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1、Unlocking the Real Impact of Virtual GoodsNovember 20222Hello!Were at the beginning of a whole new digital era,with people seeking to seamlessly integrate their digital and physical realities and engage in digital experiences that build meaningful relationships with brands and peers.As the leader in
2、 developing radically relevant touchpoints between brands and people in this innovative space,our belief is simple:in this new version of the internet,creative experience drives everything.Not a news feed algorithm or media targeting.Not programmatic distribution or any other marketing tactics were
3、used to in our day-to-day Web2 lives.Experience.Cristina LawrenceEVP,Content&Consumer Experience StrategyWeb3/Metaverse Capability Group Strategy LeadOur beliefs are playing out in the pages of this survey,conducted at the height of”crypto winter.”Amid supply-chain disruptions,global political tensi
4、ons,and inflationary pressures,respondents still sought to acquire virtual goods that reflect their sensibilities and sensitivities.They expect brands to provide goods and experiences that meet their needs,whether functional or just emotional.Theyre hopeful this space will bring richer,more rewardin
5、g,and creative experiences.We hope youre inspired by these findings and our efforts to establish a value index of virtual goods.-cristinal.ethThank you for downloading new research from our Web3/metaverse experts at Razorfish.3Table ofContentsIntroductionMethodology&Audience ProfileInsightsImplicati
6、ons4RESEARCH OBJECTIVEWHY THIS MATTERSKEY QUESTIONSTo understand consumer expectations of value around virtual goods,and how these consumer perceptions are shaping digital culture and the development of wholly new virtual ecosystems of goods.These observed attitudes and behaviors are only going to e
7、volve as Web3 experiences and technology become pervasive.As brand marketers,we need to understand the attitudes of early adopters as bellwethers of mass adoption to enable us to future-proof organizations and revenue streams.What shifts are occurring around investment in virtual goods?How do people
8、 ascribe value to brands IRL and Web3?What are consumer expectations for brands that activate in Web3?What new behaviors are emerging around virtual goods?5Key FindingsEARL Y ADOPTERS*OPTIMISTS*71%40%43%37%Believe virtual goods are equal to or more valuable than physical goods.They see them as a“lux
9、ury”item.Are looking for novel ways to engage with brands products and experiences,especially to become part of a community.Are likely to spend at least a quarter of discretionary income on virtual goods.Would be willing to reconsider a brand from which they dont normally buy.Are dropping at least$1
10、,000 on their virtual portfolio.Would be willing to purchase a physical good from a brand they dont normally buy.35%25%We define all survey respondents as early adopters of virtual goods.Early adopters behaviors in the space could signal how broader consumer groups will behave and engage with brands
11、 who release virtual goods.Among these early adopters,a majority subset see virtual goods as being at least as valuable as physical goods.Because of their unique perspective,we highlight these“Optimists”beliefs in several key areas.For example,Optimists demonstrate the potential halo effect virtual
12、goods can have on IRL purchase behaviors.*Total Respondents*Respondents who believe virtual goods are at least as valuable as physical goods6MethodologyBACKGROUNDRazorfish partnered with GWI to develop an online,recontact survey sent to respondents meeting strict criteria around virtual goods owners
13、hip.The 10-minute survey was then distributed in an online format to the panel of 436 respondents,ages 16-64,with a skew toward Gen X and Y.GWIs recontact methodology enabled Razorfish to reach respondents who completed its core survey within the last four waves.Data from that recontact was selectiv
14、ely synched with core data,which consists of over 35,000 data points.FIELDWORK DATESStart:July 18,2022 Finish:July 28,2022AUDIENCE PARAMETERS&DESCRIPTION To ensure we were recontacting only active participants in the virtual goods space(vs interested parties)we screened for early adoptersrespondents
