With the metaverse already valued at over $74 billion and projected to grow to nearly $508 billion by 2030, it’s clear that this virtual reality marketplace offers more than novel experiences.
In fact, the metaverse presents businesses with the opportunity to increase brand awareness through enhanced customer engagement.
We spoke with global gaming development firm Xsolla Chief Strategy Officer Chris Hewish about how brands can participate in the metaverse to increase consumer engagement and revenue, ultimately driving business growth.
Who Is Chris Hewish?
Chris has over 10 years of experience in the video game industry, managed more than 300 employees, and generated over $2 billion in sales from 60+ games. Having previously taken on leadership roles in big gaming companies like Activision, DreamWorks Animation, and Skydance, he continues to bring his expertise in the building and operating of publishing, marketing, business development, and licensing departments to Xsolla across almost every game genre and platform. Chris is also the CEO of Xsolla’s brand Long Tale Games.
The metaverse currently has more than 600 million active users worldwide, with the gaming platform Roblox having 55 million active users daily.
By 2026, a study by Gartner predicted that 25% of the population will spend at least an hour in this virtual world.
Meaning that if you want to spread brand awareness and drive business growth, the metaverse is where you need to be.
In fact, big brands from different industries, such as Givenchy, Coach, Nike, Samsung, Walmart, and the reality TV show “The Voice,” have already penetrated the virtual world for some of their creative marketing initiatives.
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However, many businesses are still unclear about what the metaverse is and how can they tap into the virtual worlds to harness new opportunities.
So, how does a business successfully participate in the metaverse?
Chris says that launching a Metasite allows brands to create an “immersive and interactive 3D environment within the Metaverse” that acts as “the next generation of business and personal websites.”
“[Metasites] integrate with existing digital ecosystems through advanced cloud computing, blockchain technology, and decentralized networks.
This integration allows seamless transitions between traditional web experiences and the immersive Metaverse, ensuring compatibility and enhanced functionality across various platforms and devices,” he adds.
Metasites Enable More Meaningful Consumer Engagement
Through immersive and engaging 3D environments, Chris says that Metasites enable businesses to have meaningful interactions with their consumers, serving to build brand affinity and gain the chance to widen its market reach and create new revenue streams.
“Unlike traditional 2D digital platforms, Metasites offer a more interactive and personalized experience, allowing customers to explore products, attend virtual events, and interact with brands more engagingly.
This increased level of interaction helps build stronger customer relationships and brand loyalty.”
According to Chris, Metasites offer several unique features to improve user engagement and retention, including:
- Immersive 3D Environments: Providing a more engaging and realistic experience
- Personalization: Tailoring experiences based on user preferences and behaviors
- Real-Time Interactions: Enabling instant and interactive communication
- Virtual Events: Hosting events that users can attend from anywhere
- Gamification: Incorporating game-like elements to enhance user engagement
Businesses can be creative with their brand marketing strategies, promoting the brand as a whole through new and existing products, and increasing revenue in the process.
“For instance, companies in the retail sector might use Metasites to create virtual showrooms, leading to higher sales conversion rates. Metasites can host virtual concerts and events in the entertainment industry, attracting larger audiences and generating new revenue streams.
These successful integrations demonstrate the potential of Metasites to transform traditional digital strategies and drive business growth,” he adds.
With enhanced engagement building consumer trust and loyalty also comes the opportunity to develop a positive brand equity, meaning customers won’t mind paying more for your product over cheaper ones.
Key Strategies for Developing an Effective Metasite
Having established the real business value of participating in the Metaverse, what are the key strategies brands need to consider when creating a Metasite?
Chris answers this question by sharing these six best practices when developing and implementing a Metasite:
- Strategic Planning: Define clear objectives and goals for the Metasite.
- Technology Stack: Choose the right combination of cloud computing, AI, blockchain, and decentralized networks.
- User Experience: Focus on creating an immersive and intuitive user experience.
- Security: Implement robust security measures to protect data and transactions.
- Scalability: Ensure the Metasite is scalable to accommodate future growth.
- Integration: Seamlessly integrate the Metasite with existing digital platforms and ecosystems.
In a previous DesignRush podcast, we spoke with RNO1 Founder Michael Gaizutis about how the Metaverse, Web3, and AI are shaping our digital future. Watch below to learn more:
Chris also advises that a modular design is best because it enables businesses to tailor their platforms extensively, allowing them to easily add or remove features and functionalities to align with their unique requirements.
“This flexibility ensures that Metasites can be tailored to specific industry requirements, user preferences, and business objectives.
Modular components can include interactive 3D environments, e-commerce platforms, virtual event spaces, and more, allowing businesses to create unique and personalized experiences,” he reveals.
Challenges Brands May Face When Creating a Metasite
When launching Metasites, businesses may encounter common challenges, like technical complexity, concerns over security and scalability, and encouraging user adoption.
Because the metaverse is an emerging technology, it’s essential for brands to find a tech partner that specializes in the Metaverse.
“Xsolla helps businesses overcome these challenges by providing comprehensive solutions that include technical support, security frameworks, scalable infrastructure, and user engagement strategies.
Xsolla's expertise in the gaming industry and digital transactions ensures businesses can integrate and operate Metasites successfully,” Chris says.
What Businesses Can Expect in the Future
The Metaverse is a transformative technology set to redefine how we play, shop, and even communicate.
Brands need to take advantage of these immersive environments that enhance experiences across various sectors to drive business growth and target younger audiences.
“Metasites can provide more engaging gameplay experiences, social interactions, and virtual marketplaces in the gaming sector.
In non-gaming sectors, they can revolutionize retail, education, healthcare, and entertainment industries by offering virtual showrooms, online learning environments, telemedicine consultations, and interactive media experiences,” he details.
Being innovative and relevant is crucial for brands to spread awareness, drive engagement, widen audience reach, increase revenue, and eventually achieve business growth.
Still, brands should consider expanding their digital marketing strategy to include Metasites and, at the same time, carefully consider the right tech partner and strategies that will ensure they’re not wasting time, effort, and money.
