As consumers have, $ 1 billion companies are sweeping the Metaverse It is shown There is growing interest in virtual, interactive 3D experiences that take place online.
“Metaverse” is still a new concept, but research firm Strategy Analytics found The global Metaverse market is projected to reach nearly $ 42 billion by 2026.This is Nike Wal-Mart has launched a survey of consumer experiences in the Metaverse environment.
NFT utility for brands launched in Metaverse
To understand how and why brands leverage the Metaverse, it is important to point out the role that NFTs or non-fungible tokens play within these ecosystems. The influx of NFTs was seen in 2021, but the rise of the Metaverse is predicted as follows. Emphasize the importance of the utility behind NFTs..
Adrian Baschuk, founding partner of Ethernity Chain, a certified and licensed NFT platform, told Cointelegraph that all brands, businesses and celebrities will eventually integrate Metaverse and NFT.
“This is” Myspace Day “in the NFT Metaverse Interactivity Layer. This is true for NFTs and the Metaverse, just as all businesses and individuals are adopting some form of social media. ”
With this in mind, Baschuk shared that Ethernity recently brought its IP to The Sandbox, a blockchain-based metaverse ecosystem. Specifically, Ethernity has acquired the desired land in a sandbox to host a gallery and a fully licensed NFT store. Baschuk explained that this will allow Sandbox users to purchase Ethernity NFT wearables and collectibles.
According to Baschuk, these wearable NFTs include athlete jerseys used to give extra power to and dress sandbox avatars. “The Dallas Cowboys Sieg and Duck start this because the player’s wearable jersey and shoulder pads enhance the skill and power of the user’s avatar,” he said.
This particular example may appeal to the sandbox gaming community, but the concept behind it is universal for brands entering the Metaverse. For example, Baschuk explained that NFTs within the virtual ecosystem will allow businesses to monetize their assets across the blockchain network, improving consumer-fan interactivity.
To see this, Samsung, a major consumer electronics company, recently Virtual replica of a physical store in New York It is located within Decentraland, another major metaverse ecosystem. Known as the “Samsung 837X Shop,” this store is accessible for a limited time at Decentraland.
A Samsung spokeswoman told Cointelegraph that establishing the Samsung 837X as a Metaverse brand offers endless possibilities for consumers to connect with Samsung and its products in an immersive way.
“In our Metaverse, the pillars of the brand of sustainability, customization and connectivity are realized with an experience that introduces cutting-edge technology built into Samsung family products. This virtual hub enables us. Community will be a place to celebrate the fusion of technology, art, culture, fashion and music. “
A Samsung spokesperson further said that Decentraland specifically provided the company with a platform that enables a true Web3 metaverse experience. They said the Samsung community wants a Metaverse store with interactive quests that allow participants to win wearables such as NFT badges and Samsung-branded clothing specifically for avatars.
Overall, Samsung explained that the 837X store will serve as the foundation for the future and provide great usefulness to visitors. Next, the company is looking at how the badges it earns on the 837X will provide access and utilities to future events and experiences in virtual space. “In the future, we hope that everyone visiting our world will be able to improve the online experience at Metaverse and the hands-on experience of Samsung products,” a Samsung spokeswoman said. Commented.
Samsung was one of the first major brands to launch a virtual store in Decentraland this year, followed by other organizations. Recently, Tennis Australia, the organizer of the Australian Open (AO), Decentraland hosting AO in the Metaverse.. This virtual environment includes the major areas of Melbourne Park, including Rod Laver Arena and Grand Slam Park. AO Decentraland 2022 will be held January 17-30, reflecting the actual tournament schedule.
Ridley Plummer, leader of the Metaverse project at Tennis Australia NFT, told Cointelegraph that it’s natural for the event to extend to the Metaverse. Plummer shared that this was also the case due to the border closure caused by the COVID-19 pandemic, making it more difficult for fans to attend the event directly.
“Since there are only a certain number of people in this area and arena, we are bringing AO to the world by allowing fans to participate in virtual interactive experiences at Decentraland. What in Melbourne Park? It will give you a more sneak peek at what’s happening and improve your fan’s viewing experience at home from your TV. “
Plummer elaborated on AO’s Metaverse environment with an entertainment hub that allows fans to watch replays of tennis matches, along with historical footage of past tournaments. He said that on the last weekend of the event, fans will have access to behind-the-scenes footage that will be displayed to players, such as during practice sessions.
Plummer added that Decentraland users can roam Melbourne Park with their avatars, collect wearables, play virtual games and earn NFTs. “There are items and branding that can be added within Decentraland to enhance the partner’s experience from a play-to-ear perspective. There is a set of gamifications within Decentraland.”