15、 who indicated they owned/had owned a virtual good in the past year.We defined virtual goods as broadly as possible to include:NFT art,in-game virtual goods like avatar skins or wearables,fractional ownership of virtual land,and DAO/community tokens.This list excluded digital entertainment or physic
16、al goods purchased online.We sampled 436 virtual good purchasers located in the US,which can be projected to a universe of 54.6M real-world people based on GWI calculation.7STUDY LIMITATION:THE CONTEXT OF CRYPTO WINTEROur survey fielded at a challenging time for Web3 crypto speculative marketsA decl
17、ine in key crypto prices which decimated value of NFTs tradedas well as the value of metaverse assetsand even relative search interest(ETH:USD)Volume on OpenSeaPrice/Parcel of Virtual LandGoogle TrendsNFTCryptoAvatarWearableSurvey conducted July 18 through July 28,20228Even so,this gloomy backdrop d
18、id little to impact the way the vast majority of survey respondents optimistically ascribed value to virtual goods.Of respondents regard a virtual good as at least as valuable as a physical one.71%20%51%29%A virtual good is more valuable than a physical one.A virtual good is just as valuable as a ph
19、ysical one.A virtual good is less valuable than a physical one.Q:Which of the following statements do you agree with?9Who are our early adopters?Before diving into more nuanced findings from our survey,we wanted to take a look at the totality of the respondent sample to establish commonalities of ea
20、rly adopters of virtual goodsfrom demographics and spend to proficiency and fluency in the Web3 space.*Virtual Goods Owners as Represented by our Study SampleMale65.4%Female34.6%3%Boomers21%Gen Z50%Gen Y26%Gen XTwo-thirds of our sample skewed male and slightly older than gen pop.*10Demographically,e
21、arly adopters diverge from the general population.CONTEXTCompared to the general population,virtual goods early adopters are more likely to skew:1.4xOlder1.5x1.2xEducatedHigher IncomeMore likely to be Gen X or Baby BoomersMore likely to have a college diploma More likely to have at least$115K househ
22、old income 11CONTEXTSOPHISTICATEDKNOWLEDGEABLEINVESTEDAnd,when it comes to virtual goods,theyre likely to allocate sizeable portions of their wealth(and time)to developing a robust portfolio.23%10%Own at least two wallets.Own a cold wallet.61%49%Are familiar with a variety of virtual goods,outside o
23、f gaming environments.Own a variety of virtual goods,outside gaming.38%35%Spend at least 25%of their discretionary income on virtual goods.Have allocated at least$1,000 to their virtual goods portfolio.12A dive into our optimist segmentWe did find similarities among the total early adopter audience.
24、Yet when we double-clicked into this respondent pool,we found marked differences between the 71%majority group that values virtual goods at least as much as physical vs the minority 29%faction that deems them less valuable than physical goods.This demarcation in mindset,savviness,and deep engagement
25、 in the space,in addition to expressed interest and intent despite a sour market,led us to name this majority group“Optimists.”Their bullish attitudes,perceptions,and behaviors are reflected in both their current take and future outlook as revealed in the forthcoming findings.Q:Which of the followin
26、g statements do you agree with?Of respondents regard a virtual good as at least as valuable as a physical one.71%20%51%29%A virtual good is more valuable than a physical one.A virtual good is just as valuable as a physical one.A virtual good is less valuable than a physical one.Optimists are all-in
27、on virtual goods.For them,theres no difference between digital and physical possessions.1314Even in a crypto bear market,these consumersare doubling down on virtual goods purchases61%Of Optimists expect to slightly/significantly increase investment,dialing up confidence in an uncertain economic mark
