Companies using the Metaverse Canvas framework to innovate and succeed in virtual worlds and generate new business in the metaverse
The metaverse represents a wealth of opportunities for companies looking to expand into new digital spaces and experiences. However, succeeding in this emerging environment requires strategic thinking and planning. Many successful brands are using the Metaverse Canvas framework to design, evaluate and pivot their business models for the metaverse.
In this article, we’ll explore real world examples of companies leveraging the Metaverse Canvas to drive innovation and growth in the metaverse. These success stories demonstrate the tangible value the Metaverse Canvas provides.
Decentraland
Decentraland is a leading blockchain-based virtual reality platform. Users can buy virtual land to build 3D scenes, applications and games. The platform has its own cryptocurrency and marketplace.
Decentraland used the Metaverse Canvas to map out key elements like its target audience of artists, developers and crypto/VR enthusiasts. It defined its immersive 3D experience and tokenized revenue model. This helped Decentraland translate its vision into a structured business model.
Nike
Nike entered the metaverse with spaces in VR platforms like Roblox to promote its products. The sportswear giant defined Gen Z gamers as its target audience and interactive VR events as its solution.
By leveraging the Metaverse Canvas, Nike developed a business model incorporating digital channels, immersive brand experiences, and integrated metrics tracking campaign performance. This enabled a successful and measurable metaverse entry.
Adidas
Like its rival Nike, Adidas established a presence on metaverse platforms to connect with Gen Z audiences. Using the Metaverse Canvas model, it developed a business logic with solutions like digital wearables, variable revenue sources, and partnerships with gaming influencers and developers.
This strategic approach based on the Metaverse Canvas has allowed Adidas to create hype and drive sales through immersive brand experiences.
Walmart
Walmart entered the metaverse with an innovative approach. It launched virtual stores on Roblox, allowing over 30 million monthly users to experience and buy Walmart products digitally.
Walmart used the Metaverse Canvas to construct its model, identifying a young demographic interested in VR shopping as its target audience. The project demonstrated how the Metaverse Canvas facilitates adapting traditional business models for virtual worlds.
Related: The Metaverse Canvas: The Ultimate Guide for Business in the Metaverse
In summary: business opportunities in the metaverse
As these examples demonstrate, global brands are using the Metaverse Canvas framework to successfully design, pivot and adapt their business models for the metaverse. The canvas provides the strategic thinking, structure and flexibility to turn opportunities into tangible business results.
For any company looking to navigate the challenges and possibilities of the new digital frontier, mastering the Metaverse Canvas model is key. By following in the footsteps of these pioneers, you too can unlock strategic value and drive real growth in the metaverse.
