (Meta, Twitter, Reddit, Inc., Instagram).

KEY LEARNINGS:

• Brands have a limited window of opportunity to examine, reflect, and revise strategies… to take calculated risks to earn people’s attention, otherwise the next generation of consumers will grow up unaware of their existence.
• Launching a branded metaverse is fun. It’s exciting! But if marketers want ongoing, active engagement in their virtual environments, the required step beforehand is to seed tokens (yes, #NFTs) with their audiences.
• It’s not JUST about NFTs. It’s about building tokenized affinity, passion, loyalty, participation, and experiences.
• This blueprint was established by retail/fashion & gaming brands, but others are skipping ahead, trying to establish certain behaviors for sustained success without a proper foundation.
• Tokens don’t disappear, and can be activated with additive value over time (ie: in metaverse).
• The next generation of loyalty programs will level-up w/ your fandom as you engage in virtual and IRL locations, not just through ownership of digital assets, but also ticket purchases, digital streams, referrals, social engagement, etc.

SO WHAT / NOW WHAT:

In 2023, brands, marketers & partner organizations will channel the excitement from the past few years and leverage a more sophisticated understanding of the power and potential of #tokens to connect with consumers and fans, add value, and unlock experiences.

The more we experiment, participate, and lead with new thoughts/innovative ideas now, the more resonant and meaningful the opportunities will be later.

Participation Tokens with Mint are the first step to making that happen!