How the Metaverse is Changing the Way We Interact with Brands

In a world where brands are one Tweet, one post, one click away from their customers, it's easy to forget that there was a time when companies didn't have direct access to their target market. Back then, if you wanted to learn about a product or company, you had to go through third-party channels like magazines, newspapers, or TV commercials.

Even Web 1.0 and 2.0 didn't completely do away with this separation. There were still gatekeepers in the form of editors, publishers, and producers who decided what stories to cover and which brands to promote.

But all that has changed with Web 3.0. The rise of the metaverse is giving brands direct access to their customers like never before. Through community building, companies can now create new relationships with their customers, involve them in product development processes, and incorporate their feedback into new features and innovations.

Metaverse Community Building Will Fuel Web 3.0

The metaverse's raison d'être is community building. The small digital rectangles we carry in our pockets lack immersion, agency, and a sense of connection. They are inadequate for the kinds of relationships and experiences we yearn for. The old Internet is so lacking in its ability to connect us that it's no wonder loneliness has reached epidemic proportions.

But the metaverse provides a way to connect with others in a more meaningful way. We can now explore shared virtual spaces, play games together, and attend events and concerts. And as more of us spend time in the metaverse, brands are starting to take notice.

Sarah Lu explains that the creator economy means “you can build and monetize your community without having to go through someone who will take a large chunk of that from you."

This new model presents an opportunity for brands to rethink their relationships with their customers. Instead of seeing them as passive consumers, they can now involve them in co-creation and co-ownership. Tomas Oscar Andrén explains in a Forbes article that there are three key ways the relationship between brand, influencer, and audience will change in the metaverse: immersive brand collaborations, new monetization structures, and virtual influencers.

Immersive Brand Collaborations

The first way brands are adapting to the metaverse is by creating immersive experiences that bring customers into their world. Second Life was one of the first platforms to experiment with this idea, and since then, many brands have followed suit.

Coca Cola, for example, created a "Coca-Cola Zero Sugar Byte," a limited edition flavor that comes with a metaverse gaming experience. This follows their 2021 foray into the metaverse, when they auctioned their first NFT. Clearly, they're seeing the potential of virtual experiences to connect with their customers on a deeper level.

Roblox, once known as merely a gaming platform, is now becoming a go-to destination for brands looking to experiment with the metaverse. Gucci, for instance, launched a virtual fashion show on the platform.

The Goethe-Institut, a German cultural association with nearly 2 million registered users on their language learning platform, partnered with newkinco, a venture builder and consultancy that supports brands to understand community-based innovations like NFTs and the metaverse. Together with newkinco, Goethe-Institut created a 3D multiplayer metaverse prototype with features like live-streamed conversations, movies, concerts, live DJ sessions, and more. Newkinco offers a look into their multiplayer metaverses in this video.

The benefit of these immersive brand collaborations is that they allow customers to experience the product or service in a way that was not possible before. They also create a sense of community and belonging among customers who might not otherwise have had the opportunity to connect with one another.

New Monetization Structures

The second way brands are changing their approach is by adopting new monetization structures that better align with the metaverse. In the old world, companies would sell products and then use marketing to convince people to buy them.

But in the metaverse, customers can sample products before they buy them. And if they like what they see, they can directly support the creators through tipping or subscriptions.

Virtual Influencers

In the past, companies would partner with human influencers to promote their products. But in the metaverse, brands can create their own virtual influencers – think of them as avatars with superpowers. These digital ambassadors can reach a much wider audience than any human influencer ever could.

The metaverse is still in its early days, but it's already clear that it's going to have a major impact on the way brands interact with their customers. Community building will be at the core of the next major internet transition. And as the metaverse grows, brands that adopt a community-first approach will be well-positioned to attract a growing number of followers and fans.