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The Virtual Future of Commerce in the Metaverse

More than one in two consumers worldwide believe that daily life and lifestyle is increasingly moving towards the virtual world. The vast majority of commerce executives expect big brands to expand the virtual world to make it more realistic. But what exactly is the metaverse? What is the role of NFT and digital fashion in this context? And what is the potential for “metaverse e-commerce” for brands and retailers?

The word Metaverse is on everyone’s lips, at least since Mark Zuckerberg renamed his Facebook group Meta and declared the Metaverse the next big thing for the Internet. The term metaverse is related to the term Web 3.0, the next generation of the Internet, in which people should become an integral part of the Internet. At present, there is not a single metaverse, but several metaverses.

Among the most famous metaverses are virtual worlds like Decentraland or The Sandbox, where people come together to play games, shop, meet co-workers, or attend concerts. Users today take the form of a digital avatar. But in the future, the metaverse may evolve even more toward a mixed reality, in which our avatars look like real people and where our real stuff also exists in a virtual world.

Virtual Court for Millions of Dollars

In this context, a craze has emerged for digital fashion and virtual lands, which have become commercial goods. Thus, reports have recently circulated that virtual lands on Decentraland and The Sandbox have turned into millions of dollars.

For example, virtual real estate Metaverse Group, a subsidiary of Token.com, recently purchased 116 virtual plots for $2.43 million. These plots were bought in the Fashion Street district of Decentraland in order to develop digital fashion and of course hold runway shows there and sell digital clothing as NFTs.

But what are NFTs? These are non-exchangeable digital certificates of authenticity. Designers are using this event to release limited-edition digital clothing that users can use to dress up their avatars. Companies such as Adidas, Dolce & Gabbana or Nike have also already sold virtual clothing in the form of NFTs.

monkey with nft style
image by freepik

That’s why we’re already at the heart of “Metaverse e-commerce”: virtual lands and digital fashion are really just two examples of the most diverse things that can be traded through the Metaverse, which makes this phenomenon so much for brands. makes it relevant. and retailers. Thus, there are already platforms for digital sports trading cards such as FanZone, while the company Timeless, for example, makes it possible to invest with NFTs in real physical collectibles, such as valuable sneakers, luxury watches or cars.

Now it is also possible to share your NFTs on Instagram. In other words, the platform allows thousands of people to share a classic Porsche car, for example, and hope to increase the value of the actual vehicle. The Blockbar platform makes it possible to invest in NFTs of virtual spirits that are real equivalents. If necessary, the NFT can later be exchanged for the actual drink whiskey, for example.

The last two examples also show that the virtual world and the real world are already blending together and that NFT technology is suitable not only for e-commerce in virtual worlds like Decentraland, but also for bringing tangible products to market. also allows. It is also possible for merchants and brands to open virtual shops on the Metaverse platform, in which it is possible to buy not only digital products, but also goods for home delivery.

If the two worlds come together, then with this, especially in the field of fashion, preliminary virtual fitting can test whether the garment really suits our virtual twin, which at the same time increases return rates. and reduce the environmental impact. unnecessary transportation. More complex products can also very well be sold in the metaverse, such as real cars that can be virtually configured there and tested in an environment that we like.

If e-commerce and the metaverse move in this direction, Decentraland, The Sandbox, Roblox, Fortnite & Co. K stores can become new storefronts for brands and retailers. Thus, the need for a flexible commerce infrastructure capable of connecting virtual goods on such platforms as online shops, apps and physical stores as well as additional storefronts is expected to grow.

Of course, no one yet knows what the evolution of the metaverse will be in the coming years. But now is the time to introduce yourself to the virtual world and understand how your business can participate.

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