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Like consumers, billion-dollar companies are taking the metaverse by storm show Increased interest in virtual, interactive, 3D experiences conducted online.
While the “metaverse” is still a new concept, research firm Strategy Analytics established By 2026, the global Metaverse market is expected to reach nearly $42 billion.This is likely to be the case as both Nike and Walmart has begun exploring consumer experience in a virtual world surroundings.
NFT utility for brands launched in the Metaverse
To understand how and why brands are leveraging Metaverse, it is critical to point out the role that NFTs or non-fungible tokens play in these ecosystems.Despite the influx of NFTs in 2021, the rise of Metaverse is expected to Emphasize the importance of the utility behind NFTs.
Adrian Baschuk, founding partner of Ethernity Chain, an authenticated and permissioned NFT platform, told Cointelegraph that every brand, company and well-known person will eventually have Metaverse and NFT integrations:
“This is the ‘Myspace Age’ for the NFT-metaverse interaction layer. Just as every company and individual adopts some form of social media, so does NFTs and the metaverse.”
With this in mind, Baschuk shared that Ethernity recently brought its IP to The Sandbox, a blockchain-based Metaverse ecosystem. Specifically, Ethernity has secured an ideal piece of land in The Sandbox to host a gallery and fully licensed NFT store. Baschuk explained that this will allow The Sandbox users to purchase Ethernity NFT wearables and collectibles.
According to Baschuk, these wearable NFTs include athlete jerseys that will be used to dress and provide special abilities for The Sandbox avatars. “The Zeke and Dak of the Dallas Cowboys will start with this, as the player’s wearable jersey and shoulder pads will enhance the user’s avatar skills and strength,” he said.
While this specific example may appeal to the sandbox gaming community, the concept behind it is generic to brands entering Metaverse. For example, Baschuk explained that NFTs in virtual ecosystems allow companies to monetize assets through a blockchain network, thereby enhancing consumer and fan interaction.
From this perspective, consumer electronics giant Samsung recently announced that it will have a A virtual replica of its physical store in New York Located within Decentraland, another leading Metaverse ecosystem. The store called “Samsung 837X shop” will be open in Decentraland for a limited time.
A Samsung spokesperson told Cointelegraph that branding the Samsung 837X as a virtual world will offer consumers endless possibilities to connect with Samsung and its products in an immersive way:
“In our virtual world, the brand pillars of sustainability, customization and connectivity will come to life in experiences that showcase cutting-edge technology embedded in Samsung’s product range. This virtual hub will be our community’s celebration of technology, art, culture , where fashion and music come together.”
The Samsung spokesperson further mentioned that Decentraland provides a platform specifically for the company to enable a true Web3 virtual world experience. They point out that the Samsung community wants the Metaverse store to offer interactive quests that allow participants to earn wearables like NFT badges, or a chance to win exclusive Samsung-branded apparel for avatars.
Overall, Samsung explained that its 837X store will be the foundation of the future and will provide visitors with significant utility. In turn, the company is looking at how the badges earned through the 837X can provide access and utility for future activities and experiences in its virtual space. “In the future, we want everyone who visits our world to enhance their online experience in the virtual world and their real experience with Samsung products,” a Samsung spokesperson commented.
While Samsung was one of the first major brands to open a virtual store in Decentraland this year, other organizations are following suit.Recently, Tennis Australia, the organisers of the Australian Open (AO), Decentraland hosts AO in the Metaverse. This virtual environment contains key areas of Melbourne Park, including Rod Laver Arena and Grand Slam Park. AO Decentraland 2022 will take place from January 17th to 30th, reflecting a real-life tournament schedule.
Ridley Plummer, head of the NFT and Metaverse program at Tennis Australia, told Cointelegraph that expanding the event to the Metaverse was a natural progression. The same is true due to border closures brought on by the COVID-19 pandemic, Plummer shared, making it more difficult for fans to attend events in person:
“We can only have a certain number of people in the area and the arena, so we’re taking AO to the world by allowing fans to participate in a virtual interactive experience on Decentraland. This will give users a closer look at what’s going on in Melbourne Park by giving users a closer look perspective, enhancing the TV viewing experience for our fans at home.”
Plummer elaborated that AO’s metaverse environment features an entertainment center where fans can watch replays of tennis matches, as well as historical footage from past tournaments. He noted that fans will be able to see behind-the-scenes footage on the final weekend of the event, which will be shown to players during practice sessions and more.
Plummer added that users on Decentraland can walk around Melbourne Park with their avatars, collect wearables and play virtual games to earn NFTs. “We can add some projects and brands to Decentraland to enhance the experience for our partners, as well as from a gaming monetization perspective. We do a bunch of gamification within Decentraland.”
