Overcoming adversity What we love most about the Olympic Games are these three words, which represent the compelling stories of athletes’ journeys to the pinnacle of their sport. In addition to these compelling narratives, the Olympics’ ability to unite nations around the goal of seeing their country’s flag raised triumphantly on the podium is a major reason for their enduring popularity.
In contrast, the 2022 Olympic Games have received a more positive response. Nothing to do with the athletes’ amazing athleticism, but rather with the broader societal and public health issues that surrounded the competition. Many brands have therefore reduced their sponsorship and advertising during the upcoming games as a result of their awareness of these issues and the public’s perception of these issues. Extrinsic factors, such as this, can be mitigated by brands who spend a significant amount of money to sponsor these events for brand association and impactful consumer engagement and shared equity at the top of emotional resonance. A global pandemic and the resulting technological and social advancements could be the answer to the problem of borderless community engagement. Look at the metaverse for a moment.
The metaverse’s definition and the seemingly endless possibilities it could provide in the end are still up for debate. I’m not sure there is a single definition in the collective consciousness, according to Matthew Ball, an expert on the subject. It can be used in a variety of ways and for a variety of purposes. Digital transformation and adoption have been on the rise in recent years, and it’s no secret. With the intention of overcoming the lack of physical connection, it also unlocked the digital possibilities and may very well serve as an elixir for other prominent events.
In terms of brand sponsorship, what does this imply?
Since its inception, sponsorship has taken on many different shapes and sizes, and today it can take place virtually as well as in physical spaces. By creating new places, worlds, and communities, brands can reach a more engaged audience and better communicate with them. The exponential rise in digital collectibles and the metaverse’s potential as a platform for showcasing new and innovative works of art are both intriguing possibilities.
For sponsorship purposes, we’ve only scratched the surface of how virtual inventory and brand integration can be utilised. As well as creating replica venues like Verizon and Epic Games did during their Super Bowl LV activation, there are also infinite, additional possibilities for world creation and thus mechanisms to connect with audiences. As a result of Gucci’s collaboration with Roblox to create a Gucci Garden space, where users could purchase digital merchandise and collectibles, the luxury apparel company has also found success in the metaverse. This is a new creative outlet for a more digitally savvy consumer, who is just as comfortable in a virtual world as they are in the real world. To counter this, brands are working to create new and interesting ways for them to connect with their core audiences outside of the traditional retail environment by leveraging federation, league, or team/club intellectual property.
Exclusive drops, NFTs, and other forms of digital merchandise are practically limitless in the virtual world. While many aspects of live events are beyond our control, we can ensure that mechanisms are in place to safeguard our brand investments. A shared, communal experience isn’t just dependent on the live event—and technology can help ensure that at least some of it continues. Like the Olympic Games, its promise is a reflection of infinite creative potential, which is why it is so appealing. This valuable and fertile territory will become increasingly important for brands in order to ensure the amplification of their partnerships in both a digital and physical environment. Metaverse growth and evolution may be based less on semantics and more on the ability to unlock value for fans and consumers. Ultimately, the definition of the metaverse may be moot. Achieving victory over unexpected adversity becomes less of an impossibility when brands and properties focus on that.