Can the Metaverse & NFT collaboration spark a revolution in e-commerce?

A report found that more than 30% of consumers plan to purchase in the metaverse or purchase a virtual experience before the end of the year.

The planet game is its predecessor in the metaverse! Just look at Fortnite, the online video game widely adopted by an entire generation, for a glimpse of what’s possible in a few years. Since it was released by EpicGames in 2017, Fortnite has grown from a simple video game to what can best be described as an ecosystem in itself. In addition, EpicGames CEO Tim Sweeney has publicly expressed his belief that Fortnite could eventually evolve into something much more than it currently is. Aside from EpicGames, several other game companies have actively sought to enter the metaverse.

One thing is for sure, this means they could auction off certain items like clothing or accessories for user characters and designers of those items would profit from the sales. It remains highly likely that measures like this may become the norm in the future. The presence of NFT will only serve to improve the buying and selling of these custom items and other in-game purchases. So a question arises, can the Metaverse and NFT collaboration spark a revolution in e-commerce?

Act

To realize the possibilities that games, NFTs and the metaverse provide, it is very important that its implementation extends to one of the most essential facets of human society: commerce. Exploring the opportunities that lie at the intersection of these two technologies offers very enticing prospects for technology enthusiasts and companies looking to test the waters in this space. NFTs could eventually become the tool for individuals to exchange value within the metaverse and perhaps even take possession of these items in the physical world.

For example, Boson Protocol demonstrated the viability of this idea by buying digital land on Decentraland, the blockchain-based game that allows users to buy virtual real estate online using NFTs. For Boson Protocol, the goal is to create a virtual space where digital purchases can be converted into physical property. FYI Decentraland has revealed the return of Metavers Fashion Week, which will take place 28-31 March.

An annual Accenture holiday shopping study said that by the end of 2022, consumers are exploring new ways to shop, from live streaming to virtual worlds in the metaverse and shopping transactions and not mushrooms (NFT). The survey found that more than 30% of consumers plan to shop in the metaverse or purchase a virtual experience this holiday season. More than 67% of retail executives said their company has begun to experiment and explore how metaverse and virtual products and services can add to their businesses.

In 2021, Selfridges launched a live streaming, shopping show in Cantonese. The store had around 1,800 NFTs available for purchase as of January 28, 20212, ranging in price from £2,000 to £100,000. And in September 2022, Bloomingdale’s celebrated its 150th anniversary by opening new virtual doors in the metaverse. Consumers are ready to shop in the metaverse 🙂

Fashion

The first Metaverse Fashion Week, held last March, welcomed over 108,000 people exploring the world of clothing and digital fashion. Brands such as Tommy Hilfiger, Etro, Selfridges, Dolce & Gabbana, Guo Pei, Paco Rabanne and others. took part. Traditional fashion houses and emerging digital fashion brands combined created over 165,000 free garments during the event. Although there were some technical issues, it gave some insight into how brands can build their stories in the metaverse.

From fashionable real estate, these are some of the innovative applications and it is likely that there will be more changes in the sector in the coming years. Since the metaverse is relatively uncharted territory, many companies have yet to understand how this technology will affect their ability to provide services to customers. Therefore, a significant challenge for most companies, regardless of whether they are established or under development, is to integrate this new technology into their product and service offering. Metaverse as a Service (MaaS) will prevail, it is defined as an enterprise solution that allows organizations to develop, strengthen their presence in a 3D virtual world to support collaboration, business processes, investments, cryptocurrency…

To truly develop the metaverse and realize its full potential, investment in infrastructure will be essential. Including in payment infrastructures, which should be one of the first things with user experience that a company thinks about when playing in the metaverse space.

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