Similarly to the need to become “digital-first”, the metaverse provides opportunities for brands to expand their reach, their story, what they do, and how they do it.
By utilizing emerging tools and applying the same skills they honed when first adopting social media, brands and marketers are encouraged to get ahead, through embracing the digital future, and develop a strategy on how to transfer the brand's activities into the virtual world.
Already, the largest proto-metaverses, like Roblox, offer brands previously unattainable opportunities to not only be more creative, immersive, experiential, and relevant, while also start building brand awareness and advocacy amongst a younger Gen Z and Alpha audience. As an example, The Wall Street Journal reported that Vans, launched a virtual skatepark in Roblox — seen by over 48 million visitors — that lets players try new tricks, and earn points to redeem in the virtual store to customize their avatar.
Likewise, the immersive environment of the metaverse also provides new possibilities for service businesses. Indicatively, Microsoft aims to expand its leading position over the professional software market by integrating IoT into the metaverse, along with digital twins and mixed reality, while JPMorgan opened a lounge in Decentraland, where avatars can watch experts talk about the crypto market, characterizing the opportunities in the virtual world as “limitless”.