How Business Leaders Should Embrace The Metaverse, NFTS, And The Virtual Pursuit Of Revenue In The Age Of Digitalization
In reviewing narratives that are fueling the transformation of markets, advancements in technology making blockchain, cryptocurrency, non-fungible tokens, and the metaverse possible represent new frontiers in their mere infancy of exploration.
Though many once scoffed at the seemingly absurd spending of cryptocurrency companies or denounced NFTs as merely a fad, now the world has begun advocating for greater discovery, development, and commercialization of these virtual opportunities with short-term and long-term returns in mind.
Today’s futurization of capital, merchandise, real estate, and overall commerce is an evolution that has only just begun. It will be the creatively astute and strategically disciplined executives who will benefit most from this age of digitalization.
Succeeding In The Metaverse
Organizations who conceptualize, articulate, and intelligently invest resources in the right virtual prospects will be the successful forerunners who separate themselves from the masses of virtual gold panners who will eventually migrate and stubbornly, as well as unsuccessfully, exploit the space.
Whether it’s “pixel-flavored” Coca-Cola or a Metaverse Fashion Week, the acceleration of virtual exploration and construction demonstrates the intensity and determination that exists to create meaningful and long-lasting value from the metaverse and NFTs that have been popularized recently.
From Nike to Shopify, Xbox to Nintendo, super brands are diving into the virtual marketplace with large investments and long-term ambitions, despite lacking the clarity that comes from confidently understanding how a market will respond to a surge of capital and development.
The Scientific Process Of The Metaverse
Executives should approach the process scientifically, hypothesizing about how their company could benefit from a metaverse presence or NFT offering. After conceiving and experimenting with different revenue scenarios – whether it’s product placement or virtual merchandise or membership to exclusive experiences – an organization’s marketing team will learn that testing their creativity in a multi-dimensional environment that doesn’t adhere to traditional marketing or promotional rules impacts the brainstorming process.
A marketer’s imagination must be unleashed in order to conceptualize a product or experience for consumers that matches the futuristic, limitless dimensions and possibilities of the universe their audience exists within.
Upon completion of a scientific process that brings one from original concept to tested theory of how to proceed, the vision must be articulated to other members of the C-Suite. Though receiving the endorsement from company leadership is an obvious and essential step in the development of any product or campaign, the manner in which a marketer should go about this course of action when speaking of the metaverse and NFTs is unique due to the complicated narratives, sentiments, and assumptions around these virtual spaces and inventions.
Educating Company Leaders To Maximize Opportunities
Theorizing about the metaverse has become a well-practiced exercise producing infinite fantasies of “what could be” countered balanced against an overwhelming lack of substantial understanding as to how the metaverse actually works, how NFT markets will fluctuate, and how the emergence of web3 will change everything.
To justify taking actions in the metaverse or producing a series of NFTs or embracing web3, one must educate their superiors and peers about what these futuristic opportunities are and how long before the company can see a return on investment. Demystifying the metaverse and explaining how NFTs are produced, sold, and retain value will be a crucial step in getting support from those with the power and capital to greenlight the project or campaign.
Not The End, But Just The Beginning
With the digitalization of markets, brands, and products, the overall tech industry stands at the beginning of a new era. Much like the invention of television, the internet, or social media, how this novel and still developing technology ultimately impacts the marketing industry remains to be determined.
When considering the future of the metaverse, NFTs, and Web3, one can gain perspective from the words of Winston Churchill: “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.”
Wyatt Ferber is the Director of Business Development & Partnerships at Boathouse, an innovative marketing agency.
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