28、et.Nearly all will make some level of investment.Investment Increase-Next Year35%No change1%Significantly reduce3%Reduce slightly45%Increase slightly 16%Significantly increase Q:To what extent do you plan to increase your investment in virtual goodsin the next year?Please select the option that most
29、 applies.15The metaverse does not equal gaming.In-game items currently comprise 50%of Optimists virtual goods stash.Current Investment Allocation Among OptimistsShare Among Optimists-200204060A virtual good that enables fractional ownership (i.e.,real estate)A virtual good signifying membership in a
30、n interest-based communityA virtual good connected to charitable givingA virtual good that has perks of ownership(products,experiences,voting)A collectible virtual good(i.e.,Doodles,Cryptokitties,Crypto Punks)A virtual good connected to political committees/movements/campaignsIn-game currencyAvatar
31、skins/wearables/skillsQ:Which of the following types of virtual goods have you owned in the past 12 months?Please select all that apply.Q:What types of goods do you think you might prioritize purchasing in the next year?Please select all that apply.16While gaming may be a“gateway,”these consumers an
32、ticipate increasing spend elsewhere,on other types of virtual goods.Next year,Optimists are looking for virtual goods that deliver against financial and social value,such as ownership or community membership.YOY%Planned Investment Change Among Optimists-200204060A virtual good that enables fractiona
33、l ownership (i.e.,real estate)A virtual good signifying membership in an interest-based communityA virtual good connected to charitable givingA virtual good that has perks of ownership(products,experiences,voting)A collectible virtual good(i.e.,Doodles,Cryptokitties,Crypto Punks)A virtual good conne
34、cted to political committees/movements/campaignsIn-game currencyAvatar skins/wearables/skillsPlanned Investment Allocation Among OptimistsQ:Which of the following types of virtual goods have you owned in the past 12 months?Please select all that apply.People buying virtual goods are not Web3 ideolog
35、ical purists.Theyre finding novel ways of creatingfinancial,social,and cultural value.1718When broadly asked about what interests them in Web3,these consumers noted typical philosophical promisesfrom data ownership to interoperability.Q:What most interests you about Web3?0%5%10%15%20%25%Taking back
36、ownership of my dataThe prospect of transferring virtual goods/data seamlessly from one platform to anotherHaving a place built by the people for the people,not big corporationsOther;please specifyShare of Optimist Responses19Yet,its clear the most immediate and promising prospect of Web3 is profit,
37、specifically the ability to monetize virtual goods.0%5%10%15%20%25%Having the ability to monetize my ownership of the virtual goodsThe opportunity for greater ownership of the brands/experiences/platforms I participate onTaking back ownership of my dataThe prospect of transferring virtual goods/data
38、 seamlessly from one platform to anotherHaving a place built by the people for the people,not big corporationsOther;please specifyShare of Optimist ResponsesQ:What most interests you about Web3?20Interestingly,when thinking in a Web3 context theseconsumers express interest in being more than simplyc
39、onsumersand more like partners.Nearly a quarter of Optimists are looking for greater ownership of brands,experiences,and platforms.1 in 4Q:What most interests you about Web3?21Furthermore,while numbers are modest,there are signals that Web3 investing is a“social”act.Consumers are pooling funds to bu
40、y virtual goods with a trusted circle of friendssharing the wealth(and the risk).Q:Are you,or have you ever,pooled with other people to purchase virtutal goods?Q:Why are you part of a group that actively purchases items together?Of Optimists have pooled with others to purchase a virtual good.27%Of t
41、hose that pool funds are more likely to enjoy the social aspect of learning,buying,and crowdsourcing with friends.20%Virtual goods are an accelerator for brand growth,even for unfamiliar brands.2223A vast majority of these consumers are open to traditional brands offering virtual goods.Of Optimists