The blockchain-based metaverse offers more, but will the mainstream catch up?
Given the unique experience that NFTs can bring to consumers and fans highlight Benefits provided by the blockchain-based Metaverse ecosystem. For example, while many brands are beginning to attract users through connected environments, blockchain networks enable ownership of digital assets while demonstrating the true power of Web3.
To elaborate on this, Adam De Cata, Head of Partnership at Decentraland, told Cointelegraph that the difference between the blockchain-based metaverse and the non-blockchain metaverse is interoperability.
“When it comes to interoperability and what this means for blockchain users, we can offer a myriad of utilities and benefits. You buy your digital garments, trade them and sell them, You can receive these funds via crypto (you can send them to fiat money if you want). As a creator, you can also receive trailing commissions for wearable sales. “
De Cata added that open source platforms like Decentral will allow users to connect their digital wallets to the platform and access specific builds and scenes dedicated to specific NFTs they already own. It’s exciting to think about the possibilities of moving forward with Web3. “
In terms of interoperability, The Sandbox co-founder Sebastien Borget told Cointelegraph that Metaverse will enable the digital economy, and that a true virtual ecosystem needs to make Avatar available on a variety of platforms. Said. Your avatar can function in a myriad of virtual worlds with the same identity. This is only possible with blockchain technology that allows users to manage their identities, data and currencies. ”
Borget further stated that virtual worlds have existed for over 20 years, adding that many of today’s metaverses are just centralized platforms.
“The value that a centralized platform brings by creating or existing is fixed to the platform, and worse, it’s mostly captured by the platform rather than returning to the user. To me, the true Metaverse. The possibilities can only occur if there are technologies that support this digital economy and user sovereignty. ”
While the blockchain-based metaverse environment can offer more to both the enterprise and its users, the question remains whether this concept will catch up with the mainstream. De Cata said he was optimistic about mainstream adoption, and Decentraland saw about the same number of guest wallets, noting that users of existing digital wallets are using the platform. He shared that he was looking forward to the feedback from the AO event. “I want to see what happens in the process of AO in Decentraland. Enough to find out the retention rate and user experience of events like AO, and whether these users are crypto native. There is market research. “
It’s also worth noting that Samsung shared an overwhelmingly positive response from visitors coming to Samsung 837X. “Based on the answers we received, we saw participation from both experienced users and new explorers in the Samsung 837X. For us, it’s very exciting.”
Will the Metaverse Experience Replace Real Life?
The Metaverse experience can be the next big innovation for brands and users, but you may be wondering if the virtual environment will completely replace the real experience. After all, this can be very well true due to the advanced features provided within the blockchain-based Metaverse environment.
For example, NFT utilities were made possible through the Metaverse, but the $ 1 trillion e-commerce sector is totally confused. To understand this scope, Justin Banon, co-founder of the distributed commerce protocol Boson Protocol, told Cointelegraph that brands are ultimately looking for commerce opportunities. “The point of the Metaverse is to provide full functionality for the new wave of commerce because it is programmable and gameable.”
Next, Banon explains that Boson Protocol is hosting a virtual shop where you can buy one of the largest lands in Decentraland, buy NFT wearables, and redeem physical items online or in stores. did. For example, the Boson Protocol recently launched a virtual store with DressX, a retailer of digital fashion clothing, to sell items to Metaverse users who can redeem a physical version. “There is a growing demand for Web3 features such as” digital physics “products. There is no longer any demand for vanilla e-commerce, “he said.
This may be the case, but De Cata commented that the time spent in the Metaverse depends on the individual user.
“Metaverse events complement real-life events and experiences. We’re already looking at a blend of both. Social content is the key to the digital age we live in. I’m adopting technology. Derived from the curve. Early adopters may spend more and more time on the Metaverse, but the majority of the later are less. ”
It is difficult to predict the future traction of the Metaverse, but industry experts are confident that all brands will eventually adopt the Metaverse model. Borget commented that he expects this trend to accelerate as brands are looking for new ways to interact digitally with their users. “It makes sense for brands to return more value directly to their users rather than spending on advertising,” he said. De Cata added that while “Metaverse” is a trending topic, he believes that these virtual worlds are just an extension of the social media platform.
“With the Metaverse, we can connect with like-minded individuals in ways that aren’t currently available by swiping up and down in mobile apps. Interoperability is key to the crypto community. For these environments. For non-cryptographic users entering, it’s clear that they are now enjoying them more than YouTube. ”