A blockchain-based metaverse offers more, but will the mainstream catch on?
Equally important, given the unique experiences NFTs can offer consumers and fans Emphasize The benefits offered by the blockchain-based Metaverse ecosystem. For example, while many brands have begun to attract users through a connected environment, blockchain networks enable digital asset ownership while demonstrating the true power of Web3.
Elaborating on this, Adam De Cata, Head of Partnerships at Decentraland, told Cointelegraph that the difference between blockchain-based and non-blockchain metaverses is interoperability:
“When it comes to interoperability and what that means for blockchain users, it can offer countless utilities and benefits. You can buy, trade and sell your digital clothing and receive those funds through crypto (if needed) , which can be converted to fiat currency). As a creator, you also earn a tracking commission on wearables sales.”
De Cata added that open-source platforms like Decentraland further allow users to connect their digital wallets to the platform to access specific builds and scenarios that may be unique to specific NFTs they already own: “We are still in the early days of our exploration, it It’s exciting to think about the future of Web3.”
Regarding interoperability, Sebastien Borget, co-founder of The Sandbox, told Cointelegraph that Metaverse could enable a digital economy, noting that a true virtual ecosystem should allow avatars to be used on various platforms: “Metaverse means that your avatar can Functioning in countless virtual worlds with the same identity. This is only possible through blockchain technology, giving users control over their identity, data and currency.”
Borget further noted that virtual worlds have existed for over 20 years, adding that many of the current metaverses are just centralized platforms:
“The value that a centralized platform brings through its creation or existence is locked in the platform, and worse, is primarily captured by the platform, not returned to the user. To me, there is only one technology that supports this digital economy and With the sovereignty of users, the true potential of Metaverse will happen.”
However, while a blockchain-based metaverse environment can provide more services to companies and their users, the question remains whether the concept will catch on. De Cata said he is optimistic about mainstream adoption, noting that Decentraland has seen an almost equal number of users of visitor wallets and existing digital wallets using the platform. He shared that he was looking forward to feedback from the AO event. “I’d love to see what happens during the AO process in Decentraland. There’s just enough market research to find out the retention rate and user experience of an event like AO, and whether those users are crypto-native.”
It’s also worth noting that Samsung says the company has received an overwhelmingly positive response from visitors to the Samsung 837X. “Based on the responses we’ve received, we’re seeing both experienced users and new explorers taking part in the Samsung 837X. It’s very exciting for us.”
Will Metaverse Experiences Replace Real Life?
The Metaverse experience may be the next big innovation for brands and users, but some may wonder if virtual environments will completely replace real-life experiences. After all, this is most likely due to the advanced features available in the blockchain-based Metaverse environment.
For example, while NFT utilities have been implemented through the Metaverse, the multi-trillion dollar e-commerce industry is being disrupted as a whole. To see the scope of this, Justin Bannon, co-founder of Boson Protocol, a decentralized business protocol, told Cointelegraph that brands are ultimately looking for business opportunities. “The whole point of Metaverse is that it’s programmable and playable, so it’s fully functional for a new wave of commerce.”
In turn, Banon explained, Boson Protocol has purchased the largest piece of land in Decentraland to host virtual stores that allow NFT wearables to be purchased and then redeemed for physical goods online or in stores. For example, Boson Protocol recently partnered with digital fashion apparel retailer DressX to launch a virtual store that allows the company to sell users in virtual worlds items that can be redeemed for physical versions. “We have a growing need for Web3 capabilities, such as ‘digital-physical’ products. There is no longer a need for normal e-commerce,” he said.
While that may be the case, De Cata commented that the time spent in the Metaverse depends on the individual user:
“Metaverse events will be complemented by real life events and experiences. We are already seeing a mix of the two. Social content is key to the digital age we live in. My conclusion from the technology adoption curve – early adopters may Will spend more and more time in the metaverse, and later most people will have less time.
Although it is difficult to predict the future development trend of Metaverse, industry experts still believe that all brands will eventually adopt the Metaverse model. Borget commented that he expects this trend to accelerate as brands find new ways to digitally interact with their users. “It makes sense for brands to give more value directly to users than to spend on advertising,” he said. De Cata added that while the “metaverse” is a hot topic, he sees these virtual worlds as just an extension of social media platforms:
“Metaverse allows us to connect with like-minded people in a way that we currently can’t get by swiping up and down in mobile apps. Interoperability is key for the crypto community. For non-crypto users entering these environments , obviously they like these environments more than YouTube now.”
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