” report highlights how brands, retailers and public figures are getting started in the metaverse, with this virtual network growing globally each day with expectations to infiltrate every sector. With $54 billion spent on virtual goods every year, brands are being called to learn and assess the metaverse and create meaningful spaces to connect with consumers.
The metaverse is a network of virtual worlds, consisting of certain technologies, aiming to foster social connection. It melds characteristics from the current phase of the Internet, with characteristics from Web3 the next phase of the internet. Succinctly, there is a mammoth opportunity here for brands to make money through the metaverse by offering physical and social concepts to consumers through a digital lens.
The virtual Gucci Garden space replicated the physical, multimedia experience that debuted in 2021 in Florence. Users were invited to explore the immersive space through avatars as well as purchase exclusive, limited-edition avatar items .In February, LVMH Moët Hennessy Louis Vuitton Japan KK partnered with Japanese conglomerate SoftBank Corp. to develop and accelerate new omnichannel customer experiences.
Public figures continue working within the metaverse as well, collaborating with brands in attaching their faces and personas to advertising material. Online gaming has ample space for advertising, as in-game ad spending is set to reach $18.4 billion by 2027.Non-fungible tokens are another key feature of Web3, and luxury brands are experimenting with these digital assets. NFTs currently have a market cap of $41 billion.
Although the metaverse can be overwhelming in its vastness, there appears to be room for everyone and every brand, with a race to the top imminent.