Are You Ready For The Metaverse?

Are You Prepared For The Metaverse?

We’ve all been hearing about some aspect of the Metaverse lately and most of us have as least a basic grasp of what it is. As the Metaverse becomes more widespread, we look forward to working with clients who will be dipping their toes into new technologies and trends within the industry. Here are some interesting articles that cover various happenings within the Metaverse today.

Photo from Coca-Cola’s first NFT collection via Opensea
How Brands Can Enter The Metaverse (Harvard Business Review)
The way brands are becoming creative and innovative and entering into the Metaverse is something to pay close attention to. For example, there are partnerships happening with fashion brands who would have real estate in the fashion district that will be selling digital fashion in the near future. But it’s not just retail brands who should be looking into entering the Metaverse. According to Harvard Business Review, Metaverse simulations can even be used to train future surgeons!

Photo via Decentraland’s Facebook
Decentraland – the most active ‘land’ in the Metaverse
Something very important to note about the Metaverse is that it’s not one place, rather an idea. Different companies or groups of people are creating their own Metaverses and they’ll likely all be handled quite differently. A very active and reputable space in the Metaverse is called Decentraland. Here 2 very notable things that happened in Decentraland in the last few months:

1. Metaverse Group (the NFT-based metaverse real estate company) bought a plot of ‘land’ for over 2.4 Million USD for the use of a fashion district to be used as a digital fashion hub.
2. Barbados signed an agreement with Decentraland to establish its virtual embassy, becoming the first country to do so.

LAND can be purchased using the cryptocurrency MANA, which is also how items like clothing are purchased in Decentraland.

Photo via Pexels
Metaverse Prediction 2022 by Exchangewire
This article has a great collection of predictions for what we’ll see in the Metaverse this year. This group of people predict we will be seeing brands flood to become involved in the Metaverse, gaming lay the blueprints for understanding and usability, AR and VR explode in popularity, and more!

Adidas NFT drop combines digital and real-life assets
This NFT collection from Adidas is a great example of the many ways NFTs can be used. Those who were lucky enough to get their hands on the originals when they dropped on Opensea also get physical goods delivered to their doors. An innovative cross-over between the physical world and the Metaverse. If you want to go further down the rabbit hole on how it all works Adidas has a great FAQ laying out the details here.

Image via Cryptoslate
Also noteworthy, Time Magazine is officially launching a Newsletter specifically about the Metaverse. We look forward to finding information rich content to keep in the loop.