Three Potentials for the Metaverse
What it looks like through the eyes of three major players
Okay, so the Metaverse is coming. We know this. And, thanks to a recent Jugo article, we know more about what exactly the Metaverse is. But, for those in need of a quick refresher, the NY Post recently explained it best: “The idea of the metaverse is that it will create new online spaces in which people’s interactions can be more multi-dimensional, where users are able to immerse themselves in digital content rather than simply viewing it.” It doesn’t get more non-fungible than that, at least from a user’s perspective. But, what about the platforms and providers? What are some of the world’s leading organizations doing with the Metaverse, and what does it mean for you?
But First, Why?
For a concept still mired in its infancy, a truly incredible of money and resources are being poured into the Metaverse (more on that in a moment). The reason, of course, is because of the untapped power the Metaverse possesses – and how it will mesh with Web 3. According to a recent Forbes article, “many companies are asking what exactly the metaverse can do for their brands or what their brands can do in the metaverse. These new, immersive, virtual environments have the potential to provide a fresh approach to staying relevant to existing customers while attracting new ones.” Many premiere consumer, entertainment, and athletic brands are already making forays into this space, so let’s take a look at three big players, two big partnerships, and what they have in store for us.
Nike, Roblox, and the New Athletic Gaming & Shopping Experience
When you’re a Fortune 100 company who has been at the forefront of interactive athletic apps and games (see: 16+ year partnership with Apple), it’s only fitting that Nike would dive head-first into the Metaverse. This time, however, Nike is partnering with online gaming platform giant Roblox to create Nikeland: a wholly interactive virtual gaming and shopping experience. In it, users can shop for Nike apparel or participate with their friends in games like Tag or Dodgeball (if the latter seems silly or too basic, tell that to the creators of PONG). Granted, Nikeland is still a work in progress – much like the Metaverse itself. But Nike recognizes the potential and has already filed several trademark applications to produce and sell Nike-branded virtual footwear, apparel, and accessories – all through ecommerce driven virtual stores that are yet to come. Stay tuned, avatars!
Sony, Lego, and the Metaverse for Kids
Now that we know what happens when two major companies team up to leverage their collective resources in the Metaverse, there’s one major resource you might be wondering about: money. Leave that to Sony and Lego, who have joined forces to put a $2 billion investment into Epic Games (see: Fortnite). Their plan is both simple and admirable: to co-develop a “family friend” Metaverse for kids. According to Søren Thorup Sørensen, CEO of Kirkbi (the family-owned investment firm which owns Lego), “a proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in.”
As for the beneficiary of this massive investment, Epic Games CEO Tim Sweeney said the fresh funds would help the company “accelerate our work to build the metaverse.” Between the three giants, families should have 2 billion reasons to be excited for what’s to come.
Facebook, Meta, and the Metaverse (Gig) Economy
It’s one thing to believe in the power of the Metaverse. For Facebook, it’s table stakes. After all, when you rebrand the largest social media platform in the world to “Meta,” there is clearly no turning back. With that, Meta is testing new tools that allow creators to sell virtual assets and experiences within the worlds they build on Horizon Worlds (Meta’s VR platform). The end game is profit for both the user and for the platform, as Meta’s CEO Mark Zuckerberg explains, “the ability to sell virtual items and access to things inside the worlds is a new part of [the] e-commerce equation overall,” Zuckerberg said. Furthermore, as explained in a blog post from Meta, “the metaverse — by nature of its not being limited by physical space — will bring a new level of creativity and open up new opportunities for the next generation of creators and businesses to pursue their passions and create livelihoods.” And they’re not wrong, as Citi Bank estimates that the metaverse economy could be worth between $8 trillion and 13 trillion by 2030 – and could very well be the future of the “gig economy.”
Does it Stop There?
The short answer is “no.” Given the nature of the Metaverse, its power is only limited by the creativity of its users and platforms. Games, athletics, family-friendly entertainment, and shopping are the tip of the iceberg. Indeed, the Metaverse is full of as many questions as it is opportunities. What comes next, however, may very well be in the hands of you, the reader.
To learn more about how Jugo’s virtual event offering can help you to address the shifting virtual world, check out some more of our insights below.Back to resources