Metaverse Blog

Retailers Establishing Stores in the Metaverse World

The adage “location, location, location” commonly associated with real estate is now finding resonance in the emerging virtual universe known as the metaverse.

In its early stages, the metaverse is an immersive online space where users, represented by cartoon-like 3D avatars, can interact with others

Major companies like Meta (formerly Facebook) believe that the metaverse is the future of the internet, prompting a shift in focus and even a name change.

More companies, including Adidas, Burberry, Gucci, Tommy Hilfiger, Nike, Samsung, Louis Vuitton, HSBC, and JP Morgan, are acquiring space in the metaverse for potential future endeavors.

Retailers Establishing Stores in the Metaverse World

The challenge for these businesses is choosing the right “location” within the metaverse, as there are around 50 different world providers, such as The Sandbox, Decentraland, Voxels, Somnium Space, and Meta’s Horizon Worlds.

Companies and retailers are essentially making bets on which metaverse platform will emerge as the dominant force, attracting the most visits from avatars.

Canadian entrepreneur Andrew Kiguel, CEO of cryptocurrency investment site, has invested $2.4 million worth of cryptocurrencies to purchase space in Decentraland’s fashion retail area.

He plans to host fashion shows and lease the space to fashion firms, envisioning a scenario where avatars can virtually shop for clothing items that will then be delivered to the real world.

While Mr. Kiguel is optimistic about Decentraland, he acknowledges the uncertainty, likening the current metaverse landscape to the early days of social media.

He anticipates that, similar to social media, there will be significant winners and numerous niche metaverse platforms that find success.

You may also like this content

Follow us on TWITTER (X) and be instantly informed about the latest developments…

MetaversePlanet is the world's first platform dedicated to AI and the Metaverse, considered the internet of the future. We've compiled all the latest developments and information about these groundbreaking technologies in one convenient location. Additionally, we plan to develop and offer AI-powered features and Metaverse land and coins in the future. Stay tuned for exciting updates on these advancements

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button