Virtual Goods. How It Can Be A Goldmine Yet Increase Trust And Brand Awareness

When Nike went into the Virtual goods arena people chuckled. But within 5 months Nike gathered 6.7 million people to its virtual store (Nikeland) on Roblox. Then, according to Cryptonomist:

"To attract more visitors, during NBA All-Star Week, Nike reportedly invited LeBron James. The NBA star trained and engaged with players in Nikeland, and participants were rewarded for physical play with the chance to unlock virtual products".

And it is small items, intangible items like clothing, swords, upgrades, virtual currency, helping  NPCs all the way to virtual experiences and concerts that are paving the way for brands, fans, and small one person businesses to pop up and to make a lot of money.

How much for virtual goods?

The global virtual goods market is projected to reach staggering figures, with estimates surpassing $300 billion by 2025.

One of the primary drivers of revenue in the virtual goods market is the gaming industry. In-game purchases, such as cosmetic items, character enhancements, and virtual currencies, have become a staple for many popular games. This "freemium" model, where the initial game is free to play but additional virtual goods are available for purchase, has proven to be a lucrative strategy for game developers.

Remember these games?

• Farmville- made $232 million in the year that it came out
• Angry Birds? $500 million since its inception
• PUBG- 100 million players
• Minecraft- 95 million players
• Call Of Duty Mobile- 15 million players
• Poekmon (video game)- $88 billion
• Call Of Duty- $31 billion
• Candy Crush- $20 billion

Most of those games are free. Fortnite? $9 billion. It also has live events where people tune in to watch the end of one season and the start of another season of Fortnite. One of the largest crowds was 15.9 people consecutively watching.

To put this into comparison, where people have said something is a hit if it plays there, or watched by people:

• Maddison Square Gardens US: 19,500 capacity
• Narendra Modi Stadium in India: 132,000
• Michael Jackson talks to Oprah- 63 million

Online virtual goods and experiences are booming and it is only trending up. And the side industries are also booming, including Twitch and Youtube videos- making some creators a good sum of money :) Including:

• VanossGaming: 23.9 million subscribers (roughly $15k- 250k/month)
  
• Markiplier: 30 million subscribers ($100- 150k/month)
  
• Jacksepticeye: 30.5 million subscribers (50k/month)
• PewDiePie- $40 million per year
  
• Ninja- $25 million/ year

It is also user engagement:

• In 2021, Facebook's parent company, Meta, reported that their virtual reality social platform, Horizon Workrooms, saw a significant uptick in user engagement, with users spending real money on virtual goods to enhance their virtual meeting experiences.
• In 2020, luxury fashion brand Gucci collaborated with popular gaming platform Roblox to release a limited edition virtual accessory for players to purchase and showcase in the game

Here you will find how-tos and articles about everything selling virtual goods

At the core of the virtual goods phenomenon is the concept of enhanced user engagement. Users are drawn to the idea of personalizing their digital experiences, whether in a game, social media platform, or virtual reality environment. Virtual goods provide a means for users to express themselves, stand out, and differentiate their online presence.

In gaming, the appeal of virtual goods goes beyond aesthetics; it often influences gameplay and progression. Players are willing to invest in virtual items that offer a competitive edge, showcase their achievements, or simply enhance the overall gaming experience.

Here's how to sell eProducts with virtual goods:

Roblox and avatars

What is Roblox?

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