The Metaverse: Real profits in a virtual world

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Metaverse

The physical and virtual worlds are coexisting. The surreal growth of the metaverse is the reason for this. Are you keen to attract your target audience with a one-of-a-kind experience? Let us know the leading names making a big impact on the next generation of the Internet. 

Here are a list of big tech firms, NFT platforms, smartphone manufacturers, luxury fashion brands, social networks, and consumer electronic companies making rapid strides in the metaverse. This blog explores their projects, takes a look at their future plans, and analyzes their strategic investments.

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Meta (formerly Facebook)

Since rebranding its name in October 2021, Meta has made rapid progress in the Web 3.0 era. Currently, it is working on Project Cambria, an upgraded version of the Quest 2 VR headset. Meta also opened a retail store in California to sell AR glasses, Portal video-calling gadgets, and Ray-Ban Stories (smart glasses) o customers. 

Besides that, the social networking giant will introduce NFTs from Ethereum, Polygon, Flow, and Solana on Instagram. This indicates that Meta is keen on capturing the digital collectibles market. It will also be trading under the symbol MVRS on NASDAQ. Meta aims to create an immersive experience for users by moving beyond 2D screens. 

Decentraland

It is a virtual world on the Ethereum blockchain. Users can create content and monetize their experience. They can also buy and sell LAND, estates, and wearables. Till now, around 97,600 items on Decentraland have been traded for a whopping 237,300 ETH. Users can create scenes, artworks, and challenges by utilizing the Builder tool. 

Importantly, Decentraland operates in the form of a Decentralized Autonomous Organization (DAO). Users can moderate content, determine the kinds of wearable items, influence the LAND auctions, and the fees on the NFT marketplace. The voting power depends on their MANA holdings and LAND balances. 

Samsung 

Interestingly, Samsung teamed up with Decentraland and opened a virtual store 837x in the metaverse. It aims to offer a mythical experience and digital adventures for guests. The consumer electronics giant believes that the metaverse will transcend physical and spatial limits. Moreover, Samsung has introduced an NFT buying option for Smart TV users. They can purchase digital art from Nifty Gateway by using debit cards, credit cards, and cryptocurrency. Samsung also invested $25 million in DoubleMe, a South Korean metaverse startup that is into 3D, extended reality, and holoportation. 

ByteDance

It came out with an invite-only social app named Paiduidao or Party Island in January 2022. Users can attend events, chat, and meet in a parallel universe by utilizing digital avatars. ByteDance has also shown a keen interest in Virtual Reality (VR) after acquiring Pico Interactive, a headset developer in August 2021. It is betting big on digital fashion with “Pheagee”. ByteDance believes that fashion designers should explore the potential of virtual clothing. 

Gucci

The luxury fashion brand launched a digital space named “Gucci Town” on Roblox. Users can play minigames, purchase items from a store, and join exhibition spaces. It also teamed up with “10KTF”, a digital accessories shop for creating Profile Picture (PFP) NFTs. Buyers can explore the “10KTF Gucci Grail” and purchase personalized digital garments. 

Gucci bought land on The Sandbox in February 2022. It will offer an interactive fashion experience on Vault, an experimental store and online space for buying antique bags and NFTs. Fashion designers can sell their virtual wear and vintage pieces directly to customers. Gucci will aim to be a part of the luxury-branded NFT market, expected to be a $56 billion market by 2030. 

Baidu

The Chinese tech giant came out with XiRang/ Land of Hope and conducted an event related to Artificial Intelligence (AI). The self-developed metaverse is multi-device compatible and can support up to 100,000 users at a time. Moreover, Baidu aims to make XiRang the hub for virtual meetings and digital avatars. In the long run, it will act as the infrastructure of the metaverse by providing tools and software. XiRang will be used to create virtual cities and a digital universe.

Sony

The Japanese company views the metaverse as an immersive virtual world. It plans to integrate entertainment, gaming, and music elements. Sony will look to make inroads with the PlayStation VR 2 launch in 2023. It also teamed up with Theta Labs to launch 3D NFTs in May 2022. This is being done for Sony Spatial Reality Display (SRD), a tablet that uses Augmented Reality and 3D. It will transport viewers to another world with a mix of visual and spatial realities. 

The SRD is a flagship device of Sony. Moreover, users can view and manipulate 3D objects without wearing accessories. It creates the sensation of a 3D object by tracking the eye movement and pivoting the images when viewers move their heads. Thus, the SRD will bridge the gap between the physical and digital worlds.  

Conclusion

It has been 30 years since Neal Stephenson described the term “Metaverse” in his novel “Snow Crash”.  The world has come a long way since the American writer predicted the hypothetical iteration of the Internet. Want to be a trendsetter in Web 3.0 and drive the future of the digital economy? It’s time to spearhead the metaverse revolution. 

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