{"id":398183,"date":"2022-01-23T22:39:00","date_gmt":"2022-01-23T19:39:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockchain-metaverse-ecosystems-gain-traction-as-brands-create-digital-experiences\/"},"modified":"2022-01-23T22:39:00","modified_gmt":"2022-01-23T19:39:00","slug":"blockchain-metaverse-ecosystems-gain-traction-as-brands-create-digital-experiences","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockchain-metaverse-ecosystems-gain-traction-as-brands-create-digital-experiences\/","title":{"rendered":"# Blockchain metaverse ecosystems gain traction as brands create digital experiences"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2af59827c83\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2af59827c83\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-metaverse-ecosystems-gain-traction-as-brands-create-digital-experiences\/#NFT_utility_for_brands_launching_in_the_Metaverse\" >NFT utility for brands launching in the Metaverse<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-metaverse-ecosystems-gain-traction-as-brands-create-digital-experiences\/#Blockchain-based_metaverse_offers_more_but_will_the_mainstream_catch_on\" >Blockchain-based metaverse offers more, but will the mainstream catch on?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-metaverse-ecosystems-gain-traction-as-brands-create-digital-experiences\/#Will_metaverse_experiences_replace_real_life\" >Will metaverse experiences replace real life?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Blockchain metaverse ecosystems gain traction as brands create digital experiences <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Billion-dollar companies are taking the Metaverse by storm as consumers have <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/en\/news-release\/2021\/12\/16\/2353391\/0\/en\/Initial-data-released-on-consumer-views-of-the-metaverse.html\">shown<\/a> heightened interest in virtual, interactive, three-dimensional experiences that take place online.\u00a0<\/p>\n<p>While the \u201cMetaverse\u201d is still a new concept, research firm Strategy Analytics <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.business-standard.com\/article\/international\/global-market-for-transactions-in-metaverse-expected-to-cross-6-bn-in-2021-121121800265_1.html\">found<\/a> that the global Metaverse market is forecasted to hit nearly $42 billion by 2026. This very well may be the case, as a handful of businesses including Nike and Walmart have begun exploring consumer experiences in metaverse environments. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"NFT_utility_for_brands_launching_in_the_Metaverse\"><\/span>NFT utility for brands launching in the Metaverse<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To understand how and why brands are leveraging the Metaverse, it\u2019s key to point out the role that NFTs, or nonfungible tokens, play within these ecosystems. While the year 2021 saw an influx of NFTs, the rise of the Metaverse is predicted to highlight the importance of utility behind NFTs. <\/p>\n<p>Adrian Baschuk, founding partner at Ethernity Chain \u2014 an authenticated and licensed NFT platform \u2014 told Cointelegraph that every brand, company and notable figure will eventually have a metaverse and NFT integration:<\/p>\n<blockquote><p>\u201cThis is the &#8220;Myspace days&#8221; of the NFT-metaverse interactivity layer. Just as every company and individual has adopted some form of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>, this will also be the case for NFTs and the Metaverse.\u201d <\/p><\/blockquote>\n<p>Given this, Baschuk shared that Ethernity recently brought its IP to The Sandbox, a blockchain-based metaverse ecosystem. Specifically speaking, Ethernity has acquired a desirable plot of land in The Sandbox to host a gallery and fully licensed NFT store. Baschuk explained that this will allow The Sandbox users to purchase Ethernity NFT wearables and collectibles. <\/p>\n<p>According to Baschuk, these wearable NFTs include athlete jerseys, which will be used to dress and provide special powers to The Sandbox avatars. \u201cDallas Cowboys\u2019 Zeke and Dak will kick this off, as the players\u2019 wearable jerseys and shoulder pads will boost a user&#8217;s avatars\u2019 skills and powers,\u201d he said. <\/p>\n<p>While this specific example may <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eal to The Sandbox gaming community, the concept behind it is universal for brands entering the Metaverse. For instance, Baschuk explained that NFTs within virtual ecosystems allow for companies to monetize assets across a blockchain network, enhancing interactivity for consumers and fans. <\/p>\n<p>To put this in perspective, consumer electronics giant Samsung recently announced that it will have a virtual replica of its New York physical store located within Decentraland, another leading metaverse ecosystem. The store, known as the \u201cSamsung 837X shop,\u201d will be accessible in Decentraland for a limited time. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/0c93bf6c-4e62-4036-b0f1-6a852f2e4515.png\"><figcaption style=\"text-align: center;\"><em>Samsung 837X shop in Decentraland. Source: Samsung<\/em><\/figcaption><\/figure>\n<p>A Samsung spokesperson told Cointelegraph that establishing Samsung 837X as a metaverse brand will provide limitless possibility for consumers to connect with Samsung and its products in an immersive way: <\/p>\n<blockquote><p>\u201cIn our metaverse, the brand pillars of sustainability, customization and connectivity will come to life in experiences that showcase the cutting-edge <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> embedded in the Samsung family of products. This virtual hub will become a place for our community to celebrate the convergence of technology, art, culture, fashion and music.\u201d<\/p><\/blockquote>\n<p>Samsung\u2019s spokesperson further mentioned that Decentraland specifically gave the company a platform to enable a true Web3 metaverse experience. They noted that the Samsung community wanted a metaverse store to feature interactive quests that would allow participants to earn wearables like NFT badges or opportunities to win exclusive Samsung branded clothing for avatars. