Licensing in the Metaverse, Navigating the Virtual World

Let’s explore the fascinating new world of the virtual reality, the Web3, the NFTs and the Metaverse. This article provides an extended overview of the current state of the metaverse, its potential impact on the entertainment industry, and how licensing and marketing strategies can be applied to this rapidly growing market.

As un unexplored field of experience and potential for services and sales, the Metaverse still represents a huge opportunity for brands.

Licensing in te metaverse

Currently, Virtual Reality is still much more used by consumers and leveraged by companies.

Virtual reality (VR) is a computer-generated simulation of a three-dimensional environment that can be interacted with in a seemingly real or physical way by a person using specialized electronic equipment, such as a headset with a screen or screens in front of the eyes, gloves fitted with sensors, etc. The aim of VR is to create an immersive experience that can be similar to, or completely different from, the real world.

This considerably strengthen the gaming experience, but not only. This is also, as Augmented Reality, a great opportunity to offer immersive retail experience. This helps in settling the brand image, driving innovation, customization, cost-effectiveness, client servicing, environment preservation and much more…

The Metaverse is a step beyond the virtual reality. It allows, through an avatar, to replicate and extend the daily life. This includes meeting people, purchasing, discovering multiple places, uncovering diverse topics. The Metaverse development will be directly linked to new usages and behaviors, developed based on its specific capabilities and features.

A vast majority of teenagers have heard of the Metaverse…

Investing in the Metaverse is still a relatively new and uncertain area. However, it has the potential to offer businesses many benefits, such as:

• Increased customer engagement, with new ways to interact with and engage,

• New revenue streams, such as virtual in-game advertising, sponsorship deals, and virtual product placements,

• Access to data, with valuable insights into customer behavior and preferences,

• and access to new markets, for toys and collectibles for instance.

Additionally, as the metaverse continues to develop and mature, it’s likely that early adopters will have a competitive advantage over companies that wait.

It’s true that some companies have struggled with the metaverse, but this does not mean that it’s a lost cause. As with any new technology, there will be growing pains and challenges to overcome, but with time and experience, the metaverse will become more accessible and user-friendly.

Ultimately, whether or not to invest in the metaverse will depend on your specific business goals and risk tolerance. If you believe that the potential benefits of being involved in the metaverse outweigh the risks, then it might be worth exploring this opportunity. However, if you prefer a more cautious approach, it may be wise to wait until the technology becomes more established and proven.

NFTs can also open the door for digital collectibles that are tied to physical products. By creating NFTs that represent certain physical toys, manufacturers can create a new layer of interactivity and value for their products, as the users can collect, trade or use them in games or virtual world.

For making sure to optimize their Metaverse strategy, companies must go through 6 key steps. This should help them in coming up with relevant and effective strategies:

  1. Understand the Metaverse Landscape: The first step is to gain an understanding of the Metaverse landscape, the platforms that exist, and the audience they serve. The Metaverse is a vast and complex space, and understanding the differences between platforms and the demographics of their users is essential for developing a successful marketing and licensing strategy.
  2. Identify Licensing Opportunities: Once you have a good understanding of the Metaverse landscape, you should identify licensing opportunities that are relevant to your brand. This could include licensing your existing IP, creating new virtual products or experiences, or collaborating with other brands to create co-branded experiences.
  3. Create Authentic Experiences: In the Metaverse, users expect experiences that are authentic, immersive, and engaging. Brands that are able to create experiences that resonate with the virtual world’s audience will be more successful in licensing and marketing. Consider creating experiences that tap into the unique characteristics of the Metaverse, such as the importance of community, digital identity, and interactivity.
  4. Leverage NFTs: NFTs provide a new way to monetize virtual assets and experiences, and can create scarcity and value around virtual goods. Consider how you can leverage NFTs to create new licensing and marketing opportunities in the Metaverse.
  5. Understand the Regulatory Landscape: As the Metaverse continues to grow, regulatory and legal issues are likely to arise. It’s essential to stay up to date with the regulatory landscape and understand the risks associated with licensing and marketing in the Metaverse.
  6. Partner with Experts: Finally, consider partnering with experts who have experience in the Metaverse and can help you navigate the complexities of this new world. This could include partnering with Metaverse platforms, creative agencies, or legal experts who can help you develop a successful strategy and avoid potential pitfalls.

Then, are you ready? We’re there to help !

Note: Article developped further the webinar ‘Licensing in the metaverse‘, animated by BrandTrends Group and Empire Play.


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