Monday, May 27, 2024

Coins.ph turning to VR to build new products with brands, influencers

Enterprises across a wide variety of industries have great hopes for the potential of augmented reality (AR) and virtual reality (VR), with the market size projected to reach $451.5 billion by 2030.

Coins.ph country manager Eprom Galang

This growth, significantly attributable to applications for the healthcare sector, has already breached a market revenue of $20 billion in 2021.

At home, fintech and crypto wallet company Coins.ph aims to leverage the metaverse space through content creation produced by influencers using VR technology.

Since VR-powered digital marketing is still in its infancy in the Philippines, Coins.ph country manager Eprom Galang said that the firm will primarily tap influencers and content creators who are showing interest in expanding to the VR space instead of already established VR influencers.

“It’s mostly influencers who want to explore what they can do with VR, but more importantly, other brands and what they want to do inside the metaverse,” he clarified in an exclusive interview with Newsbytes.PH.

Galang believes that there is currently little appeal for VR content in the Philippines even though neighboring countries in Asia as well as the United States are already growing in this space.

Despite the slow adoption for VR and metaverse, he says that the large community of social media users in the Philippines will eventually transition into active users of the metaverse.

To support the upcoming swell of interest for VR content, the company recently brought to local shores a VR studio from Singapore and showcased its features via a 3D representation of a Bored Ape non-fungible token (NFT).

Beyond being used by its partner influencers here in the country, the VR setup will also enable partner brands to create their own spin in VR content they want to produce, usually by uploading their own brand’s 3D avatar.

“We want to start small, we want to see what it can do in the Philippines. The goal is really to see what are the possibilities. We’re talking to a few influencers now on how they want to use it,” he said.

While YouTube remains to be the primary preferred platform for VR content, Galang shared that Coins.ph will be targeting to bring VR content to TikTok — a short-form video sharing platform which has shown rapid growth in local shores.

Galang admitted that this campaign is the first foray of Coins.ph in first person influencer marketing. Beyond marketing use cases, Coins.ph will be taling advantage of its new VR technology to build new products within the metaverse.

“One of our expectations is for more brands to be more receptive to this as we are also talking to some brands in exploring what we can do in the metaverse with them. It’s basically a tool that comes adjacent with the applications that we’re building,” he concluded.

As of the time of writing, Coins.ph has already posted a video using a Bored Ape NFT in its official TikTok page, depicting G-D preparing for the bull market during the “crypto winter.”

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