42、indicate interest in obtaining a virtualgood from a non-Web3 native brand.80%Q:Imagine that each of the following brands were to offer a virtual good.For each brand,what would you most expect that virtual good to enable/do?Please select the option that most closely applies per row.24These consumers
43、want to acquire branded virtual goods that can increase their or their avatars cultural cachet and influence online.Of Optimists are more likely to want brands in the virtual world to make them feel valued when compared to the physical world.26%Of Optimists are more likely to want brands in the virt
44、ual world to help improve their image/reputation when compared to the physical world.18%Optimists Expectations of Brand Role(Physical vs Virtual)Q:Which of these things do you want brands to do?(GWI Core-Physical)Q:Imagine that each of the following brands were to offer a virtual good.For each brand
45、,what would you most expect that virtual good to enable/do?(RZF-Virtual)25Traditional brands experimenting in Web3 are giving things away for free.However,these consumers are willing to pay for a virtual good from a brand they already have a relationship with.ESTABLISHED BRAND RELATIONSHIP1 in 3More
46、 than a third of Optimists are open to paying for a brands virtual goods if they already have a relationship,outpacing expectations to receive the good as a“gift with purchase”or even as a“free”giveaway.Q:Imagine that you have a pre-existing relationship with a non-Web3 brand(i.e.,you have an affini
47、ty for,frequently purchase,and/or belong to a member program for a brand like Starbucks,Levis,Allbirds,etc.).How might that impact your likelihood to obtain a virtual good from that brand?Please select the option that best applies.26Virtual goods strengthen brand loyalty,even if consumersare present
48、ed with a cheaper option.VIRTUAL BRAND RELATIONSHIPOf Optimists are willing to pay more for a brand than a lower-priced competitor if they owned a brands virtual good.This is 2X the rest of respondent sample.17%Q:Which of the following statements best describe how ownership of a virtual good impacts
49、 your likelihood to engage with that brand more broadly?Please select the option that best applies.27Even when not familiar with a brand,when that brand offersa virtual good,these consumers say they will think morepositively and talk to friends.NON-ESTABLISHED BRAND RELATIONSHIPOf Optimists are more
50、 likely to think positively of unfamiliar brands if that brand offers a virtual good.Of Optimists are more likely to talk about brands they dont consume to friends and family.28%21%POSITIVE SENTIMENTTALK VALUEQ:Imagine that you come across a virtual good or experience hosted by a non-Web3 brand(i.e.
51、,Starbucks,Levis,Allbirds)that you do not have a pre-existing relationship with.How might this impact your perspective/likelihood to engage with that brand more generally?Please select the option that best applies.28Virtual goods encourage consideration and purchase behavior,even when these consumer
52、s dont have a previous relationship with a brand.NON-ESTABLISHED BRAND RELATIONSHIPOf Optimists are willing to consider a brand they dont consume if that brand offered a virtual good.Of Optimists are more likely to“try the brand”they dont consume if the brand launched a virtual good.43%37%Q:If a bra
53、nd that I do not buy or frequently consider were to launch a virtual good,that would be enough for me toBRAND CONSIDERATIONPURCHASE LIKELIHOOD29Finally,we were curious what makes Optimists attitudes towards brands unique compared to the rest of the respondent sample.Specifically,we wanted to know ho
54、w they perceive the value of virtual goods differently when it comes to mass and premium brands.HOW OPTIMISTS ARE DIFFERENTVirtual goods have perceived luxury.Perhaps because theyre so unique or novel,people seem more tied tovirtual goods than they are to their physical equivalents.3031When it comes
55、 to non-virtual goods,Optimists buy mass brands for functional reasons and premium or luxury brands for social/emotional reasons.Q:When you opt to shop at/purchase a more mass-market option,which of the following best characterizes your reason for doing so?Please select the option that best applies.
