“Many brands are still reeling from missing out on e-commerce and they don’t want to miss out on any opportunities in the virtual world.”
Frank Chaparro, director of encrypted messaging service The Block, said that as more consumers become familiar with the Metaverse and items stored on the blockchain, more and more brands will want to create their own ecosystems around it.
McDonald's files for McMetaverse trademark
According to the latest news on February 10, Josh Gerben, the trademark lawyer and founder of Gerben Intellectual Property, tweeted that McDonald’s, an American restaurant chain, had submitted 10 Metaverse trademark registration applications on February 4.
It also mentions plans to launch a "virtual restaurant featuring real and virtual merchandise" and "operate a virtual restaurant featuring home delivery."
In addition, McDonald's has added its McCafe coffee brand to the Metaverse trademark application, along with other entertainment offerings, including "offering online physical and virtual concerts and other virtual events."
Gucci announces land purchase in The Sandbox , plans to release virtual wearables
On the same day, the luxury brand Gucci announced the purchase of an unknown number of virtual plots in The Sandbox, a concept project of the "metaverse".
Yes, Gucci started buying land again after issuing NFT. In addition to the fashion-focused virtual space, Gucci will also release virtual wearable items for The Sandbox players to purchase and wear in-game. Gucci may launch Gucci-themed NFTs and retro bags on the platform.
Why are the world's top companies entering the metaverse and NFT fields?
This is not the first time Gucci has adopted NFT. Last year, the luxury brand auctioned off a Gucci Aria NFT at Christie's for $25,000. This is one of the most expensive items sold by the brand.
On the other hand, Gucci is also exploring 3D in-game clothing for luxury fashion brand Neuno on the NFT platform.
Professional organizations predict that by 2030, digital channels including NFT and metaverse can increase the revenue of luxury brands by 10%. Given that the overall cost of digital goods is relatively low, this will increase the profit of luxury goods by 25%.
A future where the virtual economy has the same value as the economy in the real world is at hand.
As cultural identity is increasingly condensed on digital carriers, the ability of the digital world to meet various needs of human nature is also improving. When people can carry out sufficiently rich economic and cultural activities in the virtual space, a new way of interacting with the world has also emerged.
A future where the virtual economy has the same value as the economy in the real world is at hand.
Gartner predicts that by 2026 , 25% of the world's population will spend at least one hour a day on the Metaverse
Gartner vice president Marty Resnick believes that as users continue to expect virtual and immersive 3D experiences, many companies must combine their own strengths and join others to integrate the metaverse world.
He also explained that "from attending virtual classrooms to buying digital land and building virtual homes, these activities are currently taking place in different world environments."
He believes that by 2026, 30% of the world's businesses will have goods and services in the Metaverse.
"Ultimately, they will take place in a single environment - the metaverse - with multiple destinations across technologies and experiences."
Also, according to research firm Strategy Analytics, the global metaverse market is expected to reach about $42 billion by 2026. Still, the overall valuation could exceed $1 trillion in the next few years, according to a November report from Grayscale. From January 2020 to June 2021, the number of active users of Metaverse has increased tenfold.
Regardless, Terra Virtua co-founder and CEO Jawad Ashraf said that research shows that the Metaverse will change the way people interact with virtual environments, and it is expected to be the venue for social events, business meetings, gaming events, concerts, and more .
"It may be too early to predict exactly what the Metaverse will become, but what we do know is that it will open up entirely new experiences and improve our lives."
Renick advises businesses and investors to proceed with caution, citing the nascent and decentralized adoption of metaverse technologies. "It's too early to know which investments are viable in the long-term," he said.
"Product managers should take the time to learn, explore, and prepare for virtual worlds to be competitive."