Many of us know that Metaverse is not a new concept as the idea of it was coined in the 1960s. Metaverse is a virtual place where it allows people to hang out virtually where they can talk, meet up and shop in the virtual space. Sims is one of the games that share the same similarity as Metaverse. It’s a game where users can create an avatar and interact with others. There are many games that share the same concept. Virtual world was in the talks many years back but with Facebook coming up with Metaverse, the virtual world games have again picked up frenzy. Metaverse is a network of 3D virtual worlds that allows people to socially connect in the virtual space. It is a stimulated digital environment that uses technologies like AR and VR for interaction between individuals. Video games like Active Worlds, The Palace and Fortnite are going to incorporate the concept of Metaverse into their games. As Metaverse was just recently launched, the prediction of how ecommerce business is going to facilitate in the Metaverse is a little bit tricky. But, we do have some idea as to how it will function and what experience it will provide to the consumer. Online shopping experience is itself breaking many barriers and almost every human being knows how to shop online. This has paved the way for Metaverse to offer a shopping experience to the customers where they can see the product and buy it online with a lot of options in payments, virtual tours and a lot more. Metaverse is not confined and it has a lot of scope to expand and come up with innovative shopping experiences like never before. For eg: If you are a football fan and want to buy a jersey or a cap then in Metaverse you can try it on your avatar and meet your idols while shopping. Anyone can advertise in Metaverse but the logic of advertising on internet browsers or social media won’t be the same in the virtual world. As Metaverse is a virtual world then advertising will be similar to the world we are living in. The advertisement concept will be similar to conventional marketing. This means that the advertisement will be broadcasted on billboards. Blockchain is a technology that facilitates the usage and transaction of different types of cryptocurrency. Blockchain will be integrated into the Metaverse, making it possible for users to use cryptocurrency to perform various transactions. A lot like preferring a niche marketing channel or retail outlet, there are different types of metaverse platforms that provision different audiences and objectives. Gaming platforms, for instance, are preferred for creating memorable and fascinating gamification adventures, as well as providing a platform for buying and selling virtual goods. When it comes to e-commerce, Nike is one of the earliest to invest in the metaverse and premiered NIKELAND on the gaming platform called Roblox which has 47.3 million daily active users worldwide. It is a gaming platform where users can dress up their avatars and also shop for digital commodities. Fashion icon Gucci is already tapping into profit by retailing a virtual handbag on Roblox for $4115. Reaching 56 million monthly active users, Fortnite is similarly interested in Metaverse to monetize virtual goods, promote brand advertisement, and enable gamers to participate in music concerts. Singer Ariana Grande performed her Rift tour online for millions for Fortnite players, while brands like Nike, John Wick, and the NFL advertised their brands to users in the game. Samsung also jumped at this opportunity and launched its own Metaverse destination where users can create and monetize content (digital art). This platform itself has sold $7.18 M worth of Non-Fungible Commemoratives (NFTs). Now Samsung's smart TVs have come up with their own NFT Platform app for discovering, purchasing, and trading digital art. These are just some examples of the new opportunities open to retailers right now in Metaverse. To widen the access; NVIDIA is assembling out its Omniverse platform as a site for any company or developer to build and manage complex 3D workflows for any of the succeeding or future Metaverses to come. What does the future stand for in the metaverse? It’s quietly unclear whether we can ever walk into the metaverse and indeed be present in a different world. How the metaverse develops will truly depend on whether companies like Meta are competent to assemble out the architecture required to generate an open-source standard. Otherwise, virtual experiences innovated by the likes of Nike and Charlotte Tilbury will probably still remain isolated from other brands. The growth of virtual shopping and gamified digital adventures has been fuelled by the COVID-19 epidemic and the ‘want’ to engage with more people. Thus, we can anticipate metaverse to start playing a bigger part in e-commerce at large.Define Metaverse:
How will it be integrated into Metaverse?
Unique experience
Advertisement in Metaverse
Blockchain
Metaverse attracting well-known e-commerce brands to its platform:
Conclusion: