Marketers In The Metaverse And NFT 2.0 Should Focus On Utility And Community

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We see a more innovative and approachable method for developing a user-centric experience where participants can gain utility as we move into the NFT 2.0 technology space. Additionally, Web3 marketers are researching how companies might position themselves to continue making money from NFT initiatives while enhancing the value of their products. However, customers need storytelling and value proposition for NFTs to succeed in the Web3 ecosystem, particularly in a setting where technology is continually changing.

In order to increase brand awareness and practical utility for the customers they interact with, Web3 marketing agencies have been carefully incorporating brands into the metaverse. To provide a valuable experience and encourage repeat customers, a company must include audience and community involvement in its digital assets if it is to remain faithful to its fan base.

Brands have a place to reinvent themselves in the metaverse. They don't necessarily have to give exactly the same thing in the metaverse as they do in the real world. Having said that, businesses that have effectively entered the metaverse respect their primary mission while finding new ways to communicate it.

For instance, the Curry brand of Under Armour was able to introduce a metaverse campaign of unique digital shoes that went beyond the simple act of purchasing virtual shoes. Continual releases of the digital assets were made throughout the 2022 NBA Playoffs and were based on Steph Curry's performance. It provided fans with a fresh method to interact with each NBA game they watched and allowed Under Armour to both reach out to new customers and expand its online presence at the same time.

Last Updated - 26 Jun 2022

Legal experts are concerned about new-age crimes that are not covered by existing laws as a small but growing number of Indian users of the Metaverse—a virtual three-dimensional world dubbed the "next frontier of the internet"—report cases of assault and sexual violation of their digital avatars.

A young woman from one of the country's major cities sought legal redress earlier this year for a "violation" of her avatar on the virtual reality platform. However, according to lawyers approached to handle such issues, India's criminal and judicial systems, as well as those around the world, are still unprepared to deal with the challenges posed by the Metaverse.

Avatars represent an individual's virtual identity while on the Metaverse, with all actions taking place through these digital representations.

“There is a need for a new legal framework,” said cyberlaw expert Pavan Duggal, who is a part of the Metaverse Law Nucleus, a global body working towards bringing in common guidelines on how to manage such virtual conflicts.

Pointing out that “the current law doesn’t recognize (digital) avatars,” Duggal said the problem is exacerbated by the Metaverse being a “global ecosystem, which makes it hard to litigate.”