The initial frenzy may have slowed, but brands have the opportunity to leverage NFTs & metaverse to meet business goals. Here are 5 lessons learned from luxury retail's success with these emerging technologies according to GartnerMKTG: MyTotalRetail
The hype surrounding non-fungible tokens and metaverse environments has had highs and lows. Media attention increased dramatically in late 2021 after Facebook rebranded as Meta and virtual art sales made huge profits. This initial fervor quickly subsided with consumer search volume for NFTs and the term “metaverse” decreasing substantially in 2022.
found that few consumers grasp the metaverse. Thirty-five percent of respondents have never heard of it, and just 6 percent say they understand and can explain it to others.While the initial frenzy may have slowed, brands have the opportunity to leverage NFTs to achieve business goals. Some luxury retail brands have been successful in using NFTs and metaverse campaigns given their strong brand recognition and the relatively high affinity of younger, affluent audiences for these new technologies.
Tap into internal talent while building competency in 3D content design and distribution to optimize future campaigns. One on hand, campaigns launched on third-party platforms build reach to a new audience that may not have previously engaged with the brand. On the other, campaigns promoted to existing communities can help to shift brand perceptions among a core audience that may not have much exposure to metaverse environments or NFTs.Luxury retail brands are likely better positioned to succeed with NFTs compared to other retail categories based on their established high levels of brand equity.
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