About virtual shopping and features of the Metaverse
By Iaroslava Kramarenko 1522 23 Nov 2022
The Metaverse is a virtual world with digital replicas of people, places, and objects. Users can have a far brighter digital life here than in the real world.
Users of the Metaverse communicate, work, and interact with elements of the virtual world through avatars in the same way they do in the physical world. You don't need bulky equipment for this. A good internet connection and VR glasses like Oculus are all you need.
Currently, a lack of technology and a low global adoption are limiting the potential of the Metaverse. However, we are confident that in the future the only limit will be the developer's creativity.
Features of the Metaverse
We have already done a detailed analysis of popular Metaverses without going into the economics. Now we'll go through the new business opportunities that the virtual world is presenting.
The Metaverse allows users to take part in virtual markets for ideas, culture, art, and business. You can buy and sell digital items on this huge marketplace, including virtual properties, concert tickets, mass-market products, and other intangible assets that are transferred through smart contracts.
At the same time, it is not limited by physical barriers. National borders, complicated fiat currency exchanges, sanctions restrictions, language barriers, or religious restrictions do not impose any limitations on users.
The Metaverse is a place for unrestricted expression that is only monitored to prevent fraud, but is open to creative ideas and fair trading.
Global brands are already realizing that retail in the virtual world can be more profitable than in the "real world."
Why? The answer is not obvious, but it’s simple.
Because in the super-reality, a person dresses, eats, and goes to concerts not as “himself” but as his ideal self. Our avatars represent who we want to be, not who we really are.
We wear perfect clothes on our perfect bodies. We drive the best cars and attend the most prestigious events, which we are unable to attend in our regular lives for a variety of reasons.
We are willing to spend a lot of money to ensure that, if not ourselves, then at least our avatars, live in a lifestyle that we are unable to afford.
A pensioner from a small village can get real pleasure from having a night out in a virtual club, drinking virtual tequila and meeting the most stunning women.
There is no distinction between real and virtual for our psyche. As a result, the more issues a person faces at home and at work, the more he wants to run away from them to a more idyllic reality.
We will not debate whether this is good or bad right now.
The main thing to understand is that the uniqueness of virtual consumption lies in the presentation of a "real life" vision. The world's leading brands rapidly noticed this peculiarity and began to enter the Metaverse on a wide scale, opening virtual stores of their goods.
The most profitable sectors of the Metaverse are retail and market research. The second-placed businesses in terms of revenue right now are companies that research consumer behavior patterns and run aggressive marketing campaigns. So far, the top spot has gone to sellers of virtual land plots for future offices, concert venues, and stores. It looks like a construction boom is being prepared for the new super-reality residents.
Brands that have filed metaverse trademarks
World brands seem to have started getting ready for the metaverse-boom. The number of filed metaverse trademarks is increasing every month.
Those who have already received permission to trade in the Metaverse are:
1. Footwear: Nike, Converse, Adidas, New Balance, Prada
2. Clothing: Puma, Louis Vuitton, Levis, Dolce & Gabbana
3. Accessories: Gucci, Ray-Ban, Rolex
4. Music brands: Ticketmaster, Elvis Presley Enterprises
5. Sports products: Jerry Rice, Hendrick Motorsports
6. Toys: Hot Wheels, Bazooka
7. Retail: Walmart, Saks
8. Cars: Maserati, Aston Martin, Tesla
Moreover, Mastercard, Sony, Huawei, Hisense, Burberry, FC Barcelona, and Real Madrid are already running their ads on the meta platforms.
The United States Patent and Trademark Office (USPTO) has submitted around 4,000 new trademark applications in the Metaverse by early October 2022.
More than $100 billion was spent last year on virtual products. Analysts believe that the sum might be three times higher in 2022, however there are no statistics yet. Additionally, this data does not include money spent on "intellectual leisure" such as visiting virtual museums, concerts, lectures and training.
The Metaverse today is a treasure trove for enterprising trading companies.
First, the tax authorities have not yet determined what is going on and have not sent their agents to monitor the financial statements related to the sale of virtual products.
Second, there are no returns for defects or complaints. There are no expiration dates, and older collections are not discounted. No shoplifting. There are no storage or shipping charges. Only net profit! Completely metaverse-cool!