How can brands find meaning in the metaverse? Co-creation and Community
Updated: Apr 7, 2022
Retail Dive | April 4,2022
Like any new industry trend, the metaverse has taken on a life of its own — a hype cycle accelerated by buzzworthy campaigns and partnerships. Sure, data from numerous sources indicate that the metaverse has viable long-term potential:
Vantage Market Research projects that the metaverse will be worth $814.2 billion by 2028.
Based on Bloomberg analysis, the metaverse is likely to grow at a compounded annual rate of 13.1%.
60% of Gen Z shoppers think brands should sell their products on metaverse platforms, according to a survey from Obsess.
But again, like any new trend, there are naysayers — especially in light of predictions that the metaverse will one day completely eliminate the need for physical retail experiences. And while I’m certainly part of the group that believes store environments will always be relevant, several components of the metaverse, including virtual gaming communities, experiences and NFTs, create entirely new opportunities for community activation and engagement.