Indie agency SCS is out with a new report on the metaverse, in part based on a survey of 600 U.S. consumers.
In addition to the survey findings the report offers a short history of the metaverse and how emerging areas like VR and NFTs fit into it as well as how well-established media like gaming are embracing it. There are also examples of how brands can exploit the burgeoning space.
The survey found that 64% of respondents are aware of the Metaverse concept. Within that group, about two-thirds said they are interested in exploring it further for everything from traveling to new places and playing games to making money and shopping.
And despite Facebook parent Meta’s recent PR challenges, 57% said they’d be interested in engaging with the company’s version of metaverse.
Younger people (ages16 to 34) were more likely to have recently played games (often cited as metaverse precursors) with Minecraft (47%), Fortnite (44%), Pokemon Go (36%) and Roblox (29%) taking the lead.
Crypto-games with integrated NFTs were also mentioned, including The Sandbox (10%), Axie Infinity (7%) and Decentraland (7%).
As the spatial web (AKA Web 3.0) takes off, 16.5% of respondents say they have their own VR device, with 41% considering a purchase in the next 12 months. And 65% are interested in purchasing AR glasses when they become more widely available, as long as they’re “fashionable.”
As to the world of cryptocurrency, about 9% have obtained an NFT (non-fungible digital token) and 44% have purchased or otherwise invested in a cryptocurrency, with Bitcoin (85% of buyers) and Ethereum (54% of buyers) leading the pack. About half of all respondents view crypto as a valid investment vehicle.
The opportunities for brands in the metaverse are limited only to the imagination, the report surmises, noting some examples.
In metaverse worlds like Decentraland and The Sandbox, brands can rent or purchase land to create their own buildings and spaces where consumers can hang out, reps can interact, and the brand can interact. The study notes that Miller Lite built a dive bar in Decentraland called the Meta Lite Bar, where consumers could watch the premiere of their “big game” ad, play darts and pool with each other, take the stage with digital instruments, take selfies in a photo booth, and play music on a jukebox.
The agency worked with John Deere to help engage kids with the farming profession via FarmCraft, a Minecraft world that brought a farm, alongside many of the brand’s products, to life.
Shoe and apparel company Vans created Vans World in Roblox where players can deck their avatars out in branded merchandise and skate with friends.
“As the key trends of Web 3.0 become more prevalent in the market, each will have varying degrees of impact,” on brands’ businesses, the report concludes. “In the long-term, serious thought must be given to how these overarching trends could impact every aspect of your business at the strategic planning level, and be incorporated into everything from product development to IT systems. In the near term, applications for marketing are more tangible, and NFTs stand out as the fast mover to use as a first step.”
Check out the full report here.