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Exploring the Metaverse – The retail industry as a case study - October 28, 2022 - 0 comments

Based on blockchain technology

In the novel Snow Crash, published in 1992, the term ‘metaverse’ was presented for the first time. Subsequently, numerous companies evolved into decentralised games, followed by augmented and virtual reality.

  • Author: Nicole Cassar, Manager,
Industry Trends - Exploring the Metaverse

The metaverse is characterised as a spatial computing platform that provides digital experiences as an alternative to or duplicate of the actual world, together with fundamental civilizational elements such as social interactions, currency, trade, economy, and property ownership — based on blockchain technology.

The new state of the internet

Researchers and academics have observed that it is challenging to offer a single, all-encompassing definition because developments like the metaverse are still emerging technology. The metaverse is known to be the promise of the new state of the internet, which is blurring the borders between the physical and digital spaces. The transition from web 2.0 to web 3.0 is accompanied by a shift into this technology’s immersive domain.

There have been numerous discussions concerning the hype around the metaverse, its benefits, its unregulated environment, and its potential applications. The same views were perceived with the emergence of web 2.0. However, despite the fact that some would contend that in this regard the technological environment is more rapidly evolving than the regulatory environment, the metaverse and these innovations in general remain a futuristic and potential tool that businesses will actively delve into.

From enthusiasts to lawyers to gamers, corporations and academics, a large number of individuals of the technology world have been analysing the current state of the metaverse innovation and where it will lead.

Many people in the technology industry have been analysing the current state of the metaverse innovation and where it will lead, from enthusiasts to lawyers to gamers, corporations, and academics.

The metaverse can be viewed in a variety of ways, including through the perspective of a business or a consumer.

Many companies, mostly retail organisations, have been exploring the opportunities the metaverse can offer. Shops are being established by retailers in this virtual environment. Why?

The concept of purchasing digital clothing for a metaverse avatar is the simplest example to conceptualise. Many of us have previously purchased “clothes” in online games such as Roblox, Runescape, and Sims. However, while this is one way the metaverse could effect retail, it is by no means the only option for businesses.

If the metaverse becomes the next version of the Internet, people will dedicate a significant amount of time to it. In the same way that advertising on social media platforms such as Facebook and Instagram became essential for all digital marketing departments in the 2010s, the same may be true of the metaverse in the coming years. As people from all around the globe join their peers as avatars and explore a virtual reality world, they may see a billboard advertising the newest jackets or shoes.

Even for fashion shoppers, the metaverse could be a means to combine the benefits of the main street and e-commerce. Imagine trying on clothes in a virtual reality digital mall, making a purchase on the spot, and then waiting for the item to arrive at your home.

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