56、Q:When you opt to shop at/purchase a more premium option,which of the following best characterizes your reason for doing so?Please select the option that best applies.Mass Brands IRLPremium Brands IRLTOP REASONS OPTIMISTS ARE MORE LIKEL Y TO BUY.*The brand name quality is just as good as mass market
57、 quality.I feel like I get charged extra for a brand name.Enables me to associate with the types of people I aspire to engage with.Allows me to say something about who I aspire to be.*Data represents likely Optimist response vs rest of sample.32Yet,when it comes to virtual goods,Optimists expect mas
58、s brands to deliver expanded emotional value just like their luxury counterparts.OPTIMISTS ARE MORE LIKEL Y TO EXPECT VIRTUAL GOODS TO.Put ownership of good on display Grant ownership within an exclusive communitySignify proof&authenticity of ownership of brand purchase Give access to exclusive memb
59、ership perks Unlock discounts&rewards 7 ppt5 ppt6 ppt.7 ppt5 pptQ:Imagine that each of the following brands were to offer a virtual good.For each brand,what would you most expect that virtual good to enable/do?Please select the option that most closely applies per row.Percentage Point Difference in
60、Optimist Responses vs Rest of SampleSocial/emotional drivers of valueFunctional driver of value01234567833With luxury virtual goods,Optimists expectbeyond ownership access to an exclusive community.This creates yet another aspirational,emotional territory for premium brands to play in.A premium bran
61、d enables me to associate with the types of people I aspire to engage with.”I expect premium brands offering virtual goods to grant me ownership within an exclusive community.”IRL,social value is a driving force behind premium purchases.And in virtual worlds,these social elements are magnified as co
62、mmunity confers rights as well as access.Q:When you opt to shop at/purchase a more premium option,which of the following best characterizes your reason for doing so?Please select the option that best applies.Q;Imagine that each of the following brands were to offer a virtual good.For each brand,what
63、 would you most expect that virtual good to enable/do?Please select the option that most closely applies per row.Implications for Brands3435TAKEAWAY#1BRAND IMPLICATIONSGaming platforms currently offer the most robust buying experiences.But people are ready and willing to spend their money elsewhere.
64、Though games are capturing most of the popular attention and conversation,theres an emerging opportunity to deliver value in other waysfrom membership to perks of ownership.Even with a looming recession,and supply chain issues affecting physical product manufacturing and availability,theres opportun
65、ity to invest in virtual goods to build relationships and new revenue streams.36TAKEAWAY#2BRAND IMPLICATIONSConsumers are looking for brands to develop virtual goods that enable new ways of creating value.Brands should not develop virtual goods just because of the hype.Rather,marketers must ask how
66、these goods are engaging consumers and inviting them into the brand.What benefits and access does the virtual good offer?How does the virtual good create not just short-term,but long-term value?Social behaviors,including pooled resources to purchase virtual goods,will continue to shift the ways bran
67、ds perceive priority audiences.Novel product streams in this space can enable new ways to build relationships with consumers and enrich first-party data pools.37TAKEAWAY#3BRAND IMPLICATIONSConsumers are keen to reward brands offering virtual goods with a sizeable share of their attention,and both th
68、eir virtual and physical wallets.Virtual goods are an opportunity to grow revenue by extending and expanding products,but also for long-term brand building.Brands that get in early have a unique opportunity to build relationships with consumers who are loyal fans as well as those open to new relatio
69、nships,creating not just new revenue streams,but advocacy.Experimenting,iterating,and evolving with consumers is critical for brands to future proof themselves in a quickly changing space that not only includes traditional but endemic brands.Making physical and virtual experiences seamless is key,so
70、 people can interact with brands where they are,on their terms.38TAKEAWAY#4BRAND IMPLICATIONSWhen it comes to Web3,people are kicking traditional notions of brand value tothe curb.Value is taking on new meaning in the virtual space.Elasticity is greater in the virtual space.For mass brands in partic
71、ular,this signals an opportunity to create new products,experiences,and services.For mass brands,virtual goods offer an opportunity to reach beyond the functional and expected,engaging people on a more emotional level by helping them curate their virtual identity and persona.For premium brands,perce
72、ptions around“social clubs”and community can be a new emotional territory that indicates aspirational luxury.39Questions?Andrea OwensWeb3/Metaverse Capability Client Success L 40ContributersCristina LawrenceKelly SheehanAndrew McKernanKyle FlynnJerry LawrenceLaura WalkerWeb3/Metaverse Capability Group Strategy LeadDirector,Web3/Metaverse Strategy GVP,Content&Consumer Experience StrategyGVP,Brand Strategy SVP,Content&Consumer Experience StrategyVP,Data Strategy&Analytics