Blockchain, NFT, Metaverse, these three words no doubt seem familiar to you due to the news of the last weeks among the technological giants, but also famous brands such as Gucci, Louis Vuitton or even famous artists. Metaverse, this new world made up of 3D, virtual or augmented reality, but also blockchain and NFT, has become the new fad of the tech giants and the promise of a new business model for many traditional brands. Beyond the announcement effect, what is Metaverse made of and why could it replace the Internet as we understand it today and reinvent brand marketing? Focus on the launch of Kinahan’s Whisky, a pioneering whiskey business that in turn enters the Metaverse and reinvents the consumer experience.
The arrival of the Metaverse, this new world between the real and the virtual
No one will miss it, both Metaverse and NFTs have been making headlines and announcements by web giants lately. And if this phenomenon is not new, it is still undergoing a major resurgence, especially thanks to the blockchain and NFT ecosystem.
The term Metaverse first appeared in 1992 in Neil Stephenson’s dystopian novel “Snow Crash”. However, the concepts of virtual reality and augmented reality come a little later, although our parents must have already known them from science fiction books that widely communicated this phenomenon.
And if people have long imagined the Metaverse as impenetrable, 2021 will mark a turning point.
While the giants like Facebook, Twitter, TikTok, Microsoft or even large luxury brands, the term is no longer a mystery to anyone and we are starting to see the benefits of switching to Metaverse. They see more and more brands in this universe means of uniting their community, making it stronger and sustaining it.
A recent pledge is a global Metaverse, which would include connected and shared virtual worlds. We could inhabit these virtual worlds with our friends for our personal pleasure or with our co-workers for our work and thus evolve into another dimension of our consumption as well as work habits.
Metaverse is made possible mainly thanks to blockchain technologies, artificial intelligence, but also virtual reality, augmented and of course 3D. This new phenomenon is considered by some to be the future of the Internet.
Today, more and more brands are getting into it. From the very famous fashion shows of Gucci and Louis Vuitton to a concert organized on Fortnite, a whole new part of the world economy is trying to grasp this technological revolution, which was the Internet 30 years ago.
The blockchain technology (and cryptocurrencies) allows the metaverse to provide interoperability, digital proof of ownership, digital asset pooling (such as NFTs), cryptographic value transfer, governance, etc., and the whole challenge is to avoid the recentralization of the decentralized phenomenon by the underlying technology.
To give you a tangible example of this phenomenon, the game Roblox, very well known in the metaverse, is already able to connect more than 42 million users every day.
As we can see from the visual above, many players are already establishing themselves in the Metaverse universe and the “big ones” are starting to break through like Decentraland, Sandbox, Roblox, Fortnite… This week Metaverse tokens like Mana (Decentraland), posted triple digit 7-day gains, while the cryptocurrency market capitalization reached $3 trillion.
The visionaries recently launched the Metaverse ETF, an exchange-traded fund. This particular ETF allows people to invest in a set of companies that are already meta-versioning or poised to do so in the future. Bloomberg recently estimated the size of the metaverse market at $800 billion.
NFT and Metaverse are reinventing brand marketing. An example of Kinahan’s Irish Whiskey.
The arrival of NFT and Metaverse may still seem vague or even scary to you, but they are a very good signal of innovation efforts and a new way of promoting your brand. For example, allowing consumers to purchase bags in virtual space may contribute to its scarcity. But the example of gaming is undoubtedly the most striking, because today it can generate revenue and retain players.
It’s about surfing that wave, but also making full use of technology while maintaining the DNA of heritage, authenticity and quality Kinahan’s Whiskythe famous whiskey house, a pioneer of its kind, takes off again into the third dimension.
Created in 1792, the House of Whiskey is not the first attempt at an original collaboration. This summer, in collaboration with Morysetta, a well-known artist in the NFT space, Kinahan launched, Formula 1 in NFT form and in 3D/AR. Featuring an exclusive title for Rarible.com during Lewis Hamilton’s thrilling victory in the British Grand Prix, these NFTs are the company’s first success in the crypto world.
Consistent, Kinahan’s announces the exclusive launch of its metaverse to have digital ambassadors to promote the brand tomorrow : a performance that still elevates them to the top of the pioneers. This new generation of digital brand ambassadors aims to enhance the consumer experience through cutting edge technology.
Working on this new shift, the whiskey brand was able to rely on Generation7Group (G7G) to support it in its business model and NFT development.
Kinahan’s Metaverse projects will include 3D and augmented reality objects, from digital barrels to whiskey, other branded items created in collaboration with artists.
Virtual ambassadors will be able to evolve in other worlds. The first ambassadors will appear on November 15, 2021 on several media platforms. They will be part of Kinahan’s marketing campaigns for existing and upcoming whiskey ranges, as well as other digital products including NFT.
It’s a strategic move that Kinahan has made, and the ambition doesn’t stop there, as one can imagine the limitless possibilities that the Metaverse allows.
This new example shows us the extent of this phenomenon and also shows interest in combining authentic and old brands with new cutting-edge technologies continue to reinvent and provide consumers with ever more exclusive services.
Brands are thus at a turning point in their history and must revise their communication strategy. In the metaverse, the consumer is no longer actually a physical person, but becomes an avatar, and Cathy Hackl, an expert on the subject, therefore proposes to develop a new communication model: D2A (Straight to Avatar). The interesting thing also lies in the fact of connecting the virtual and real world by offering, for example, accessories or clothes worn by avatars that can be ordered in physical form, as was the case with the collaboration between Roblox and Gucci.
From product placement during the event to creation of virtual shopping centers, or the possibility of using virtual reality try on clothes right at home, highlighting your brand becomes child’s play with endless possibilities in the metaverse.
In the virtual universe, an important criterion must be taken into account: the presence of avatars. The consumer takes on the form of an avatar, a fictional and fictional character to give a certain personality and appearance.
It is therefore important for the brand to understand the problem and behavior of these virtual characters to direct their discourse and offer their products and services to the right people.
Like Kinahan’s whiskey, the future of marketing in the metaverse is full of promise, and while there are questions, everything remains to be figured out.
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