Metaverse is an open-source blockchain project that aims to build a decentralized virtual world. The Metaverse team will be present at the China International Big Data Industry Expo 2018, which starts on November 28th and ends on December 1st in Shanghai.
The “metaverse stock” is a virtual world that allows users to create and explore their own location. There are many different types of worlds available, such as games, shopping malls, and more. The metaverse is an immersive experience that can be used for marketing purposes.
Marketers interested in connecting with customers in the virtual world have looked at two prominent metaverse platforms.
The metaverse is a word for virtual environments where users may use a digital avatar to play games and attend events. Marketers purchase or rent digital space from platforms or third parties, including a rising crop of metaverse development enterprises that have bought valuable places, to promote their brands to customers in these worlds.
Marketers view the metaverse as a possible source of new income streams, such as renting digital land to other companies or selling digital collectibles called nonfungible tokens, or NFTs, to customers.
Musicians Snoop Dogg and Deadmau5 perform in the Sandbox metaverse.
Rafael Henrique/Zuma Press/Zuma Press/Zuma Press/Zuma Press/Zuma Press
According to Lewis Smithingham, director of creative solutions at Media.Monks, a marketing services agency owned by S4Capital, the Sandbox has a higher concentration of celebrities and well-known brands, which may attract more marketers, whereas Decentraland offers more opportunities to experiment and build worlds.
Because the platforms are still in their early stages of development, it may take some time before they achieve genuine success, according to Joseph Flaherty, director of content and community at venture capital company Founder Collective.
Mr. Flaherty said, “It simply takes years and years of compounding the benefits and understanding out how all this stuff works.”
In a promotion surrounding this year’s Super Bowl, Molson Coors Beverage Co. advertised its Miller Lite brand by creating Meta Lite Bar, a virtual tavern on a digital parcel in Decentraland. It leased the premises for an unknown sum from TerraZero Technologies Inc., a metaverse development firm.
Patrons may serve themselves a virtual drink, talk with other users, and play a pre-selected song from a jukebox at the Meta Lite Bar. Patrons might even get Miller Lite digital NFTs for their avatars, such as a “Meta Lite” T-shirt, according to the business.
According to Sofia Colucci, worldwide vice president for the Miller brands, Molson Coors picked Decentraland partially because it allowed them to control who entered the bar based on their age and since it was accessible through desktop browser. The firm wouldn’t say how many people came to the bar, but those that did remained for an average of 20 minutes, according to the company.
The Meta Lite Bar’s visitors spent an average of 20 minutes there.
Miller Lite (photo)
Decentraland claims to have 600,000 monthly users. It held the Metaverse Festival in October, a four-day music festival that included Deadmau5 and Paris Hilton.
According to Andrew Kiguel, executive chairman of Metaverse Group, a metaverse development business, one of Decentraland’s charms is its demonstrated capacity to host large-scale events.
Metaverse Group, a subsidiary of Tokens.com Corp., paid $2.5 million in November for around 313,000 square feet in Decentraland’s fashion area. In March, the fashion district will host Decentraland’s Metaverse Fashion Week, which will include companies including Tommy Hilfiger.
Brands including JPMorgan Chase & Co., Sotheby’s, Samsung Electronics America and even accounting firm Prager Metis International LLC have also set up promotional locations in Decentraland.
“Because of Decentraland’s open standards, anyone can build an experience without requiring permission, and companies own their [intellectual property] on our platform,” said Sam Hamilton, creative director of the nonprofit Decentraland Foundation, which develops tools for the platform and handles its marketing.
In an April 2021 map, lands in the Sandbox.
The Sandbox, a division of Animoca Brands Corp., is currently in the testing phase and will open to the public for six short periods this year, according to the business. Its initial temporary opening, from Nov. 29 to Dec. 20, garnered more than 200,000 visitors, according to the firm. The Sandbox announced in November that it had secured $93 million in a Series B fundraising round spearheaded by SoftBank Group Corp.
Celebrities and entertainment companies frequent the Sandbox, with musical artists Snoop Dogg and Deadmau5 owning property there. Gucci and the company behind the famous NFT showing cartoon apes, Bored Ape Yacht Club, are among the other proprietors.
NFTs may be sold on the Sandbox and Decentraland to earn income for brands. For 525 Sandbox cryptocurrency tokens, known as Sand, Snoop Dogg is selling an animated decoration dubbed “Snoopverse Early Access Pass.” As of 3 p.m. ET Tuesday, it equated to $1,732.50. Decentraland also has its own cryptocurrency, Mana, which is used for platform transactions.
Brands are joining the metaverse to connect with consumers and offer more immersive, engaging, and social experiences, according to Sebastien Borget, co-founder and chief operating officer of the Sandbox.
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According to Janine Yorio, CEO of Everyrealm, a metaverse content and development firm that acquired nearly 3 square miles in the Sandbox for $4.3 million in November, the Sandbox’s visual aesthetic is comparable to that of Minecraft, a popular videogame owned by Microsoft Corp.
“I believe having the vox-related appearance was a really clever decision on the side of the Sandbox to have that vox-related design,” Ms. Yorio said, referring to the videogame’s Lego-like characters and setting.
Most metaverse platforms, according to industry experts, will not grow the land in their worlds in order to preserve a feeling of security among landowners. Mr. Smithingham of Media.Monks believes that due to the limited quantity of space available to purchase and rent, it may be important to experiment in the metaverse today.
“You’re now purchasing people’s attention at a very, really, really high price,” he remarked. “So create value, purpose, and interesting stuff, and people will flock to your product—where that’s this entire Sandbox and Decentraland thing will finally play out.”
Hitting your head against a wall? Have you run out of power? Controllers that are clumsy? The Meta Quest 2 virtual-reality headset, formerly known as the Oculus Quest 2, is not without issues. But fear not: Joanna Stern of the Wall Street Journal offers solutions to these and other issues. Preston Jessee for The Wall Street Journal photo illustration
Ann-Marie Alcántara can be reached at [email protected]
Corrections & Amplifications Metaverse Group bought about 313,000 square feet in Decentraland’s fashion district for about $2.5 million in November. An earlier version of this article incorrectly said it bought 6,000 square feet. Also, Janine Yorio said: “As the users of Minecraft grow up and age out, they’ll have a familiarity with that visual style, so I think that was a very smart move on the part of the Sandbox to have that vox-related look.” An earlier version of the article misquoted Ms. Yorio as saying “box-related look.” (Corrected on March 2.)
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