Metaverse: New Opportunities and Challenges for Enterprises

The Metaverse, as a digital world composed of multiple virtual reality spaces, is gradually changing people's ways of living, working, and socializing. It brings new opportunities and challenges for the development of the digital economy, attracting the attention and investment of numerous enterprises.

The Motivation for Enterprises to Enter the Metaverse

There are multiple considerations for enterprises entering the Metaverse:

1. Explore broader markets and business opportunities
2. Provide diversified marketing and sales channels
3. Obtain richer data analysis and user feedback
4. Increase brand awareness and loyalty
5. Enhance corporate image and influence
6. Layout the future digital economy in advance

Enterprise Metaverse Case Studies

Nayuki's Tea

Naixue Tea launched 300 NFT blind boxes on its third anniversary in 2021, priced at 39 yuan. Once released, they sold out immediately. This event not only satisfied consumers' purchasing desires but also enriched the brand's image and story. Ultimately, the event generated nearly 200 million yuan in total merchandise transactions for Naixue within 72 hours, equivalent to a week's sales for over 700 stores nationwide.

In June 2022, Nayuki launched the "Nayuki Paradise" Metaverse and kicked off a treasure hunt party event. Users can personalize their avatars, change outfits, and search for 40 treasure points in the scene to receive rewards.

Louis Vuitton

To celebrate the 200th anniversary of the brand, Louis Vuitton has launched the mobile game "Louis: The Game." Players can embark on adventures with the brand icon Vivienne and delve into the brand's history. The game allows players to collect candles, unlock different postcards and accessories to gain access to the next map. Players who complete the game have the chance to receive an NFT co-created by Louis Vuitton and the crypto artist Beeple.

Pepsi

In December 2021, Pepsi entered the NFT space by launching the Pepsi Mic Drop series of NFTs, which were entirely generated by AI algorithms. In 2022, Pepsi created its first concept store online experience space.

The Correct Posture for Building a Brand Metaverse

The Metaverse should be built based on the culture of the enterprise or organization itself and the existing brand effect. Simply utilizing virtual reality technology and e-commerce components is not enough to create a true Metaverse. Blockchain technology and NFTs are important components for building a decentralized, interoperable Metaverse with true ownership and value exchange.

Companies need to showcase their brand image, stories, and culture in the Metaverse. Compared to Web3 native projects, Web2 brands have a greater advantage in the Metaverse, as they come with a certain consumer base and traffic. Companies can tell unique stories through their own IPs, demonstrate their brand values and missions, and integrate them with the characteristics of the Metaverse.

Martell Metaverse Case Study

Martell, this 300-year-old Cognac brand, has successfully integrated its brand culture with Metaverse technology:

1. Immersive Winery Exploration: Users can explore the Château de Chantalou through 2D or VR methods, learning about the classifications of Cognac, the brewing process, and other details.

2. Multicultural integration: Incorporating elements of art and life during the exploration process, such as tattoo artist Dr. Woo's sketchbook showcase and culinary pairing suggestions from the Ghetto Gastro chef team.

3. Gamified Experience: Incorporate game elements into the exploration journey, generating "Martell Expert" certification levels through "Proof of Work".

4. Collaborate with Web3 native enterprises: Partner with Sandbox to create interactive experiences and become the first cognac brand to enter the Metaverse.

5. NFT Collectibles: Launch limited edition NFTs, including brand elements like vineyard grapes and Martell Blue Ribbon.

6. Offline Interaction: Host live events to allow users to communicate face-to-face with the cellar master.

7. Personalized Experience: Allow users to create their own cognac in the virtual space.

Conclusion

The Metaverse provides brands with almost limitless creative space, allowing businesses to create richer and more diverse virtual experiences. By integrating virtual goods, service economy, and advertising marketing, a perfect transformation between online activities and offline economy is achieved. In the Metaverse, consumers can more intuitively experience brand culture and values, while companies can explore innovative business models and marketing strategies, bringing users a richer consumption experience and interactive opportunities.