Metaverse has been a hot topic since the beginning of the pandemic. Maybe it was because we were bored been locked up at home so we decided it was time to explore this new wondrous land or maybe not, I'll let you decide. In business, new trends are often seen as new opportunities. Ofcourse, there are risks involved but what is it compared to the reward of being an early adopter in a promising new tech?
There isn't a concrete definition of what the metaverse is yet. It's a blend of virtual reality and augmented reality with a touch of physical reality. As you can see, it's multidimensional and interlocks many layers together, cryptocurrency being one of them. Crypto will be the standard means of transaction in the metaverse.
Music
My fellow entrepreneur, Snoop Dogg shot one of his latest music video 'House I Built' on the metaverse. This created some shock waves in the music industry because many famous celebrities have been reluctant to embrace this Web 3.0 stuffs thinking that it's a short fad but this guy is going all in. He's putting his money where his mouth is, he walks the talk and many people are admiring him for that.“I’m always on the lookout for new ways of connecting with fans and what we’ve created in The Sandbox is the future of virtual hangouts, NFT drops, and exclusive concerts,” said Snoop Dogg in an official release. “We will be putting out artists through the metaverse,” he added. “Just like we broke the industry when we was the first independent to be major, I want to be the first major in the metaverse.”
Snoop is a visionary, forward thinker who knows the advantages of being an early adopter. He also recently acquired the rights to Death Row Records, a legendary hip-hop label and he plans on relaunching the company with a focus on Web 3.0. Having more influential people openly embracing Web 3.0 like Snoop Dogg will greatly help in the mass adoption of the new web structure. Take the wild story of a super fan spending $500K just to be a virtual neighbor of Snoop. What!? how can you live in a virtual world???? I don't know how the feel about this kind of things but the story is contagious, like a magnet it draws many people in to check 'what's poppin'?'
Source
Automobile
BMW is a global car brand that's synonym with speed and performance. Back in November of 2021, they decided to take one of their latest models, the M240i into the Rocket League, a vehicular soccer video game. It's a vehicle based soccer (football) game where the aim is to score more goals than your opponents while controlling a car.Now, why would BMW release one of their latest models virtually first on a virtual world before deliveries kick off? The car was available for 1100 game credits and it comes with some super cool signature wheels. The answer is found when exploring the esports data. The esports market has a wider, global and engaged audience than other media outlets and it’s evolving at a rapid speed. This becomes a lucrative avenue for marketing since you'll be able to access a large audience and potential customers can test the virtual feel of the car before making a purchase.
However, I think that's not the only reason and there's more to it. Imagine if BMW partnered with a number of virtual world games that'll display their cars. With tokenization, there will be add ons, upgrades and maintenence of the car which can unlock new revenue streams that can amount to billions in the future for the car company. Just like BMW is a global car brand in the physical reality, they can also become a global brand in the metaverse.
This initial move seems to be a small step but a step that can create a massive snowball effect in the future for the company. This is the reward of being an early adopter, you set yourself up for success long before the competition realise what's happening.
Ofcourse, nothing is set on stone, everything is in a state of potentiality before it is achieved. It might also be argued that it's unfair for BMW to conquer both the physical world and the metaverse, that it should give way to an upcoming new brand.
In Conclusion
More stories are making headlines about businesses trying out the metaverse. Both Arianna Grande and Travis Scott performed a virtual concert in the metaverse. Netflix is partnering with video game developers to get into the gaming industry and virtual lands are being sold with jaw dropping prices. It's a common thing now.While some are passively contemplating what the metaverse is about, others have jumped right in playing a proactive role in this little known arena. What do they see? Is it more than a short fad? Could it become like a virtual second home that many people will spend much time on in the future?
It's hard to tell now. I believe this people aren't waiting for the answers, they will probably find it on the way there. I hope the odds will be in their favor!
Thanks for reading, I appreciate your support!
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