This is what you want to know about betterverse and metaverse

The Metaverse promises to be the new gold mine for retail brands. However, consumers expect more from their favorite brands. For them, it is a digital world with room for activism, equality, inclusion and the betterment of people and the planet: a better verse.

1. The better verse is a metaverse of moral codes

As attractive and innovative as retail brands’ first steps into the metaverse may be, they don’t yet do justice to its possibilities. Consumers see the digital universe as a driving force for positive change. According to them, the metaverse can play a role in solving social problems, the consulting firm The Future Laboratory states in The betterverse report 2022.

The agency cites a study by The National Research Group, which shows that 57% of consumers believe that the metaverse will play a key role in solving social problems caused by the corona pandemic. In that sense, the metaverse is a place for activism, help, support, or democratic access to services.

“A moral code needs to be built into the metaverse from the start,” says Martin Raymond, co-founder of The Future Laboratory.

“It is a task for the companies. To continue to attract consumers for decades to come, they must help build a better verse: a metaverse that stands for equality, inclusion, representation, accessibility and transformation, and for both personal and planetary betterment.”

2. The better verse leads to different value creation

The creative economy only emerged about ten years ago, but now more than fifty million people worldwide consider themselves content creators, according to SignalFire. However, it is difficult for influencers, bloggers and video makers to make money because of the way the internet is still organized.

‘As people spend more time and money in digital environments, a new concept of value creation is emerging’, says The Future Laboratory in the report. “If the metaverse changes the economic model of the web, creators can ignore the platforms that currently consume the majority of their revenue and monetize their creativity.”

Swedish artist Zara Larsson, for example, held a virtual party on Roblox that is considered a precursor to the metaverse concept. She attracted 1.6 million viewers and earned 945 thousand euros by selling merchandise and skins for avatars.

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The fact that consumers are willing to pay to dress their digital alter ego hip is music to the ears of a sports brand like Adidas. Last spring, as part of its Ozworld collection, Adidas launched a platform that creates avatars based on artificial intelligence.

The brand asked users questions that reflect their tastes and personality. This resulted in an avatar that can be used in 1500 metaverse apps and games, giving the user a consistent identity there. “With this, we offer new opportunities for self-expression that are accessible and affordable to everyone,” Adidas said.

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3. Conversely, you can immerse consumers in your brand values

The metaverse allows the consumer to actually experience your brand values.

For example, Guerlain launched the Reaverse project where fans can purchase an NFT artwork in the shape of a bee. The surplus is intended for the restoration of the 28-hectare nature reserve west of Paris, the Vallée de la Millière. Each digital bee is linked to one of the 1828 plots in the nature reserve, and the owner contributes with his purchase to the restoration of the area’s biodiversity.

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As the brand itself says: “In light of today’s great challenges and at a time when the focus seems increasingly to be on digital transformations – from metaverses and avatars to NFTs – Guerlain remains committed to the physical world and the state of our planet. .’

“A brand can make its values ​​tangible in the metaverse and show consumers what a world could look like if the brand made it,” says The Future Laboratory. ‘Instead of telling them about it, you can immerse consumers in your brand values.’

Dive into the metaverse and better verses at What’s Next in Retail Tech
Want to know more about the metaverse and the betterverse? During the RetailTrends event What’s Next in Retail Tech, Oliver Lange, head of innovation hub H&Mbeyond, talks about the fashion chain’s experiences in the metaverse. Kristel VanderLinden (managing partner FutureKind) explains how a retail brand can make better use of it, who takes the lead and what lessons can be learned from this.

What’s Next in Retail Tech takes place on 10 November in Spant!, Bussum. See here for more information about the program and tickets.

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