We've covered NFTs, the metaverse and Web3 a few times now, from our 101-style webinar last year to a couple of recent stories on ways these digital spaces are affecting communications and how the luxury industry is leveraging them. Now, we’re revisiting the topic to get expert intel on the state of the metaverse as it pertains to marcomms today.
A good starting point: what does metaverse really mean? “I think first off we need to acknowledge that there is no singular definition of the metaverse,” says Neda Whitney, SVP and head of marketing, Americas at Christie's. “Some define it as gaming, some define it as places like Decentraland and Sandbox, others are thinking it will emerge in the future as a Ready Player One type ecosystem where we all engage with our avatars on a regular basis. It’s yet to be determined, and it will take years to crystalize.”
Christie's
The Web3 world might still be in its formative stages, but some marcomms pros have already developed a keen expertise in helping their clients enter – and thrive in – the space. Chapter 2 CEO Kenneth Loo shared his agency’s learnings thus far, which underscores the important role public relations plays in this space. “Our first major Web3 campaign was like a test drive on a history-making collision course,” says Loo. “We met creator Mason Rothschild through our representation of his and Erica Del Rosario’s retail platform Terminal 27. Rothschild was a spirited artist with a big idea, which he showcased through his project Baby Birkins and the eventual art piece, MetaBirkins. During this time, we sparked a necessary conversation about how intellectual property would operate in Web3. Our effort hit international headlines, quickly becoming a metaverse battle cry that continues to be one of the most watched moments in the earlier stages of the space’s evolution. We quickly realized what a pivotal role public relations played in Web3, and how it could amplify industry shockwaves, inspiring others to take a look themselves.”
Indeed, many have been inspired and engaged by these digital arenas, with everyday consumers jumping on the crypto and NFT trends fast. Some naysayers predict the hype won't last, but for industry insiders, the road ahead is full of promise. “The crypto market downturn has not stopped innovation and progress in the space,” says Akbar Hamid, founder of 5th Column and 5CRYPTO. "We are seeing more brands, now more than ever, pushing forward on metaverse and Web3 exploration and ideation."
He continues, “While we have seen the fashion industry embrace the new technologies over the last year, we are seeing big success and movement in the space in the wine and spirits and beauty categories. Both are ripe for opportunities – beauty is innovating in a big way in bringing metaverse experiences to life that sometimes have absolutely nothing to do with the product itself, but rather creating experiences that bring the brand's values to life whether that is raising awareness around mental health or supporting environmental and sustainability initiatives.”
9dcc, a collection of fine networked products as well as a crypto-native maison that defines luxury created from the mind of gmoney. Photo: Justin Aversano
Creativity and empowerment are both key for longevity in this growing, and sometimes volatile, space. Loo highlights that through Chapter 2’s work with Web3 futurist gmoney. “Through gmoney, we were able to see Web3 for so much more than the overpriced JPEGs and skyrocketing crypto rates that clouded the young space,” he says. “We were inspired by his almost-spiritual approach to blockchain – the possibility that we could all be connected in some small but incredibly real way – whether it be on the planet or on a digital server. We began seeing crypto as our collective journey towards transparency. We see the NFT as an unexpected method for funding young ideas, distributing knowledge and reallocating power and wealth for the benefit of everyone.”
This sense of inclusivity and community are crucial components for successful moves in the metaverse, and that rings especially true after the pandemic period of isolation. The team at experiential agency Industria Creative sees how digital is even bolstering the in-person experience, noting that “E.A.C. (experiential art centers), NFTs and augmented reality (AR) have quickly taken over how we consume low brow and high brow art. As we see a theme of immersivity through the evolution of activities, these three channels have proven to meet the people where they are, even in the beta stages. We see that through things like the immersive Van Gogh exhibit and studios such as SuperBlue. [The immersive art trend] is expected to grow.”
That’s fitting, as an overarching theme we’ve seen since the start of our research and conversations about Web3, NFTs and the metaverse is definitely engagement on a global scale. Case in point: Hamid’s team’s work with BlockBar, the world’s first DTC NFT marketplace for luxury wines and spirits. “BlockBar has spent its inaugural year completely revolutionizing the industry,” he says. “BlockBar’s mission is to democratize access to luxury alternative asset classes offering instant ownership, storage, delivery on demand and the flexibility to transfer. BlockBar is leading wine and spirits innovation in the space and connects brands with new audiences in more than just a one-time NFT capacity. Recent collaborations have included luxury spirits partners including LVMH, Diageo, Hennessy, PATRÓN and The Dalmore."
He continues, “In previous years, in order to get coveted expressions from brands, one would need to travel to the likes of Sotheby's and compete in an auction, or already have a standing relationship with the brand so the barrier to entry to become a collector was much higher. Now, people from around the globe can be connected to a luxury spirits brand from the comfort of no matter where they are or who they know. These NFTs are also more than just an expensive bottle of wine or spirit, adding the unique IRL component introduces a customer to a brand in a way that was so rare beforehand. People who purchase a Blockbar NFT will have a direct connection to the brand in a memorable way, which in turn builds long term loyalty.”
As long as brands keep storytelling and engagement top of mind, they can authentically use this space for sales, too. “I’m seeing the greatest success with luxury brands who sell digital goods to their clients via gaming,” says Whitney. “Using the already familiar behaviors of purchasing digital goods in a digital universe, brands are able to seamlessly intersect within these existing ecosystems and offer the robust gaming population opportunities to interact with brands like Gucci, Louis Vuitton, Burberry and others.”
The metaverse offers opportunities that go beyond marketing and sales, which brings us back to the key components of storytelling, engagement and community. This movement is about changing the way our world works, and leading artists, organizations and brands are doing just that. “It’s a privilege to see industries like gaming and fashion take such an early interest in the blockchain as a problem-solver rather than just a profit generator,” Loo says. “Web3 can do so much for our coexistence, and we’re excited to watch the space mature so we can help make it far more sustainable, rewarding and exciting for the things we are most loyal to. Like designer fashion and cannabis, our Web3 & Creators division is built on equal parts of hype and substance. We place storytelling at the forefront of our presentation, allowing the founders and the communities to play characters in their own narrative. As we unfold their stories one chapter at a time, we evoke an emotional connection that results in a sustainable, robust and ever-evolving conversation surrounding their grand ideas.”
