Virtual Sports And Brand Partnerships In The Metaverse
Even in its stages of infancy, the metaverse continues to transform several industries for the better. Access to this platform has revolutionised the way both brands and consumers benefit from marketing campaigns. Because of this, lots of industries have included the metaverse as part of their promotional initiatives.
Among the fields positively affected is sports. With so many avenues to engage with passionate sports fans, it’s no wonder that many sports and sports-related names are doing brand partnerships with the metaverse. These projects can come in the form of virtual sports games, NFTs, and more.
Here’s how the metaverse is ushering in a new era of sports fan interaction, and why you should partner with an NFT agency for sports NFT consulting and projects.
Virtual sports games and league events
Most people think that it’s better to watch sports live instead of through a screen. While we don’t contest that statement, the metaverse does offer a new way to consume sports in case you can’t watch certain games in the stadium itself.
Through virtual sports games, fans are provided virtual seats when physical ones are limited. They can feel as if they’re in the actual field or arena through immersive camera technology, all while watching great matches at the comfort of their home. This can also include virtual commentary and stats so they’re more engaged in the complete play-by-play. They can even interact with their friends and meet fellow enthusiasts, fostering a sense of togetherness and unity through the love of sport.
Virtual sports leagues
Part of what makes the metaverse and Web3 special is how they allow for direct relationships with virtual sports leagues. Because these Web3 projects follow the decentralised autonomous organisation model (DAO), this lets fans and users have more control over what goes on in these leagues.
For starters, the capabilities of the metaverse help members engage better with fellow fans and the team itself to discuss various support projects. This creates a sense of empowerment and community among the members, and encourages them to pitch in ideas for possible launches and events. Transferring power to the fans and the community makes it likelier for them to participate as opposed to having them be led by one single authority.
Sports and athlete NFTs as digital collectibles
Fans collecting various sports items has been a thing for so long. Whether it be signed jerseys, rare trading cards, and more, all these are a normal part of fan and collector culture. The existence of digital sports collectibles like sports and athlete NFTs is a way to reflect said culture even in the virtual space. And the fact that these sports NFTs sell for millions is proof of the demand.
Sports brands can take advantage of this by selling trading cards, game highlights, team apparel, and memorabilia in the form of NFTs. Since sports NFTs are unique, it gives fans an incentive in owning a special piece of their favourite team’s career. Athlete NFTs are also good for both the fans and the athletes themselves. The latter are able to make use of their value as athletes through the royalties they receive per purchase.
Virtual sports training
The benefits of integrating with the metaverse don’t just stop with different ways of consuming sports. Fans and budding athletes alike can also enjoy sports training virtually!
For example, combining the virtual worlds of the metaverse with workout equipment can create a more immersive AR or VR experience while they lose weight. Even sports teams can benefit by running through simulations of situations and venues so they can prepare for their upcoming games. With the technology of the metaverse, receiving sports training in your own home is made possible.
With how effectively the metaverse and Web3 transform sports and fan engagements, it’s important to hop on this innovation now. To ensure you’re getting all the technical expertise and insight when starting your very own metaverse sports campaign, partner with us at No Standing! Start your brand partnership with us and we’ll help you navigate the metaverse through consulting for your sports NFTs and other projects.
Send us a message and let’s begin your metaverse journey!
Acquisition and conversion rate
Acquisitions are an important KPI to look at when measuring web 3.0 marketing campaigns. To acquire a customer is to appeal to them through marketing efforts so they may serve as a conversion. A conversion can come in the form of a purchase, a sign-up, or a form completion on the website. When checking the acquisitions, you can look at metrics such as visitors, sign-ups, cost per acquisition, and more. The last factor in particular is needed to determine if the strategy you’re employing is a cost-effective one, and if the budget allotted is worth the number of customers gained.
Of course, it’s not enough just to acquire a customer. Businesses also need to retain them for over a long period of time. Otherwise, most of the sales you gain are just short-lived and don’t translate to something long-lasting. In Web 3.0, retention efforts usually involve various community building activities, as these initiatives are a key part of employing current Web 3.0 marketing trends. You can usually tell if these activities are effective if you have more community members engaging and participating in them. Besides that, part of checking the retention rate is also knowing the number of churned customers, or those who decided to discontinue the service.
Customer lifetime value
More than just measuring the retention rate, however, is checking to see if these retained customers offer a high customer lifetime value (LTV). This refers to the estimated profit a single customer can give to the business. Metrics such as the average purchase value, purchase frequency rate, customer value, and lifetime span are computed to determine the LTV. Knowing this as part of measuring Web 3.0 campaigns can help in ensuring you know which customers should be prioritised for retention.
Properly measuring your Web 3.0 campaigns can help you better optimise the strategies you employ. But if you need a more detailed, expert-driven insight in assessing your KPIs, we recommend partnering with the best Web 3.0 marketing agency for your campaigns! Send us a message at No Standing for effective marketing campaigns that follow the latest Web 3.0 trends.