Unlocking the Real Impact of Virtual Goods
As more and more people dip a virtual toe into Web3 and the metaverse, brands are navigating how best to serve them.
As we see it, these early adopters provide keen insight into the future of business and branding. From product development to engagement strategy, success relies on building stronger relationships with consumers and the whole Web3 community.
In particular, our latest survey explores attitudes around the acquisition of virtual goods in Web3. We partnered with research firm GWI to create an online survey for respondents meeting strict criteria around virtual goods ownership. Ages ranged from 16 to 64 with a skew toward Gen X and Y.
We discovered that, for many, virtual goods are a way to express genuine tastes, preferences, and interests — just like in real life. The research also revealed:
Of total survey respondents:
- 71% believe virtual goods are equal to or more valuable than physical goods. They see them as a “luxury” item.
- ~40% of early adopters are likely to spend at least a quarter of discretionary income on virtual goods.
- 35% are dropping at least $1,000 on their virtual portfolio.
Of respondents who believe that virtual goods are at least as valuable as physical counterparts:
- ~1 in 4 are looking for novel ways to engage with products and experiences, especially to become part of a community.
- 43% would be willing to reconsider a brand from which they don’t normally buy.
- 37% would be willing to purchase a physical good from a brand which they don’t normally buy.
People expect brands to provide goods and experiences that meet their needs, from functional to emotional. And brands that develop virtual goods can establish new relationships with their priority audiences.
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