Companies like Facebook and Amazon have invested extensively in the metaverse to enhance customer experiences. In October 2021, Facebook changed its name to Meta and declared its investment of 10 billion USD in its metaverse division. Digital commerce giant Amazon has incorporated metaverse technology into its marketplace with its newest AR shopping tool, Room Decorator. The app allows you to use your phone or tablet to see what furniture will look like in your home. Expect many new virtual experiences from Amazon soon.
The online shopping sector projects metaverse fueled gains of 35% through 2028. XR is drastically transforming the retail sector by revising the idea of retail space. The growing trend provides consumers with customized and personalized experiences.
China’s most populous city will become a global hotspot for metaverse technologies, with an emphasis on extended reality. Shanghai has declared an investment of 52 billion USD in its metaverse tech hub to create new products based on metaverse technologies. The program is already underway, with the first phase completed over the last year and a half. The new center will cover more than 300,000 square feet, which is equivalent to five football fields. It includes two large buildings—one for VR labs, one for AR labs—and two smaller ones for testing and research purposes. This move is significant because it marks the first time a city has invested so much money into a metaverse technology hub. The initiative is part of a broader initiative by the Shanghai government to promote the use of disruptive technologies like blockchain, AI, XR, and other emerging technologies such as 3D printing.
No old-school industry has embraced the metaverse quite like fashion. In 2016, Gucci opened its first virtual reality experience for London Fashion Week. More recently, the fashion company partnered with Sandbox to create a virtual reality playground where shoppers could try on clothes to wear online and in the real world.
Nike uses VR technology to bring its products directly into consumers’ homes. The sportswear company even experimented with creating its own VR platform. In its first incarnation, consumers could use VR headsets to take virtual tours of Nike stores and try out shoes before buying them online or in person. Live salespeople assisted customers in the guise of an avatar.
Ralph Lauren partnered with Luminary Labs to produce cross-platform VR content based on the brand’s designs. Their virtual shopping experiences allow users to choose colors, fabrics, and designs that might work best together. It’s not surprising that these brands are turning to virtual reality for new business models: traditional marketing methods have become increasingly ineffective as shoppers’ expectations change.
Another notable early adopter is Mastercard. The credit company has been developing its own blockchain-based payment platform since 2017. Now, Mastercard is preparing for the metaverse economy through fifteen trademark applications that would position them as the leading payment facilitator for a virtual world powered by crypto and fintech. This payment infrastructure allows for the purchase of goods or services within the metaverse via Mastercard’s payment platform. Mastercard has backed up technological investment in the metaverse and blockchain technology with cultural involvement and campaigns on platforms like Decentraland.
JP Morgan launched a crypto finance company called Onyx in 2020. The company has been a major player in the crypto market, offering services to both institutional clients and individuals who want to invest in cryptocurrency and blockchain technology.
Onyx offers services to its clients, including:
Trading—Buying and selling of stocks and other securities with cryptocurrency.
Quant computing—This service is offered to large private equity firms and calculates how much money will come into or go out of their business at any given time based on various factors that are not included in traditional analytics, like the weather or if they have just won an award.
Starbucks CEO Howard Schultz announced in an open forum that the company is planning to enter the NFT business before the end of 2022. The coffee giant will partner with cryptocurrency platforms and digital collectibles developers to launch a new digital currency that can be used at their retail locations. Once the Starbucks crypto card is released, you can use the card at any location across the globe.
The metaverse is one of the fastest-growing markets, with new technologies driving industry growth across various sectors such as healthcare, education, real estate, and retail. Metaverse-related ideas, technology, and platforms are backed by billions, if not trillions, in investments. The metaverse is evolving from a curiosity to an essential part of people’s lives. It’s an exciting time to be involved, and you have many opportunities.
As we’ve learned today, business in the metaverse and XR marketing is heating up. Your business can’t afford to ignore this global and technological shift. However, you need to know the basics before entering this exciting frontier. Stake your claim in the metaverse before your competitors beat you to it with SliiceXR. Let Sliice build a custom metaverse world for you, starting at just $9,995. For the latest metaverse news, XR hardware and software reviews, and tips for virtual reality enthusiasts, follow us on social media and subscribe to SliiceXR here on YouTube.