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/2f590bcd-aaa4-44a5-8655-14f663e0a754.png\"><figcaption style=\"text-align: center;\"><em>Samsung 837X wearables in Decentraland. Source: Samsung<\/em><\/figcaption><\/figure>\n<p>Overall, Samsung explained that its 837X store will serve as a foundation for the future, which will offer significant utility to its visitors. In turn, the company is looking at ways in which badges earned at 837X will offer access and utility for future events and experiences in its virtual space. \u201cIn the future, it\u2019s our hope that everyone who visits our world will be able to enhance their online experience in the metaverse and their real-world experience with Samsung products,\u201d commented Samsung\u2019s spokesperson. <\/p>\n<p>While Samsung was one of the first major brands to launch a virtual store in Decentraland this year, other organizations are following suit. Most recently Tennis Australia, the organizer of the Australian Open (AO), partnered with Decentraland to host the AO in the metaverse. This virtual environment contains key areas in Melbourne Park, including the Rod Laver Arena and Grand Slam Park. AO Decentraland 2022 will take place Jan. 17\u201330, mirroring the in-real-life tournament schedule. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/cc2a79f7-f2dc-44a3-bf45-5ef69e738496.png\"><figcaption style=\"text-align: center;\"><em>An avatar watching the Welcome Address at the AO in Decentraland. Source: Decentraland<\/em><\/figcaption><\/figure>\n<p>Ridley Plummer, Tennis Australia NFT and metaverse project lead, told Cointelegraph that it was a natural progression for the event to expand into the metaverse. Plummer shared that this was also the case due to border closures brought about by the COVID-19 pandemic, which has made it more difficult for fans to attend the event in person:<\/p>\n<blockquote><p>\u201cWe can only have a certain number of people in the area and the arenas, so we are bringing the AO to the world by allowing fans to partake in a virtual, interactive experience on Decentraland. This will enhance our fans\u2019 viewing experience at home from their television by providing users with a more voyeuristic look at what\u2019s happening at Melbourne Park.\u201d<\/p><\/blockquote>\n<p>Plummer elaborated that AO\u2019s metaverse environment features entertainment hubs where fans can watch replays of tennis matches, along with historical footage of past tournaments. He noted that during the final weekend of the event, fans will have access to behind-the-scenes footage that will show players during practice sessions and more. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/5c00319c-ca58-4b1f-9273-f05ae79de4a1.png\"><figcaption style=\"text-align: center;\"><em>Ariel image of the AO arena in Decentraland. Source: Decentraland<\/em><\/figcaption><\/figure>\n<p>Plummer added that users on Decentraland can walk around Melbourne Park with their avatars to collect wearables and play virtual <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>s to earn NFTs. \u201cThere are items and branding we can add within Decentraland that enhance experiences for our partners as well from a play-to-earn perspective. We have a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of gamification within Decentraland.\u201d <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Blockchain-based_metaverse_offers_more_but_will_the_mainstream_catch_on\"><\/span>Blockchain-based metaverse offers more, but will the mainstream catch on?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Given the unique experiences NFTs can bring to consumers and fans, it\u2019s equally important to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/hbr.org\/2022\/01\/how-brands-can-enter-the-metaverse\">highlight<\/a> the benefits offered by a blockchain-based metaverse ecosystem. For instance, while many brands have started to engage users through connected environments, blockchain networks enable digital asset ownership while demonstrating the true power of Web3. <\/p>\n<p>Elaborating on this, Adam De Cata, head of partnerships at Decentraland, told Cointelegraph that the difference between a blockchain-based metaverse and a non-blockchain metaverse is interoperability:<\/p>\n<blockquote><p>\u201cWhen it comes to interoperability and what this means to users in blockchain, it can provide countless utilities and benefits. You can buy your digital garments, trade and sell them and receive these funds via crypto (that can be transferred into fiat if need be). As a creator, you can receive a trailing commission on wearable sales too.\u201d<\/p><\/blockquote>\n<p>De Cata added that open source platforms like Decentraland further allow users to connect their digital wallets to the platform to access particular builds and scenes that might be exclusive to a particular NFT they already hold: \u201cWe are still in the infancy of exploration, and it\u2019s exciting to think of the possibilities moving forward with Web3.\u201d<\/p>\n<p>In regards to interoperability, Sebastien Borget, co-founder of The Sandbox, told Cointelegraph that the Metaverse enables a digital economy, noting that a true virtual ecosystem should allow for an avatar to be used across a variety of platforms: \u201cThe Metaverse means that your avatar can function across a myriad of virtual worlds, with the same identity. This is only possible through blockchain technology, which puts the users in control of their identity, data and currency.\u201d <\/p>\n<p>Borget further remarked that virtual worlds have existed for over 20 years, adding that many current metaverses are just centralized platforms:<\/p>\n<blockquote><p>\u201cThe value centralized platforms bring by creating or being present is locked into the platform, and even worse, captured mostly by the platform rather than going back to the users. For me, the Metaverse\u2019 true potential can only happen if there is a technology that supports this digital economy and users&#8217; sovereignty.