Navigating the New Digital Landscape
Between cryptocurrency, web3, the metaverse and NFTs, the new digital landscape may seem overwhelming. But, as these technologies emerge and evolve, the way consumers are interacting with brands is changing. It’s important to understand the future of content creation and communication.
What is the Metaverse?
The metaverse isn’t just Facebook’s virtual environment, it more widely refers to the entire virtual world of augmented reality. People can play, work, socialize, and interact with one another in ways never before imaginable. It’s important to keep the metaverse top of mind when creating new marketing strategies as it offers a whole new set of metrics including eye focus and other biometrics to measure and a wide world of creative opportunities. Whether you’re hosting a product launch party, conducting team-building activities, or buying and selling non-fungible tokens (NFTs) there are countless opportunities to get your brand involved in the new digital landscape.
The Impact of the Metaverse
According to Vice Media Group, Gen Z consumers spend twice the amount of time interacting with others in the virtual world as they do in real life. A third of these consumers also say they would like to see brands develop virtual offerings of some kind, so what could that look like for you?
Many brands with physical products can offer virtual versions of their shoes or clothes, like Adidas, but for those brands without products – NFTs could be the answer.
What is an NFT?
An NFT is a blockchain based digital asset that represents ownership of anything you can place a value on. They are an exciting way to raise funds and build community among your consumers. Many examples of NFTs include digital art like the famous Bored Ape Yacht Club, but some household brands are discovering new use cases. Charmin, for example, created their own NFT and sold it to raise funds for Direct Relief. Consumer curiosity for these new digital technologies is continuing to increase and many were excited to tap into the virtual world, especially for a good cause. With many individual NFTs selling for millions of dollars, their impact has become a major force in fundraising.
Other NFT applications
Additionally, NFTs can be a significant opportunity for health care organizations because they could allow patients to take back control of their own health data. With over 1 billion clinical documents produced every year in the US alone, there is a need to organize, store, and transfer data efficiently. The rise of artificial intelligence has made genetic information and other health records extremely valuable for researchers. Many believe patients should reap the rewards of selling this valuable data to researchers.
Aimedis, a health technology company, has already launched a digital marketplace for medical data NFTs and has been paying patients in cryptocurrency for this data. The company is currently working towards making payments in regular currency an option as well.
As these technologies continue to develop and become more widely accepted, it’s important to begin to tap into these digital assets in a way that makes sense for your brand.