The term “Metaverse” can have several meanings depending on who you ask. Some consider it a technical ramble that’s hard to understand conceptually, while others consider it a virtual reality experience in a continuous setting. But for many, especially the digitally powerful, this is the future they imagine.
Simply put, the Metaverse is the total of all possible online activities a person may engage in. A “player” who is connected to the internet will have their content dynamically updated, their social connections updated in real-time, and their ability to make money from their activity actively monetized. Additionally, the Metaverse is a living multiverse. The system supports both real-time and turn-based applications, as well as asynchronous and synchronous technologies.
Multi-disciplinary games and virtual world development are another “multi” in the Metaverse. This calls for an array of expertise, including but not limited to game design, cognitive science, behavioral economics, software engineering, predictive analysis, animations, storyboarding, and metaverse marketing. All of these abilities are essential in today’s “Creator Era.”
My name is Almira Lopez; I act like a CMO and think like a boss. I’m a Metaverse marketing strategist, and this is the best place for you to learn about Metaverse and how to market it all. So if that sounds good to you, you’re excited?
So, let’s get started!
New Shopping Experience
The ability to do virtual shopping is one of the most exciting developments that could happen in the Metaverse. This is why numerous apparel corporations are exploring ways to contribute to Metaverse’s drive to deliver richer, more interactive, and more timely experiences.
Metaverse and Metaverse shopping may use AI technology to keep tabs on a user’s behavior, shopping habits, preferences, and demographic profile to provide more relevant, personalized recommendations and increase sales.
Online shopping, which is not limited by time or location, will make everything available.
Customers can shop virtually, try on clothes in a 3D fitting room, and get a full 360-degree view of how various garments look on a model.
Consumers can experience the thrill of test-driving a brand-new car, get customized beauty recommendations, and virtually try on various accessories and cosmetics before making a purchase.
Facts and Statics for Metaverse Shopping
- Grand View Research predicts that by 2027, the global virtual reality market will be worth $62.1 billion thanks to rising demand from the gaming, entertainment, and e-commerce sectors.
- The NFT market’s growth, including digital artwork and other virtual assets, has been meteoric in recent years. NonFungible.com estimates that in the first half of 2021, the NFT market transacted over $20 billion in value.
- Decentraland has become one of the most popular virtual worlds for buying and selling virtual property in recent years. More than 5 million users visited Decentraland in 2021, and more than 40,000 unique active wallets were a part of the virtual community.
- Since its 2019 release, the Sandbox, another popular virtual world for buying and selling virtual items, has seen over 1.3 million NFT sales, with a total trading volume of over $100 million.
- DappRadar reports that in August 2021 alone, the leading NFT marketplace, OpenSea, saw a trading volume of more than $5 billion.
- The popularity of the blockchain-based game Axie Infinity, in which players collect and fight creatures known as Axies, has skyrocketed in recent months. As of August 2021, the game brought in over $1 billion per day for its players and boasted over 3 million DAUs.
Also Read: Is Apple Building a Metaverse?
Top 10 Metaverse Shopping Apps and Websites
1. Nifty Gateway
Nifty Gateway is a decentralized online gallery shop built on the blockchain. Exclusive digital works by renowned artists are available here in strictly limited editions. Since its 2018 debut, Nifty Gateway has racked up over $200 million in sales. Many online exchanges now allow buyers and sellers to trade non-fungible tokens (NFTs). Nifty Gateway, founded in 2018 by brothers Duncan and Griffin Cock Foster to make NFTs “accessible to everyone,” is one such option. Later in 2019, Gemini purchased it, a cryptocurrency exchange founded by Tyler and Cameron Winklevoss. NFT marketplace Nifty Gateway, like SuperRare, is well-known for focusing on rare and expensive digital artwork and carefully curated collections. The platform frequently features limited-edition collections from renowned designers and artists like Beeple, Daniel Arsham, and Pak, among many others.
SuperRare debuted in 2018 as a marketplace for aspiring digital artists and collectors of fine art using non-fungible tokens (NFTs). SuperRare, in contrast to rivals like Rarible and OpenSea, takes great pride in the fact that it is extremely selective about who is allowed to mint NFTs on its site and thus guarantees that each NFT is truly unique. Although fewer NFTs are available on SuperRare, you can rest assured that the ones present have passed a quality check. With its 2018 debut, SuperRare has already raked up over $140 million in sales.
Also Read: Is Google Building a Metaverse?
