Metabeat: When every dollar counts in the metaverse.
The first day of MetaBeat, the metaverse event for enterprise decision-makers, began with a keynote presentation by Sami Khan, CEO and cofounder of Atlas Earth, a mobile game experience in which users can buy virtual real estate and brand partners can offer promotions tied to the company’s in-app currency.
Khan told the MetaBeat audience right away that no one can fully explain what the metaverse is in all of its incarnations.
“My humble advice is to use the metaverse to enhance people’s real-world experiences,” he said. “I don’t want my daughter to grow up in a world where the future is escaping this world to live in a virtual reality world—that sounds depressing.”
Creating a better in-person experience, he explained, is unique to each company. Nvidia, for example, is utilising digital twins as a metaverse to assist in the training of future self-driving cars in a 3D environment.
Atlas Earth’s goal, he added, is to provide a better real-world experience by allowing people to buy virtual land right where they live, work, and play.
“We’re taking municipal marketing to the national level,” he explained. “It allows creative brands like Sonic to drive a quarter-million dollars in revenue from Metaverse gamers to their doors.” With 200 million in measurable sales from Atlas Earth to Speedway, 7-Eleven holding company Speedway is the most successful case study in the metaverse “You’ve never heard of,” he added. “When you do this authentically, people are excited about it.”
Following Khan’s opening remarks, he invited Ethan Chuang, VP of loyalty solutions at Mastercard Advisors, and Mike Paley, EVP of business development at Atlas Earth, to participate in a Fireside Chat about activating the metaverse in an era when every dollar counts.
Paley, who previously worked at popular browser extension Honey, which was acquired by PayPal for $4 billion, stated that he learned the importance of providing incremental value to customers in his previous role. “I learned how incredibly transformative leveraging a simple piece of technology could be to your user community,” he said.
According to Chuang, Mastercard, which has linked Atlas Earth to its loyalty programme, is all about assisting its business customers-merchants, CPGs, and financial institutions-in growing their businesses.
“What marketers and retailers want is access to consumers through their preferred channels,” he explained. “Consumers are moving away from traditional media; what you’re doing in the metaverse, in terms of extending reach to segments of the viewing public that many retailers and marketers value, is authentic dialogue.” At the end of the day, this same goal is to drive sales by bringing people into stores and
Khan stressed that the metaverse should not be a “flash in the pan.” He explained that developing an ecosystem that generates positive value entails developing an ecosystem that allows him to do so.
He asked the panellists, “When every dollar counts, where does the thought process come in when it comes to spending money on an “experimental” channel like the metaverse?”
Paley responded by saying he dislikes the term “experimental channel.” Instead, he stated that Atlas Earth’s metaverse efforts are not experimental but rather build on previous performance marketing strategies.
“The programme is designed so that brands are positioned for success from the start, especially with access to Mastercard’s platform.”
Mastercard’s card linking strategy with Alpha Earth is an example of a frictionless experiment that allows users to easily take advantage of offers.
“You don’t need to display anything during the point of sale; you’re not limited to digital or in-store,” he explained, which is significant in an era when gamers and consumers in general expect an instantaneous feedback loop.
Paley went on to say that we live in a society that values instant gratification.
“In our experience, the metaverse is about bringing disparate parties together for real-time experiences-and whenever there is an opportunity to increase the value of the person having the experience in the real world, you’re delivering on something special.”
Nonetheless, a healthy metaverse, like any financially healthy ecosystem, necessitates the proper balance.
He explained, “You need to find a marketing home to make money to pay the other hand.” “In the middle, I need a virtual cycle and a growing ecosystem.”
He warned that the concept of the metaverse was about to be put to the test.
“If markets continue to fall, free money will dry up,” Paley said. “Our job is to challenge ourselves to think about how to build a healthy ecosystem as quickly as possible so we can count on moving forward as technology evolves.”