This month, our edition of Well-Versed is informed by our recent visit to Los Angeles for the Economist Metaverse Summit.

Key Takeaways from the Summit:

• Brand IP Development is key for brands in the Metaverse.
• Brands are re-evaluating how they view success in the space to move from transactions to VALUE.
• We are still in the early days but it’s clear that experimenting is needed because like the Internet, social media, and voice, it’s not going away.

Chapter One: Top News and Trends This Month

NFTs:

During the event, panels dove into topics including Meta developing regulation and policy for the Metaverse, to Mars and how they are leveraging Web3 to enhance consumer loyalty. Brands are continuing to consider how they can get involved with Web3. Our POAP offering for example is a vehicle to help drive loyalty and engagement as we move from Web2 to Web3.

In light of this opportunity, we saw over 100 brands in Web3 throughout 2022, resulting in $54 Billion in “Direct-to-Avatar” Sales.

METAVERSE:

During the Summit, we heard Adi Abili (Anhueser-Busch InBev) discuss the challenges and opportunities of building brand presence and engagement in the Metaverse. One key learning she had was the need to establish trust with consumers for brands to succeed. Additionally, Kris Patrick spoke about how Claire’s is engaging in next-gen marketing. Initially creating Brand IP in Roblox, Claire’s is now exploring new business streams, content, and how the digital world can link with its existing loyalty program. Opportunities discussed at the summit are part of the reason the metaverse market is expected to eclipse $900 Billion by 2030.

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Chapter Two: Case Study

OVERVIEW:

Macy’s launches website 2.5 offering called Mstylelab. Consumers can create their own users, collect digital items and explore new clothing styles.

STRATEGY:

At a base level, this site is a testing vehicle that will inform Macy’s about their consumer, and how they interact with 3D environments. Macy’s can then make decisions surrounding innovative technologies while fostering deeper loyalties with its customers.

WHY IT MATTERS:

Continues to show companies re-evaluating their existing position surrounding loyalty and how they can best continue success in the next generation of the internet.

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To learn how your brand can leverage Web3, AR/VR, AI, the Metaverse, blockchain technology and more to reach target audiences and drive business objectives, reach out to: Info.C&V@Horizonmedia.com