Young wpoman entering the metaverse.
getty
We’re in the beginning stages of an innovative revolution. The metaverse is the Web3 next wave, changing the way we’ll socialize, work, play video games and interact. We’ll soon see businesses started, office buildings constructed, meetings held for remote workers and job interviews conducted in virtual reality.
Digital commerce in virtual reality will boom, especially as major companies, such as Walmart, are diving in. The big-box retailer plans to sell goods virtually, ranging the gamut from electronics, home decorations, children’s toys and games, sporting goods, personal care products to physical fitness training services and health and nutrition classes in augmented and virtual reality.
Walmart is not the first merchandiser to do this. It’s becoming a Gold Rush for retailers and apparel makers, as they’re turning toward virtual reality and don’t want to be left behind. CNBC reported that German sportswear company Adidas released NFTs and purchased land on the Sandbox VR, a virtual real estate company. Upscale fashion house Gucci partnered with game-maker Roblox to sell items. Balenciaga struck a deal with Epic Games, the creator of Fortnite, to offer clothing that can be purchased in virtual stores. Louis Vuitton created Louis The Game, showcasing its high-end brand.
Nike acquired digital sneaker company RTFKT, a popular metaverse company that has a line of sneakers. An 18-year-old artist at the group sold more than $3 million in virtual sneakers in under seven minutes.
Google, Apple, Microsoft and Meta are in a heated race to get their VR/AR headsets to market at an affordable price point for widespread consumer adoption. Although, you may be able to participate and enjoy the metaverse without using the glasses and other gear.
Andrew Kiguel, CEO of Tokens.com, an early real estate investor in virtual reality, recently made headlines with his company’s purchase of real estate in the fashion district of Decentraland, paying around $2.5 million for the space.
Kiguel, a former investment banker, sees the future in the metaverse. In a wide-ranging interview with the tech executive, he points out that a confluence of events has set the stage for the rapid advancement of virtual and augmented reality becoming widely accepted.
The pandemic kept the world indoors for two years—and it’s still not over. We’ve become acclimated to new technologies and heavily relying upon using existing softwares, apps and platforms from the comfort of our homes and apartments. Young people—home from school, as their classes went online—spent time gaming and interacting with their friends on Discord and social media. People have happily turned to the internet for food …….
