Blockchain metaverse ecosystems gain traction as brands create digital experiences
Consumers have exhibited an increased interest in virtual, interactive, three-dimensional experiences that take place online, and billion-dollar firms are conquering the Metaverse by storm.
Despite the fact that the “Metaverse” is still a relatively new idea, Strategy Analytics estimates that the worldwide Metaverse market will be worth almost $42 billion by 2026. This could very well be the case, as a number of companies, including Nike and Walmart, have begun to investigate consumer experiences in metaverse settings.
NFT utility for brands launching in the Metaverse
It’s important to recognize the function of nonfungible tokens, or NFTs, in these ecosystems if you want to grasp how and why brands are using the Metaverse. While there was an influx of NFTs in 2021, the advent of the Metaverse is expected to highlight the utility of NFTs.
Every brand, company, and significant individual will eventually have a metaverse and NFT integration, according to Adrian Baschuk, a founding partner at Ethernity Chain, a verified and licensed NFT platform:
“This is the NFT-metaverse interactive layer’s “Myspace days.” The same way that every firm and individual has adopted some type of social media, NFTs and the Metaverse will.”
As a result, Ethernity recently took its IP to The Sandbox, a blockchain-based metaverse ecosystem, according to Baschuk. Ethernity, in particular, has purchased a coveted plot of property in The Sandbox for a gallery and fully licensed NFT store. Users of The Sandbox will be able to acquire Ethernity NFT wearables and collectibles as a result of this, according to Baschuk.
These wearable NFTs, according to Baschuk, include athlete jerseys that will be utilized to outfit and empower The Sandbox avatars. “Zeke and Dak of the Dallas Cowboys will begin things off since the players’ wearable jerseys and shoulder pads will improve a user’s avatars’ talents and powers,” he stated.
While this example is tailored to the Sandbox gaming community, the concept is applicable to all brands joining the Metaverse. NFTs in virtual ecosystems, for example, allow enterprises to monetize assets via a blockchain network, improving interactivity for consumers and followers, according to Baschuk.
To put things in perspective, Samsung recently announced that a virtual duplicate of its New York physical store will be situated within Decentraland, another leading metaverse community. The “Samsung 837X shop,” as it is known in Decentraland, will be open for a short time.
Blockchain-based metaverse offers more, but will the mainstream catch on?
Given the unique experiences that NFTs may provide to consumers and fans, it’s also critical to emphasize the advantages of a blockchain-based metaverse environment. While many organizations have begun to engage customers through linked surroundings, blockchain networks enable digital asset ownership while showcasing Web3’s true potential.
The distinction between a blockchain-based metaverse and a non-blockchain metaverse, according to Adam De Cata, head of partnerships at Decentraland, is interoperability: “The difference between a blockchain-based metaverse and a non-blockchain metaverse is interoperability:
Despite the fact that blockchain-based metaverse environments can provide more to both businesses and their consumers, the question of whether this notion will catch on with the general public remains. De Cata expressed confidence in mainstream acceptance, stating that Decentraland has seen nearly equal numbers of guest wallets and users with existing digital wallets use the platform. He stated that he is eagerly awaiting the results of the AO event. “I’m excited to watch what occurs on Decentraland during the AO.” There is just enough market research to determine the user retention rate and experience for events like the AO, as well as whether or not these people are crypto natives.”
It’s also worth noting that Samsung stated that visitors to Samsung 837X had given the firm extraordinarily good feedback. “We’ve witnessed attendance to Samsung 837X from both seasoned users and new explorers alike, based on the comments we’ve gotten.” That’s really thrilling for us.”