Creating products and stores in the metaverse, like virtual real estate, requires significant investments and market research.
According to Tamara Knepfer, creator of Metabrands, companies interested in investing in the metaverse should first do research and develop short- and long-term strategies. Businesses should understand the basics of the metaverse and ensure that everyone in the firm is on the same page before investing in the technology.
To establish measurable goals and build a metaverse roadmap, understand the space and the target audience, as well as the opportunities it offers, like tailored non-fungible tokens (NFTs). Companies should explore the virtual world’s investment opportunities and align them with their metaverse goals.
NFTs for example can be used for experiences in virtual spaces. Collaborating with brands and experts in the space can help build successful metaverse campaigns.
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[5 minute read]