The year began with an NFT gold rush and as it comes to a close, the digital space is beginning to expand beyond NFTs: welcome to the beginnings of the metaverse.

When novelist Neal Stephenson first coined the term “metaverse” in 1992, it was no more than a sci-fi fantasy, a word to describe an immersive and idealistic 3D virtual world. Today, that virtual world is no longer a fantasy but a very real possibility; the metaverse will be the virtual embodiment of the Internet, where people can interact, exchange goods, see live performances, socialize, even get a job. Through a combination of 3D virtual spaces, projected experiences, and augmented reality, IRL will meet URL to create whole new worlds.

If you’ve already bought an NFT or even played a game of Fortnite, you’ve already started to participate in the beginning of the metaverse. Video games like Minecraft, World of Warcraft, and Roblox have started to flesh out what the metaverse may look like in the future by creating their own interactive realms. From digital concerts and digital economies in gaming to NFTs and cryptocurrencies, we’ve seen just a portion of the metaverse’s potential, which aims to interweave even more continuity from the real world.

BRANDS IN THE METAVERSE

Though the metaverse is young, brands are racing to be a part of the action. Sneaker brands seem to have the jump on the rest, with exclusive metaverse drops and NFT collabs.

Nike + Air Jordan

One week ahead of their official IRL launch on December 11, players could access the Air Jordan IX Cool Greys in Fortnite’s metaverse before their real-world release. The release includes the classic Jordans as well as a new line of Nike wear, giving Fornite players access to cool grey accessories to deck out their characters. Nike plans to continue expanding its offerings for the metaverse, using its iconic swoosh, Jumpman logo, and other trademarks for virtual, non-downloadable footwear, clothing, headwear, and more. The company is even hiring for a Virtual Material Designer to help Nike create 3D virtual assets for future direct-to-avatar merchandise.

Adidas

Adidas has also entered the fray by announcing their collaboration with Bored Ape Yacht Club, gmoney NFT, and PUNKS Comic.  On their Twitter, Adidas swapped their profile picture out for the infamous Bored Ape in an Adidas tracksuit and posted a video of the 3D avatars of all 3 brands, presumably dropping into the metaverse, a not-so-subtle nod to the drop at the beginning of every Fortnite game. Though it’s not totally clear what the brand will be doing within the metaverse, we know they’ve purchased a plot of virtual real estate in the metaverse platform Sandbox, one of the virtual realm worlds building out this new model of society. We expect to see some more exclusive NFTs and digital drops.

Coca-Cola

Coke has also been partaking in the metaverse madness. On Decentraland, Coke auctioned a Friendship Box containing three NFTS, including a friendship card, exclusive audio visualizer with audio clips of a virtual Coke, and a custom Coca-cola bubble jacket. The winning bid also received a real cooler filled with cans of Coke and the NFTs sold as a single asset for nearly $576k.

WHY IT MATTERS

Whether or not you’re ready for the shift, the metaverse is growing. The metaverse will likely not just disrupt but completely reshape the way we communicate, think, work, and play. Your workplace might include virtual office hours in a hybrid work environment, or you might meet friends for a concert in the cyberscape. However the metaverse comes to fruition, it’s clear that this generation is seeking innovative and immersive experiences to connect with one another. After an increasingly digital year filled with work-from-home and virtual meetings, creating technologies that blend the aspects of physical presence into digital spaces seems particularly pertinent. Using new technologies within the metaverse will help us to not only connect but actually feel present with one another.

As brands take speculative risks on 3D worlds that have not been developed yet, we heed caution to brands looking to jump headlong into the metaverse craze. The uncertainty around what platforms will build the most used and successful 3D realms and what technologies will exist even in a few years limits what brands can achieve in the leadup to a fully realized metaverse. But with the potential for connection so imminent, we think the possibilities are endless for brands in this new virtual space. The metaverse will allow creators to literally defy the laws of reality and expand their creativity in these newfound virtual worlds.

Brands will have to navigate both the real and virtual worlds where the lines will frequently be blurred. Authenticity when interacting with customers will be of the utmost importance, as status and success in the real world will not necessarily translate into triumph in the metaverse.

With love,

Micki <3