\u201d <\/p><\/blockquote>\n<p>Yet while blockchain-based metaverse environments are capable of offering more to both companies and their users, the question as to whether this concept will catch on with the mainstream remains. De Cata remarked that he is optimistic about mainstream adoption, noting that Decentraland has seen an almost equal number of guest wallets and users with existing digital wallets utilize the platform. He shared that he is looking forward to the feedback from the AO event. \u201cI\u2019m keen to see what happens during the course of the AO on Decentraland. There is just enough market research to find out the retention rate and user experience for events like the AO, and if these users are crypto native or not.\u201d<\/p>\n<p>It\u2019s also notable to point out that Samsung shared that the company has had an overwhelmingly positive response from visitors coming to Samsung 837X. \u201cBased on the response we\u2019ve received, we\u2019ve seen attendance to Samsung 837X from both experienced users and new explorers alike. For us, that\u2019s very exciting.\u201d <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Will_metaverse_experiences_replace_real_life\"><\/span>Will metaverse experiences replace real life?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Metaverse experiences may be the next big innovation for brands and users, but some may be wondering if virtual environments will replace real-life experiences entirely. After all, this could very well be the case due to the advanced capabilities provided within blockchain-based metaverse environments. <\/p>\n<p>For instance, while NFT utility has been brought to life through the Metaverse, the trillion-dollar e-commerce sector is being disrupted overall. To understand the scope of this, Justin Banon, co-founder of Boson Protocol \u2014 a decentralized commerce protocol \u2014 told Cointelegraph that brands are ultimately seeking commerce opportunities. \u201cThe whole point of the Metaverse is that it&#8217;s programmable and gameable, therefore offering full capabilities for a new wave of commerce.\u201d <\/p>\n<p>In turn, Banon explained that Boson Protocol has purchased one of the largest plots of land in Decentraland to host virtual shops that allow for NFT wearables to be purchased and then redeemed for physical items either online or at store locations. For example, Boson Protocol recently launched a virtual store with DressX, a retailer for digital fashion clothing, allowing the company to sell items to users in the metaverse that can be redeemed for physical versions. \u201cWe are getting more demand for Web3 features, like &#8220;digiphysical&#8221; offerings. There is no longer the demand for vanilla e-commerce,\u201d he remarked. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/dfc36cf0-64e2-4249-8a98-d668314552d6.png\"><figcaption style=\"text-align: center;\"><em>Boson Protocol&#8217;s DressX shop in Decentraland. Source: Boson Protocol\u00a0<\/em><\/figcaption><\/figure>\n<p>While this may be, De Cata commented that time spent in the Metaverse depends on individual users:<\/p>\n<blockquote><p>\u201cMetaverse events will be complementary to real-life events and experiences. We are already seeing a blended mix of both. Social content is key in the digital age we live in. I draw from the tech adoptions curves \u2014 the early adopters may spend increasingly more time in the Metaverse whereas the late majority less time.\u201d <\/p><\/blockquote>\n<p>Although it\u2019s hard to predict the future traction of the Metaverse, industry experts remain confident that all brands will eventually adopt a metaverse model. Borget commented that he expects this trend to accelerate because brands are looking for new ways to engage with users digitally. \u201cIt makes sense for brands to give more value back to the users directly, rather than spending on advertising,\u201d he remarked. And De Cata added that although \u201cthe Metaverse\u201d is trending as a topic, he believes that these virtual worlds are just an extension of social media platforms: <\/p>\n<blockquote><p>\u201cThe Metaverse allows us to connect with like minded individuals in a way that we don\u2019t currently get from swiping up and down in a mobile app. For the crypto community, interoperability is key. For non-crypto users entering these environments, it\u2019s clear that they are enjoying them now more than YouTube.\u201d <\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"nifty_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/blockchain-metaverse-ecosystems-gain-traction-as-brands-create-digital-experiences\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Blockchain metaverse ecosystems gain traction as brands create digital experiences &#8221; Billion-dollar companies are taking the Metaverse by storm as consumers have shown heightened interest in virtual, interactive, three-dimensional experiences that take place online.\u00a0 While the \u201cMetaverse\u201d is still a new concept, research firm Strategy Analytics found that the global Metaverse market is forecasted&#8230;<\/p>\n","protected":false},"author":1,"featured_media":398184,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvYWY2YmRlOGMtZDQyNC00YjMyLWI0NjAtYjc0ZGI0N2YzOGM5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74983,91498,95118,78261,74355,117,1545,77891,80,10751,68637,4965],"class_list":["post-398183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-decentralization","tag-metaverse","tag-nft","tag-tech-analysis","tag-adoption","tag-business","tag-coronavirus","tag-e-commerce","tag-games","tag-gaming","tag-predictions","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/398183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=398183"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/398183\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/398184"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=398183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=398183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=398183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}