The rebranding of Facebook to Meta in October 2021 increased people’s interest in the metaverse. Hence, the social media platform is focusing on creating an immersive environment for its users. It will act as the one-stop destination where people can work, play, learn, shop, and complete. Who coined the term “Metaverse”? It was science-fiction novelist Neal Stephenson who did it in his book “Snow Crash” published in 1992. The last 20 years have witnessed a revolution due to the emergence of the Internet and high smartphone penetration. Likewise, the virtual world will be a mix of AR, VR, Blockchain, AI, and 3D. COMEARTH takes a look at why the metaverse will not be solely owned by Facebook.
Virtual Planet – Business firms can launch their offices, shops, and stores directly in the metaverse. The 3D immersive environment built on the Polygon blockchain enables direct engagement between customers, visitors, and advertisers. Therefore, COMEARTH will act as the world’s first e-commerce metaverse.
For a long time, commerce was an intricate part of society whenever products got bought or sold. While e-commerce triggered the online shopping revolution, it has resulted in a host of issues ranging from global warming to a lack of transparency in the supply chain. However, COMEARTH plans to be the globe’s first e-commerce metaverse ecosystem (EME). Brands can directly engage with customers and prospective buyers can also discover products. Hence, businesses can generate more leads, sell digital and physical products, and benefit from the immersive virtual environment.
It will operate as a virtual planet with 8 different continents. Brands can purchase lands in this metaverse. Owners of land parcels will be known as citizens. They can build an immersive 3D experience with DIY tools. Anyone can access the mini-metaverse of the creators from anywhere. Citizens also get insights regarding the traffic received by the land. Therefore, they can easily monetize the traffic through various options available on COMEARTH.
Why Facebook will not have a monopoly over the metaverse
Though Facebook took the first step in its foray into the metaverse, the tech major will face stiff resistance and intense competition. Let us know how the business model of different industries will change in the Web 3.0 era.
The video gaming industry has received a shot due to the Play-to-Earn (P2E) phenomenon. Players will earn digital tokens for participating in challenges and tournaments. Besides that, in-game asset ownership and trading will help players to pocket a profit.
The success of games like Axie Infinity, Gods Unchained, Splinterlands, Sorare, and The Sandbox reflects the transformation from Web 2.0 to Web 3.0. Interestingly, gaming NFTs accounted for 20% of the total sales last year. GameFi powered by robust tokenomics will be a big trend in 2022. Microsoft’s purchase of Activision Blizzard for $68.7 billion will also transform the future of the gaming sector.
Online shopping giants can consider including NFTs as part of their loyalty programs. This will help in instantly gratifying consumers who order products regularly. Shoppers can directly use their points from a digital wallet while intelligent contracts on a blockchain network will determine the terms and conditions for claiming rewards. E-tailers can also sell new products directly to early-bird customers through digital storefronts. Non-Fungible Tokens (NFTs) can also be offered to buyers to redeem physical products. There is no need to deal with any middlemen.
Players and teams are getting closer to their fans. The prices of trading cards, autographs, jerseys, memorabilia, sports kits, iconic photographs, and clips are soaring with every passing day. The level of scarcity and the popularity of sportspersons are also determining the prices of NFTs. Moreover, authenticity is guaranteed for the buyer as certain leagues give physical memorabilia along with the NFTs to the sports aficionados.
Celebrities across genres and languages are launching their NFT collections on different marketplaces. Importantly, these blockchain-based digital assets generate a positive buzz ahead of the release of a film. Hence, behind-the-scenes footage, unseen clips, autographs, merchandise, and live streaming of events can be bought as collectibles by fans and followers of actors and actresses. It is also a good source of revenue for production houses, studios, and emerging artists.
As the digital and physical worlds overlap and intersect, it is important to stay ahead of the curve. While Facebook has made the first step in recognizing the potential of the metaverse, COMEARTH stands at the forefront of the Web 3.0 revolution. Eager to harness the benefits of commerce in the metaverse? Get in touch with our team now.