History always repeats itself: whether it’s fashion trends, economic patterns, or even business cases, the digital world is not an exception. Web1, and later Web2 became monetized at the early stages of development. Web3 is also on the way with Dynamic NFT Billboards in the Metaverse.
Why dynamic NFT billboards matter for NFT monetization
Grayscale Research has already estimated that Metaverse may grow into a $1 trillion business in the near future. Meanwhile, Bloomberg analysts declare that Metaverse may already be a market of $800 billion. The first one gets the oyster, the second gets the shell. Businesses such as Dolce & Gabbana, Gucci, and Nike create virtual stores and bid on ads on the Metaverse because such promotional content is more complex, immersive, and adaptive to future technologies.
How to monetize Metaverse with dynamic NFT billboards
Literally, any brand is welcome and should advertise via Dynamic NFT Billboards to reach the next-gen demographics and ensure the brand’s growth. The purchase process and the cost division are similar to the one with real-life billboards, yet more straightforward and dynamic. The costs of NFTs billboards depend on the footfall in the spot where the promotion is displayed. For example, if the price of an ad is $500,000, it translates to 60 million reach.
One successful case in the industry is Admix, an advertisement solution that allows creators to monetize virtual experiences through discreet brand placements. Admix sold a Metaverse billboard for $69,500. With 3 NFT billboards, they managed to keep the listing price at $4500. Eventually, a bidding competition drove the price above $60,000.
WeMeta announced dynamic NFT in collaboration with Revise
WeMeta just launched dynamic NFT billboards in collaboration with Revise which offers NFTs developers a program to interact with apps and data. Revise is backed by well-known reputable entities such as Sandeep Nailwal (Polygon) and Scott Lewis (DEFI Pulse). WeMeta is trusted by builders including Andy (Fractional) and Alliance DAO.
Today, Revise is ready to join forces with WeMeta to enable NFT creators to convert images into advertisements and enable NFT creators to sell ad spaces to brands.
Revise will call the WeMeta API to fetch in-game data such as traffic in Metaverse surroundings according to which brands will display advertisements.
For example, one can preset advertisements to appear only when the parameters for a particular zone are higher than a specific figure. An advertisement on the Metaverse with larger traffic will convert into better revenues for NFTs creators selling advertisement rights on their NFTs.
How Do NFT-powered billboards work?
Images are at the core of NFT-powered billboards, which will display advertisements in any metaverse such as Decentraland. WeMeta will use Revise dynamic NFTs to generate links for the images to embed the advertisements and ensure that these links always relate to the updated images.
The NFT-powered billboards will have the following features:
- Display the brand’s promotion in the virtual world via an image.
- Change the ad category based on footfall count via WeMeta API.
- Provide a unique link for each NFT.
- Offer brands and developers a repository of similar ads.
- Trace the virtual worlds the NFTs are embedded in.
- Show a new ad every 2 minutes.
The partnership of WeMeta and Revise will open up assertive opportunities for brands and NFT creators to develop new ways of digital promotion. As for now, many brands are barely thinking about advertising in the Metaverse; however, it is crucial to prepare brands for the next-gen advertising strategies as the old techniques’ effectiveness is fading away. The Metaverse is revolutionizing how customers interact online in which the new dynamic NFT Billboards will play a massive role–benefiting both parties even more than the current OTT platforms.