Taking the Metaverse Gold at The Drum Awards for Marketing EMEA 2024 is Build the Block: First Ever Reality Show in the Metaverse from Tommy and Binance. Here’s an in-depth look at the award-winning case study.
Over the past decade, the metaverse has transformed from a science fiction concept into a dynamic global network, fostering a passionate community eager to innovate. Binance, the world’s largest crypto exchange, has long sought to drive industry innovation but struggled to make a significant impact with previous initiatives. Recognizing the need for a cultural shift, Binance aimed to empower the ambitious metaverse community to build a lasting future for the web3 space.
Metaverse natives are tech-savvy, risk-taking visionaries. Binance identified key behaviors and interests to engage this community effectively:
- Meeting in the metaverse: Reaching people within the metaverse rather than expecting them to come to Binance.
- Community driven: Involving as many individuals as possible for mass engagement.
- Identity individuality: Celebrating self-expression in the metaverse.
- Accountability: Encouraging analysis and research.
- Risk takers: Providing opportunities for calculated risks.
Strategy
Binance decided to create a captivating reality show, Build the Block, filmed in a bespoke virtual studio in the metaverse. The show featured 12 web3 start-ups competing in a pitch-style format for a $2 million investment. Judges, audience members, and competitors included top players in the web3 space, making the show a high-stakes, engaging event.
Execution
Hosted by Justin Bratton, known for Asia’s Got Talent, the show aired from a custom-built virtual studio. Each episode featured live virtual studio audiences and influential figures voting in real-time. The competing startups ascended virtual blocks based on votes, culminating at the judges’ table for intense scrutiny.
The show spanned seven weeks, with 20-minute episodes airing on Monday nights at 6 pm, ensuring consistent engagement from the audience. This format allowed viewers to analyze business plans, post theories in forums, and interact with entrepreneurs on social media.
Results
Build the Block received overwhelming participation and viewership:
- 900 startups applied to participate.
- Streamed to 44 countries, amassing 370 million views on Live and YouTube channels.
- The trailer alone garnered 1.6 million views, more than twice the views of Netflix’s biggest release at the time, The Witcher.
A production team of 300 people across England, Singapore, Dubai, the United States, and China ensured seamless weekly shows. Build the Block has set the stage for an annual global event, positioning Binance at the forefront of web3 innovation and entrepreneurship.
Build the Block has revolutionized the cultural landscape for entrepreneurs in the metaverse, demonstrating the power of community-driven innovation. Binance’s strategic shift to create an engaging, high-stakes reality show has not only captivated the web3 community but also established a new standard for metaverse content.
