Web3 is the future of the internet, but Gen Z is the future of the Metaverse. Brands are starting to realize what I’ve been advocating for the last two years, that you must meet the Gamer Generation where they are. According to Citi, the Metaverse or Web3 may be a $13 trillion dollar industry and the Gen Z economic power is the fastest growing across all of the generations expected to be at $33 trillion by 2030. No company wants to miss out on that.
Gen Z – my generation – makes up a third of the global population but represents the majority of active metaverse users. The stats are out, and the made-for-adults virtual lands such as Meta Horizons, Decentraland, and Sandbox are literal ghost towns. Despite the billions and billions of dollars that have been poured into these immersive environments, the previously mentioned virtual lands have little to show for it in terms of actual user engagement. That is why I have laid out 3 suggestions for brands to consider before they start adding a web3 or metaverse component to their company.
My first suggestion to any brand is to start researching what has worked in the past. Many times we get stuck trying to reinvent the wheel when we just have to see what has worked and replicate it. For example, in 2020 I watched the Travis Scott immersive concert event in Fortnite. The response was incredible. The virtual concert had over 27 million live viewers, and 12 million Fortnite users logged in just over a ten-minute timespan. It was a true smash hit. Live meta events have been popular for over two years. The key to having a successful event, like the Travis Scott concert, is to tailor the event and the location to the right audience. That’s what I mean when I say meet us where we are. The games we play are early versions of the future metaverse. That is why it was genius for this to be on Fortnite where there was a huge audience similar to Roblox.
My second suggestion is to partner with thepeople who can make it happen and bring in the right audience. One example is my company, Mozverse, we have started to engage with two OGs, the King of Audio, Multi-Platinum producer and hitmaker Scott Storch, and the Ultimate Tech OG, IBM, who, for more than a century, has been dedicated to creating innovative tech. We are developing the most advanced immersive entertainment experience with Hyper Fidelity, Hyper-Realistic Avatars, and several new surprise twists that will leave even the savviest VR gamers absolutely mind-blown. We are currently discussing collaborations with some of the most popular gaming, media, and entertainment entities catering to Gen Z. This will ensure we have the right tech, communities, exposure, and artists to make this something that sells.
My third suggestion is to test the waters. Start small by adding one additional component to your company. There is no need to go all in and change your entire business model. There are many brands that have done this successfully such as Nike, Adidas, Starbucks, and even OG brick-and-mortar Walmart.
Walmart is launching two virtual environments within Roblox, one of the largest immersive gaming and game creation platforms in the world. Walmart’s new Walmart Land is fashion-oriented while its Universe of Play focuses on toys. Both use the immersive nature of virtual reality to gamify the experience. Without the need to spend real dollars, kids can in-game earn coins and spend them on virtual gear (such as headphones or Fitbits). These virtual environments allow Walmart to do things that would otherwise be cost-prohibitive, like raining down toys from a massive blimp in the sky. Based on Walmart’s newly filed patents, it looks like its plan is to bring in blockchain technology (virtual currencies and NFTs) further down the road.
Web 3 and the Metaverse Are Supposed to be Young and Fun
Technology is key to building out the next iteration of the internet. Innovation in blockchain and the ecosystem around it is the architecture that will make metaverse realms and metaverse economics possible.
However, the brands that will succeed in the future will cater to the needs of their users by providing them with the tech they crave and making the experience fun! Remember Gen Z is company’s future customers. Start today in order to not get left behind.
Making a play for the Metaverse? First, learn how to play the game.
