Mexico is very embracing of cryptocurrencies and Web3, and now we can see the first Metaverse shopping mall to open to the public.
The country of Mexico launched the world’s first Metaverse shopping mall. Conceived by a Mexican entrepreneur, Island Shopping Mall opened today as a mall showcasing 80 different brands. Some of these brands, including prominent brands like Momiji, Pai Pai, and Victoria’s Secret, are looking to leverage virtual experiences.
Other names confirmed at launch are bath and body works, LA Colors, GOC, Biso, Golden, LA Girl. Additionally, the report notes that Metaverse Mall entrepreneurs have announced partnerships with other brands.These include apparel heavyweights Adidas, NikePuma, Guess, Levi’s, Bershka, consumer electronics giant apple.
Each brand identified at the Island Shopping Mall will be categorized in a special hall for ‘Emerging Brands’. Additionally, Verified brands operate on either private property or public areas. Additionally, the developers of the Metaverse initiative are aiming to bring 800 more brands onto the platform.
Mexico Metaverse Shopping Island Accessible from any Android or iOS enabled device
Access the new Metaverse shopping mall in Mexico via the App Store app or Google Play enabled mobile devices. Local media outlet Cultura Empiresarial says users can access this immersive virtual experience by downloading the app. In addition to online shopping, users of the newly established Mexico Metaverse shopping platform can also earn gems and coins. These tokens can reportedly be redeemed for other perks such as discount coupons and products at several shopping locations scattered throughout the immersive world. To enable the feature, officials at Mexico’s Island shopping mall say it has partnered with The Savings Group Limited, a British company that specializes in discount coupons.
Some of the first entrants to the island shopping mall are familiar with the Metaverse. For example, Apple is developing its own hardware to take advantage of the Metaverse experience. Nike, on the other hand, has now successfully launched a non-fungible commercial token (NFTs) scheme and the broader metaverse strategy. In addition, the denim wear Guess also opened a Metaverse store.
Mexican Crypto Popularity Soaring
Island Shopping Mall reflects the explosive popularity of cryptocurrencies and Web3 elements in Mexico. Mexico has the largest metaverse market in Latin America, according to a recent report from comparison site Hellosafe. In times of economic uncertainty characterized by rising inflation rates, more Mexicans are turning to digital currencies as a means to maximize their earning opportunities. Currently, over 13,000 investors have put their money into Metaverse companies.
Last month, a metaverse-specific boot camp was held in the country, where participants attended training on various business models involved. These include the popularization and adoption of cryptography, and talks and exhibits using augmented and virtual reality technology.
According to Hellosafe, the metaverse market will grow by 670% over the next eight years. What’s more, according to the report, the global market value of the Metaverse will reach nearly $650 billion this year.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to explain the cryptocurrency story down to the basics so that anyone can understand it without much background knowledge. Krypto When he’s not heavily involved in storylines, Tolu enjoys music, loves to sing, and is also an avid movie buff.