UAE’s Top Brands Test Web3 – News

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Reuters

Metaverse and Web3 innovations are transforming the fundamental operational approach to the virtual world.



Published: Sat 23 Apr 2022, 11:07 PM

Last update: Sat 23 Apr 2022, 11:10 PM

Web3 is here to stay and it’s time for you to do some self-study before retreating to the cave of ignorance. Terms such as Distributed Ledger Technology (DLT), Blockchain, Cryptocurrency, Tokens, Non-Fungible Token (NFT), Decentralized Autonomous Organization (DAO), Metaverse and many jargons that may sound new are the basis in the world of XR (extended reality).

So the rush is real and not just by individuals, but regional brands in key sectors in the UAE here are already testing the new virtual zone to market their products as they believe people tend to see products first on the virtual market, then in the real world. This is now shaping disruptive trends in metaverse marketing, which is about to see a spike in activity and major regional brands are making a foray in the same direction.

Misha Hanin, co-founder and CEO of Bedu, said, “Metaverse and Web 3 marketing is about building communities and community values. Companies that don’t take a true value-creating, community-aware approach to their target consumer group will run the risk of becoming “out of tune” with the developing Web 3.0 community.

So are brands globally obliged to find a balance between the virtual world and the real world to increase their customer base? “The Metaverse and Web3 innovations are transforming the fundamental operational approach to the virtual world. Instead of viewing the Internet as a collection of enterprise sites and proprietary applications, the Metaverse envisions a persistent 3D environment. This effort has a key influence on business efforts and will impact business marketing decisions and the effort to maximize marketing budgets in the split between conventional online and out-of-home advertising and marketing and permanent advertising. and persistent. rapidly growing metaverse spaces,” Hanin added.

Deloitte’s latest study, Future is here: Insights into the global XR industry shows the metaverse is creating a new environment where users are virtually connected with family, friends, pets, favorite things and experiences – the metaverse transports users to the next generation of social interactions. The metaverse encompasses 5G, AI, blockchain, content creation and other elements. The core of the Metaverse is to continuously optimize users’ digital life experiences through XR (Extended Reality) and the continuous iteration of XR technology and equipment.

Recently, Alejandro Sáez, founder of eGoGames, María Bravo, founder of Global Gift Foundation, organized the Global Gift Gala Abu Dhabi Dream Ball and Alejandro Laplana, founder of Shokworks, created eGoClub, an exclusive ecosystem based on NFT with a mission charity that offers unique benefits. and opportunities to its members. eGoClub is a philanthropic community using the power of blockchain and emerging technologies to help those in need.

NFT Artist Idriss B

Similarly, MContent introduced the world’s first supercar ownership NFT series selling out the first three in minutes. The unprecedented launch event unveiled the NFTs, which allow buyers to own and drive the highly sought-after Mercedes-AMG GT Black Series for an entire month each year when purchasing digital artwork and Custom physics by world famous NFT artist Idriss B.

Chalhoub Group

Another example of global and local brands tapping into the metaverse is Christofle, the Parisian goldsmith house since 1830, entered the metaverse with its first NFT ‘925 Genesis MOOD’ collection, to be unveiled on May 7, 2022, referencing a fantastic imaginary city, named: Christofle Aurifaber Citatis in Latin, or La Cité de l’Orfèvrerie Christofle.

Michael Chalhoub, President of Strategy, Growth, Innovation and Investment at Chalhoub Group, added: “I feel extremely humbled and proud to witness our group’s first NFT decline. And it only makes sense to do so with Christofle, the first luxury brand we introduced to the GCC over 65 years ago. Innovation and maintaining the entrepreneurial spirit of our founders has always been part of our core values. And we consider it our duty to lead the way and introduce the first NFT luxury tableware. We are committed to constantly reinventing ourselves and bringing the right products, services and experiences to our customers, who remain at the heart of everything we do.

Acquired by the Chalhoub Group in 2017, Christofle is known for its exceptional tableware, silver cutlery and home accessories created with elegance, skill and craftsmanship. Christofle entering Web 3.0 is the culmination of a successful collaboration between Christofle and Exclusible, the market leader in the development and sale of coveted NFTs and luxury digital real estate powered by Chalhoub Group’s Innovation Unit .

Atul Hegde, Founder of YAAP, said, “There has been a lot of discussion about the Metaverse lately, both among brand managers and agencies. As with all things new and unexplored, there are many questions. Is it a fad? is this only for new age brands? Is it only for brands that speak to Gen Z. To be honest, there are no definitive answers to all of these questions. But there are clearly early indications that brands need to look into. »

Fashion brand Kenzo recently had a high-profile relaunch when it hired streetwear pioneer NIGO as its creative director. NIGO dropped his first coins and with it Kenzo launched a campaign on a Discord group to give NFTS some kickstarter coin. It is Kenzo who takes his first steps into the world of the metaverse. Likewise, Gucci has a collaboration with Superplastic for a nice range of NFTS and some really funky avatars. As we speak today, every major luxury brand from Louis Vuitton to Gucci has already made their foray into the Metaverse and all of them are also using it to generate additional revenue, and not just for marketing. This makes for a very powerful combo and will ensure that brands push the boundaries when it comes to their presence in the Metaverse, Hegde informed.

“The Metaverse has opened up a whole new playground for the new hybrid work culture we are now looking for. Companies are buying real estate in the Metaverse to set up virtual spaces, hold events and conferences and even town halls Startups are making it easier for companies to enter this world by offering solutions to create avatars to build their spaces in. This will be by and large the most important use case for the metaverse at the moment. ‘it’s still early, it’s clear that there is no utopian moment to enter the metaverse. The time is now and right here. Dive in and discover the magic of the metaverse, make your mistakes, correct your course and keep building furiously. Because before you know it, all your consumers will be participating and you can enjoy all the rewards of being a first-mover and the accolades that come with it. slow.

Similarly, a powerful promoter of the metaverse, Abraham Gomez, co-founder of Wild and West, said, “Marketing is entering an exciting new form in the metaverse. It’s a way for brands to create new 3D environments and experiences targeting Millennials and Gen Z. With the Metaverse growing 42.5% CAGR every year, it’s a new medium that can’t be ignored. The market size is expected to reach $716.5 billion by 2027. The last time we saw this level of disruption in the marketing world was when social media advertising started. The Metaverse allows for lower cost campaigns, greater creativity, higher engagement, and an ideal target audience, all of which are a winning formula for a marketing campaign. [email protected]

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