3. Decentraland Marketplace
You can buy and sell goods in the official Decentraland virtual world market, the Decentraland Marketplace. Users have the option to buy and sell virtual properties and interests. Since its debut in 2020, the marketplace has seen over 1.5 million transactions.
4. Somnium Space
In Somnium Space, users can trade and sell virtual goods like houses, cars, and clothes. Since its 2018 debut, the platform has facilitated the sale of virtual properties worth more than $10 million.
5. The Sandbox
In the Sandbox, users can make games, interact with others’ games, and trade or sell virtual goods like avatar clothing and accessories. Over 200,000 digital plots of land have been sold through the platform, boasting more than 166,000 active users every month.
OpenSea is a marketplace for all digital goods, including those used in different MMOGs. Since its 2017 debut, the platform has generated more than $2.4 billion in revenue.
In crypto, digital artwork, virtual real estate, and other NFTs can be bought and sold on Rarible, a decentralized exchange. Since its 2020 inception, the platform has generated over $300,000,000 in sales.
8. Axie Infinity Marketplace
To collect and battle creatures known as Axies, players engage in Axie Infinity Marketplace, a blockchain-based game. At the market, users can exchange Axies for other in-game currencies. Since its 2018 debut, the platform has generated more than $1 billion in sales.
9. Gala Games Marketplace
Gala Games is a decentralized online gaming platform built on the blockchain. Players of Gala Games Marketplace, as well as those of other virtual worlds, can take advantage of the market to buy and sell virtual goods. More than 250,000 people are already a part of the community on the website.
10. CryptoKitties Marketplace
You can breed and take care of digital cats in CryptoKitties, a game built on the blockchain. Players can trade and sell CryptoKitties and other virtual goods in the market. Since the site went live in 2017, it has generated over $40 million in revenue.
Also Read: How to Start a Company or Business in Metaverse
Brands Leveraging Metaverse and Metaverse Shopping
Creating emotionally compelling retail experiences is becoming increasingly important for brands in today’s digital world. This technique is used in the Metaverse and in metaverse shopping to make a virtual environment feel as real as possible by manipulating visual and auditory cues.
It also requires ingenuity in designing for the senses of taste, touch, and feel in the virtual marketplace. This may seem daunting at first, but it’s nothing that hasn’t been accomplished before.
The Supergucci line of CryptoJunky NFTs and ceramic sculptures was created with the aid of a digital artist. There’s enough room in the Gucci Vault for the project that houses the label’s metaverse initiatives. Gucci made a land purchase even in the virtual real estate market known as The Sandbox.
The popular gaming platform has reconnected with the company to release new virtual clothing and the Jumpman Zone, a fun and interactive addition to Fortnite’s Creative Mode.
Players can scavenger hunt for artifacts inspired by the Air Jordan 11 “Cool Grey,” complete Trickshot Challenges, and access MVP zones decked out in Jumpman-themed visuals.
In 2021, the Coca-Cola Company launched its first NFT and began collaborating with Decentraland, marking its official entry into the Metaverse.
Coca-Cola, influenced by the video game industry, introduced its virtual fizzy pop beverage to the Metaverse in April 2022, months before it hit real-world store shelves.
The prestigious British department store Selfridges joined forces with Charli Cohen of NEXTWEAR to produce “limited amounts of physical apparel” in Shanghai and the United Kingdom.
The company also makes digital copies of its products for virtual worlds like the Metaverse and video games.
They collaborated with retailers Selfridges and Yahoo RYOT Lab to create a digital city in honor of Pokemon’s quarter-century on the scene. In addition to the usual assortment of physical goods, customers can also buy four digital outfits for Snapchat lenses.
Zara, the world’s largest fast-fashion retailer, recently announced a collaboration with the South Korean clothing brand Ader Error to enter the Zepeto Metaverse.
The combined efforts will produce the AZ Collection, which will be promoted in virtual and physical environments.
Activities like virtual shopping, digital avatars, and outfit-generating apps will be part of the Metaverse’s introduction, for better or worse.
Can we expect anything different from the Metaverse’s version of retail therapy? It’s still up in the air whether or not we’ll one day be able to use our digital personas to shop in simulated stores and have them offer fashion advice from artificial intelligence.
There is still a long way to go before the Metaverse and Metaverse shopping become commonplace.
However, the new era of the Metaverse will bring opportunities that artificial intelligence and cutting-edge technologies are already adopting to enhance the retail experience and advance the implementation of the metaverse concept more generally.