The Metaverse is Expanding at an Unprecedented Pace

Paigambar Mohan Raj
Source: 360report

Alt Heading: There is No Stopping The Metaverse Expansion // Big Brands Line Up to Join The Metaverse

The concept of a metaverse isn’t new. The technology concepts that underpin virtual reality, augmented reality, and 3D computing are all rather old. The current surge of interest is only the most recent peak in a year-long effort to make these advancements accessible to the general public.

Why are brands getting into the metaverse?

What has changed is a shift in perception, a belief that the internet must be redefined. It’s anyone’s guess how far-reaching such changes will be. After all, the metaverse’s road plan is just half-completed and it is unclear whether it will be completed on time. Facebook CEO Mark Zuckerberg, Microsoft CEO Satya Nadella, and other supporters envision a more immersive experience that combines a variety of existing technology, including virtual reality headsets, mobile devices, personal PCs, and cloud-connected servers.

Popular video games such as Minecraft, Roblox, and Fortnite, as already called metaverses. Fortnite has staged concerts, with musicians Travis Scott and Ariana Grande, bringing attention to the already popular shooter.

Source: USA Today FTW

Retail will be one of the greatest sectors in the metaverse, according to Maury Rogow, CEO of Hollywood’s Rip Media Group. This is a realization that is slowly dawning, especially in the aftermath of the COVID pandemic.

Gucci has been ramping up its metaverse strategy in the last year, and the brand is a pioneer in digital fashion, virtual worlds, and non-traditional retailing. It has recently entered into a partnership with The Sandbox to create a virtual fashion retail experience.

Victoria’s Secret, an American lingerie and beauty brand known for its high-visibility marketing and branding, is the latest corporation to take its first steps into the metaverse. Victoria’s Secret submitted four applications for digital collectibles and media-generated using blockchain technology, as well as online garments and media for use in virtual worlds, according to trademark attorney Michael Kondoudis in a series of tweets on February 13.

There is not doubt that the metaverse will be an incredibly influential space. It will play an increasingly important role in effective brand initiatives. Retailers will have new opportunities to increase brand loyalty and engage with their (future) customers by giving a unique experience with the creation of an immersive ecosystem.