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The Rise Of The Metaverse, NFTs And Immersive Commerce

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The way consumers engage online is changing rapidly.recently Investigation, 71% of customers say they shop more often with AR. Now, with the advent of the Metaverse, users are exposed to new and alternative worlds where they can experience immersive virtual experiences introduced by advanced technologies such as augmented reality and virtual reality. For users, this allows seamless transitions between virtual and physical environments. The Metaverse offers many features offered by blockchain technology, such as non-fungible tokens (NFTs) and other digital assets.

In many ways, immersive commerce is an extension of traditional ecommerce, leveraging new technologies to create new and improved customer experiences.

The concept itself is nothing new, as the metaverse takes hold as the new luster. In 1992 Neal Stephenson said of the Metaverse in his science fiction novel ‘Snow Crash’: “This fictional place is known as the Metaverse.”

Today, the Metaverse hype is widely associated with Meta, formerly known as Facebook, or Meta Platforms, Inc.

First mover advantages or disadvantages?

Meta is founder Mark Zuckerberg’s big bet on the next digital frontier fueled by the use of VR and AR devices. As the first mover with infinite resources, Meta strives to be a key facilitator of the Metaverse, and every player in his ecosystem must have some kind of touchpoint with the world Meta facilitates. . At least, that’s what the company seems to be counting on.

However, as with all rapidly evolving industries, being first mover has both advantages and disadvantages. Players with abundant resources can capture a large share of the current market and outperform the competition. At the same time, many of today’s pioneers are long-forgotten behemoths where brands die.

“Meta claims its territory as a first mover, with nothing ready, but vision alone, especially when it has the resources to attract the right development hires and build a near-infinite team. , trying to win every possible competition, even trying to copy a successful platform.Other players like Salesforce have always worked the same way, launching a platform, using their marketing engine to claim their place, Then we start building or buying startups to cover that space.”

On the one hand, there are potential pitfalls.

“First, because it is an unknown world and there are still many areas to discover. A lot of money is spent on trial and error, and if you make a mistake, it can backfire in the end. One of the main challenges is, and will continue to be, the ethics of the metaverse and virtual worlds, and if we can take the initiative as a big company to solve these challenges, there is no downside. But for smaller companies and start-ups, the risks as first migrators are much higher and may not even be worth the challenge – unless backed by sufficient funding and partners.So Sony, etc. We’re seeing a lot of big investments in metaverse-focused startups by big companies, as well as incumbent players like Epic Games,” said Bart Veenman, CCO of deep tech startup Humans.ai. says Mr.

The technology industry has experienced exponential growth over the past two decades, with certain major players becoming so large that they now have unprecedented power and influence over the markets in which they operate. I’m here.

“This allows them to pave the way for other businesses to follow and to set the rules for other businesses to follow. Meta has acquired seven of the most successful companies in the virtual reality market and is the It became a development company, and the downside is the fact that there is little room for innovation outside of Meta’s vision, as it quickly absorbs all new and promising companies.” seed ona blockchain-based solution for traditional crowdfunding.

The scale of financial and technical resources coupled with access to audience and consumer data makes Meta a key driver of mainstream adoption when it comes to immersive commerce and metaverse-based shopping.

“There is a risk that Meta will stifle competition and innovation, but the ability to speed up overall mainstream adoption presents an opportunity for the sector. need to yield control and find mutually beneficial ways to support portability and interoperability, without interoperability and portability people will spend their time and money elsewhere , leaving an opportunity for more decentralized open source players to create more compelling metaverse experiences. GN3RAan immersive design platform for virtual fashion.

Some question the reliance on meta and its dominance.

“Platforms like Roblox have created gateways for verch, virtual goods that artfully connect players with brands. has been at the top of many gift lists, and we expect this trend to repeat, if not extend, into the upcoming holiday season.” Sasha Wallinger, Head of Web3 & Metaverse Strategy, said: says so. Journey.

Some have questioned Meta’s focus on VR instead of AR.

“The fact that they continue to develop VR shows that they are taking the wrong approach and instead need to pay attention to companies that are innovating in augmented reality. It’s easier to imagine yourself shopping in the physical world with AR filters than in a virtual reality world with a headset. mammoth media.

Some see meta as a disastrous failure in terms of innovation, but the abundance of resources can buy success.

According to Eran Elhanani, founder of BullPerks (decentralized venture capital and launchpad) and GamesPad (blockchain games, NFTs, and metaverse ecosystem), “Meta dominates only in advertising and marketing, but quality Low and not considered serious, they have so far been unsuccessful in developing and recruiting, and will likely end up buying out the top players that emerge.

Role of NFTs

NFTs are very likely to be key to adoption, and the value the metaverse brings to immersive commerce are unique digital items that communicate status, such as long-term loyalty and membership cards. Purchases involve both digital and physical items, but interoperability is an important conversation.

NFTs are the underlying technology for digitally verifiable proprietary rights, but they are still in their early stages and need to improve the user experience before they reach billions of end users, says Origin Protocol product rep. Vice President Linus Chung said.

“But as the pace of innovation continues, we are rapidly accelerating towards NFTs that are as easy to use as buying a book online. With a $32 billion market, NFTs have the potential to revitalize the industry by removing the need for a central app to manage digital goods.”

According to CEO Ethan Song, rare circleWeb3’s revenue and engagement platform, businesses must adapt to new avenues of customer engagement.

“All current channels that businesses use to interact with their audiences will gradually disappear and businesses will adapt to future developments. NFTs are the latest innovations with some brands driving deeper engagement, such as by focusing on their best customers and setting the brand’s direction. It’s a sensible method.”

There is also the question of usefulness when it comes to assessing NFT endurance.

“The problem some e-commerce shoppers have with the NFT topic is utility. If traditional NFTs can move beyond this abstract state, they will get more interest,” said Ganesh Raju, CEO of Akshaya.io.

How NFTs shape user behavior is still unclear, and many remain skeptical, especially when it comes to mass adoption.

“Right now, NFTs are too complicated for the average e-commerce shopper. I haven’t seen anyone crack the code yet, and according to a recent survey, only 1 in 4 Americans can explain exactly what an NFT is,” said tech media entrepreneur and can be, future media.

“That said, companies that implement NFTs as part of their brand strategy, rather than as an overall brand strategy, have a first-mover advantage. Nike, while an outlier, has already made nearly $200 million in revenue from its NFT collection. Luxury brands like Gucci, Dolce & Gabbana and Gucci are also starting to make big bucks, and media brands NFTs from Outside Magazine to Snoop Dogg have gone to great lengths to showcase the concept to their fans and followers. “Companies that deploy NFTs as part of a forward-thinking marketing strategy, rather than betting on them, will benefit from other companies that help educate the general public,” concludes Anstandig. increase.

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