![]() Metaįew companies are boldly pushing for a metaverse future the way Meta, formerly Facebook, is. It said the risk of “being left behind is worth the incremental investment needed to get started” in the race to occupy a space in the metaverse. The opening coincided with the release of its report on growth opportunities within the metaverse, which found that the metaverse’s market opportunity will reach over $1 trillion in annual revenues. The largest bank in the US and seventh-largest in the world has recently made moves to modernize its brand by designing and launching a lounge in the blockchain-based virtual world Decentraland called The Onyx. Upon entering the garden, visitors could view, try on and buy digital Gucci products to dress their blank, genderless avatars before exploring the garden’s themed rooms. In May 2021, Gucci debuted the Gucci Garden, a two-week art installation aimed at raising brand awareness among young customers, inside Roblox. It may even make services like YouTube and Maps available in the virtual landscape. Despite the failure of its AR glasses in 2014, chief executive officer Sundar Pichai has since frequently addressed the company’s ongoing interest in AR. ![]() Google has started investing in the metaverse with a $39.5 million contribution to a private equity fund for all metaverse projects. The company spent $1.4 billion to acquire VR headset maker Pico-solidifying its entry into the metaverse space along with a number of other investments within the metaverse supply chain. Users can create personal avatars, chat in a virtual world and schedule real-world events. Though ByteDance refuses to label it a “metaverse,” conceptually Party Island is a metaverse. TikTok’s parent company is in the beta-testing phase of its own metaverse called Party Island. The brand’s Milan flagship was transformed into a mixed- media experience to tease the look and feel of the store in the metaverse, according to WWD. ![]() In the Italian fashion brand’s metaverse retail store, digital shoppers won’t buy clothes but instead participate in gaming experiences with the opportunity to accumulate QR codes, which can then be used to make purchases in Benetton’s physical stores. Revenues from this segment alone were up 10 percent year-over-year ( YOY) in Q3 2021, further pointing to the possibility that Autodesk may soon be the main contender for metaverse developers. ![]() It now features several products for the purpose of rendering 3D animation, constructing virtual buildings and creating within virtual reality (VR) and augmented reality (AR) landscapes. The metaverse may be the next iteration of how we use the internet to connect, communicate and transact so it’s also important for brands to stay in a “test-and-learn” mode and remain agile as they venture into this uncharted territory.Īhead, see a round-up of some of the brands that have embraced the metaverse so far-or plan to in the near future-and how they’ve navigated some of the considerations raised by HBR.Īutodesk developers have recently begun using its software to design and build virtual worlds for entertainment and gaming. Next, they should determine whether and how much of their target audience spends time in the metaverse and adjust their approach accordingly. As marketers continue to break through the noise facing consumers 24/7, understanding and embracing new immersive technologies can be an effective way to engage and delight audiences.Īccording to Harvard Business Review, brands seeking to enter the metaverse should first determine their place in it and balance the risks and rewards of entering the digital landscape. What’s more, 56 percent of influencers say they currently participate in the metaverse. There are already 1 billion active augmented reality (AR) users worldwide, and that number will almost double by 2024. And big brands like Nike, Meta and Disney are creating their own metaverse business units. Meanwhile, Google contributed almost $40 million in a private equity fund for all metaverse projects and Walmart has filed dozens of metaverse trademark requests since December 2021. Gaming and entertainment brands, as well as some fashion labels, are paving the way for brands seeking to navigate the metaverse. The market for game makers and gaming hardware alone may surpass $400 billion. Global metaverse revenue opportunities on things like live events, ads, social commerce and hardware are projected to reach over $1 trillion according to JPMorgan, and $800 billion according to Bloomberg.
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