Brands and retailers are hopping on the bandwagon in increasing numbers. The metaverse’s promise of seamless integration of shopping experiences throughout immersive digital environments is immensely alluring, but the technology needed to support it is still in its infancy.
Metaverse Opportunities and Use Cases for Retail
On gaming and emerging metaverse platforms, where there are markets for a range of virtual items, there is already a retail component. These can be anything from cheap digital skins to one-of-a-kind, tens of thousands of dollar non-fungible tokens (NFTs). These virtual goods have almost zero marginal costs, and NFTs have the potential to appreciate in value.
Leading the way in metaverse engagement are fashion brands. This makes sense given how essential avatars are to interactions within video games and metaverse platforms, where users dress up their virtual twins in unique ways. The market for skins in video games alone was predicted to reach $40 billion in value by 2022.
Fashion industry leaders have been participating in gaming as well as metaverse platforms in increasing numbers.
Nike, Ralph Lauren, Louis Vuitton, Tommy Hilfiger, Balenciaga, Burberry, Gucci, Vans, Zara, and Forever 21 are a few well-known labels who have adopted an experimental strategy—think one-off initiatives that are more about marketing than sales but others are staking claims to become “direct-to-avatar” commerce pioneers in the metaverse.
Moreover, other consumer-facing brands are experimenting with using virtual environments to display their products. Even while the potential for direct revenue is less obvious, others are exploring new methods of communicating with consumers online while fashion, footwear, and accessories offer the most obvious use cases.
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