As the saying goes, “The darkest tunnels have the brightest lamps,” new technologies often find themselves at some dark points, only to be later rescued by a bright application that brings a revolution. Likewise, for the Web3 world that has been treading into newer domains, metaverse platforms proved to be the bright spots that could help us focus on the future. The metaverse for brands, for example, has gained its position in the Web3 space using their current real-world popularity. Such businesses could be the ideal foil to build the future lifestyle revolving mostly around Web3 while not forgetting what actually exists.
Where Does the Metaverse for Brands Stand Today?
Brands in the metaverse have increased in number following the emergence of non-fungible tokens (NFTs) in a home-staying pandemic-ridden world. The 2021 NFT boom not only redefined the scope for NFTs in the real world but also changed the perspectives of real-world ventures in the virtual realm.
Today, many brands, startups, and individuals alike have established their places in the metaverse realm through their ventures. These businesses have yielded money and reputation, making them gain benefits sooner than they would have done so in the real world. The growth of metaverse VR and AR-based devices also fuels such business ideas.
Prominent Reasons Brands Invest in the Metaverse
As far as metaverse platforms are concerned, multiple real-world brands have invested heaps of money in them, not as a gamble, but as part of basic business strategies. While the NFT boom was a driving factor for brands to expand to virtuality, it does not stand as a major reason.
One factor dictating brands’ decisions to adopt Web3 worlds is their future scope, where these environments would be valuable additions to the internet. Also, these platforms’ “never-offline” nature makes brands reach global audiences without the legal and business hardships associated with expanding to new markets encountered under normal circumstances.
Famous Brands Stepping Foot on the Metaverse
- The global apparel brand Nike has stepped into the metaverse by acquiring RTFKT, a virtual shoe NFT brand, and a virtual platform, “Nikeland,” on Roblox.
- The fashion brand Dolce & Gabbana revealed NFT wearables in the Decentraland Fashion Week during March 23-27, 2022, and a marketplace, “DGFamily,” has been launched recently.
- Samsung launched its store on the Decentraland metaverse platform in January 2022, modeled after its physical outlet located at 837 Washington Street, New York City.
- Gucci opened “The Vault” on The Sandbox metaverse, where it runs an NFT marketplace selling limited edition NFT collections, such as the Superplastic collaboration collection.
Involvement of Brands in the Staggering Growth of Metaverse Real Estate
The growth of metaverse real estate in the last 2-3 years has been staggering, given that the real-world real estate industry was shunted due to the pandemic-induced lockdowns. While restrictions hurt socializing physically, they created opportunities for metaverse platforms.
Applications such as Decentraland and The Sandbox became prime spots for virtual socializing as people grew fond of flaunting their NFT avatars to the world. The realization of untapped business scope among individuals and brands resulted in more than US$2 billion spent on metaverse real estate. These land parcels, most say, can be useful in the future Web3 landscape.
But, What About the “No Restrictions” Nature of the Web3 World?
From what we have seen so far, if you feel that the metaverse for brands might just be possible for the big-time ventures, you might be wrong. Web3’s notion of “Access to All” stays true for metaverses too, and individuals and startups can have a place in these worlds quite easily.
While current virtual land prices might be a constraint, promising metaverse applications come up often, and underrated platforms such as CryptoVoxels exist, where costs are relatively low. Artists and edtech startups have used such platforms as their business hubs, hoping they will soon become part of the mainstream metaverse revolution.
The Importance of Metaverses for Any Business
- Profits from digital products offer new income streams for a business owner, and utilizing metaverses could be ideal for catering to the new generation of consumers.
- Offering better user experiences will be key for ventures to retain their customer base, and virtual world platforms can be perfect venues for innovative experiments.
- International reach will become easier for brands as metaverse worlds can be accessed by anyone with a Web3 wallet, irrespective of geographic and economic constraints.
- Better employee collaboration can be achieved using Web3 virtual work environments that boost productivity and profits for companies as a new-generation workforce takes precedence at workspaces.
- Improved product development can be witnessed as the process is virtually performed before bringing the product to life, saving valuable resources spent on physical prototyping.
- Improved marketing campaigns can be seen among brands using metaverses as promotions move from 2D screens to 3D environments that offer more leeway for consumers.
The Metaverse in 2030: An Impulsive Imagination
As far as metaverses in 2030 are concerned, they will occupy the position of the current social media platforms; that is, they have an increased role in influencing people, albeit in a non-disruptive manner. More brands will adopt the model as Web3 becomes prevalent among the growing Gen-Z and millennial population.
Even statistics reflect the same as the metaverse industry is expected to be valued at nearly US$680 billion in 2030. All facets of metaverse technology – components, platform, and technology – are projected to grow faster than the internet grew. The population’s dissatisfaction with Web2 technology further elevates the growth factor.
Some Valuable Final Insights
The increase in the number of ventures switching to utilize an exclusive metaverse for brands has been the highest at the moment, despite the underwhelming circumstances the crypto world experiences. Yet, you can reap benefits from metaverse technology if you are a business owner of any scale.
Blockchain App Factory, a pioneer in metaverse development, can assist you in bringing a changeover to your business to suit the Web3 world’s requirements. With advanced tech stacks, client-centric stances, and work-centric development, creating a metaverse image for ventures has become easy for our experts.
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