Much ado about NFTs and the Metaverse in the marketing world

Technology has evolved at a breakneck pace. We’re witnessing breakthroughs and innovations that were previously unimaginable. The metaverse is a unique, immersive virtual environment that is swiftly taking over the internet and bridging the gap between what is imagined and what is real. Fiction is fast becoming facts – as movies like The Matrix, shot around two decades ago, are only now starting to make sense in 2022.

With the continuous rise of virtual reality (VR) and augmented reality (AR), metaverses are penetrating the internet. In 2022, there will be an estimated 1.1 billion mobile AR users worldwide, and that number will climb to about 1.7 billion estimated users by 2024.

While the Metaverse isn’t exactly what sci-fi has depicted it to be, it still continues to produce unimaginable value as a new computing platform. 

Soon, we’ll start to witness an even bigger shift – as the acceleration of innovation is just starting. To quote Bill Gates: “Within the next two or three years, I predict most virtual meetings will move from 2D camera image grids… to the metaverse, a 3D space with digital avatars. Both Facebook and Microsoft recently unveiled their visions for this, which gave most people their first view of what it will look like.”

 

NFTs and the metaverse

The most obvious link between the metaverse and non fungible tokens (NFTs) is related to digital assets and how they are valued. People will be able to display digital forms of art and property in the metaverse, and NFTs will allow them to put a price on that content with proof of ownership. 

While NFTs use the same blockchain technology that cryptocurrencies use, they’re not a type of currency themselves. Each NFT is attached to a specific item. It could be a piece of art, video game content, music or anything else that can be linked to that specific token. This is ideal for digital assets, and NFTs have turned into a great way for artists and creators in general to profit from their work.

It is important to understand that NFTs are very likely to become the optimal currency for the metaverse. Like William Quigley, a co-founder of stablecoin Tether and a cryptocurrency pioneer, comments: “When we are able to have a digital overlay of our reality, it’s going to be a massive change in business models, a massive change in the way we interact with each other and the world. I’m betting that the revenue model for the metaverse is going to be NFTs.” 

They’ll make it possible for people to provide proof of ownership of anything in the metaverse. Consider a deed to a property that exists only in the virtual world.  The NFTs would act as that deed. NFTs could, potentially, be ideal access points for special events and perks available within the metaverse. The possibilities and use cases appear limitless, which is what makes the concept so appealing.

 

Implications for brands and marketing experts

Many marketing experts were sceptical about social media in its nascent phases because so little was known about it, but it has since grown to become an important part of our lives and the foundation of many marketing strategies. The metaverse and NFTs are the new kids on the block. It is a representation of the real world in a virtual setting and it’ll undoubtedly open a world of opportunities for brands to thrive.

Preparing for the metaverse’s impending shifts will undoubtedly be critical to success. Now is the time for brands to start creating virtual representations of their products so that they may be found by other people in this new realm. We’ll essentially be living in two worlds: one is the offline reality we’ve always known, and the other is a virtual depiction of the world around us. In the near future, It will be critical for a brand’s success to be able to be found by clients in both of these environments. 

The Metaverse and NFTs will impact the public relations industry because it is changing the way we create,  consume and share digital content, and it is also changing the modern branded content marketing landscape. It will create a truly revolutionary ecosystem that will improve our digital experiences. This is why it is critical for agencies and brand leaders to understand how it will function and why NFTs will play such a significant role.

 

Curzon PR get creative in the NFT space

There is nothing more thrilling than being a part of something new, especially when it has the sheer potential to change the world on this scale.

Curzon PR proudly sits ahead of the curve and has been involved in a number of key art and NFT projects, including a media relations project to promote the upcoming release of ground-breaking NFT artwork for //CreativeWorkStudios.

//CreativeWorkStudios. are working with Refik Anadol – one of the world’s most innovative artists – and the NASA-funded Translational Research Institute for Space Health (TRISH) on a series of NFT artworks based on data from the recent Inspiration4 mission, the world’s first all-civilian space flight.

The artworks are interpretations of Inspiration4 vehicle data, audio/visual flight recordings and  data from experiments carried out on crew members to see the effects of space on the body. They will be sold through NFT marketplace KnownOrigin at the end of February.

It’s a time to stay future-ready and continually reimagine the future.

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Curzon PR is a London-based PR firm working with clients globally. If you have any questions, please feel free to contact our Business Development Team bd@curzonpr.com