One of the pillars that define the Metaverse, or at least how it operates, is collaboration. In the spirit of decentralization, organizations are quickly becoming accustomed to sharing platforms—a considerable step away from traditional website ownership—and a customer base.
So, how do you compete in a landscape where ownership is decentralized and thinly spread? You collaborate. Many well-known brands have launched successful Metaverse products and initiatives, thanks to cleverly formed partnerships.
This article will review the key areas you need to consider before selecting a partner for your project.
What Are You Missing, and What Can You Offer?
The first thing you need to consider is your starting point and strengths. Where are you coming from? As a traditional retailer or manufacturer, you may find that navigating online Metaverse technologies may not be your strong point. Alternatively, you may lack the e-commerce experience required to make an impact as a technology company.
As a rule, the following areas must be considered before embarking on a Metaverse project:
Finance
Do you know how to establish a decentralized finance system to support your initiative?
Decentralized technology
Can you confidently navigate blockchain, NFTs, and other decentralized technologies to develop or select an existing platform to host your project confidently?
Product
Do you have an existing product, experience, or tangible offering to market in the Metaverse?
User base
Will your customer base transition to the Metaverse or are you confident that your initiative will attract a new audience?
To develop a solid partnership strategy, at the very least, you should be asking yourself the questions detailed above.
Stand Out Collaborations
So, who’s leading the charge? Several well-known organizations have joined forces with other companies to launch successful initiatives. In May 2021, Gucci partnered with Roblox to host the Gucci Garden, an immersive experience that enabled visitors to purchase digital garments and experience themed spaces in 3D.
Keen to stay ahead of the competition, Adidas went all in at the end of 2021 with a multi-partner NFT collaboration with Bored Ape Yacht Club, gmoney NFT, and PUNKS Comic. While Coca-Cola brought in over $1m selling NFTs in partnership with the 3D animation group Tafi.
Finally, clothing brand Zara has released a significant project with the South Korean fashion collective Ader Error and the Zepeto app. The partnership enables Zara to sell physical and digital products through the Metaverse.
Prestige Is a Thing of the Past
You may have noticed that many of the names we’ve mentioned are new to you. One of the most important considerations when choosing a Metaverse partner is that popularity isn’t essential.
Famous brands aren’t always partnering with well-known brands to cause a stir in the media. Instead, collaborative partnerships are built on mutual needs, respect, and competency. Not only does this open up many opportunities for organizations that may never gain access to Fortune500 brands in the physical world, but it also means more prominent brands can find the best fit without worrying about prestige.
Want to compete in the Metaverse? Subscribe to the My Metaverse Minute Channel:
