It's unlikely that you haven't heard the terms " Metavers", "NFT", "Avatar", "Web3" or "Blockchain" around you in recent months. On social networks, in press articles or in conversations, these new terms are the talk of the town. But what do they mean and what do they encompass?
The giant Facebook's name change to Meta has put the spotlight on what its creator, Mark Zuckerberg, calls "the future of today's mobile internet": the Metaverse.
What is a metaverse?
The metaverse is a fictional virtual world fictional virtual worldwhere we can interact through personalized 3D avatars. In the years to come, the metaverse is intended to be an extension of the real world.
It's important to stress that metavers are nothing new. The use of virtual reality already exists, notably in gaming.
The ambition for tomorrow's metavers lies in the different ways of engaging with these virtual spaces. Mark Zuckerberg, in his presentation of Meta, underlines this: " The next platform will be more immersive - a living, embodied internet, where you live the experience, not just watch it. We call this the metaverse (...) ".
Tomorrow's metaverse is a place where the boundaries of reality no longer exist. We could attend a concert in another country from home, or be close to someone in a foreign country from this virtual space.
How do retailers make these spaces their own?
Extending the real world means reproducing habitus. As a result, goods and services must be adapted to these spaces.
Nike, Forever 21 and Walmart have all expressed interest in the metaverse:
- Development of capsule clothing collections
- Collaboration with video games
- Creating virtual sneakers
The title of CMO (Chief Metaverse Officer)is beginning to emerge in the corporate world. Its role? To guarantee the proper development of a brand, its image and its vision in these spaces.
Luxury goods is currently the industry with the most metaverse initiatives, mainly through the Roblox platform.
Morgan Stanley talks of 50 billion in revenues by 2030 from the sale of luxury goods in metaverses.
Hermès, Balenciaga and Ralph Lauren have mainly invested in this area through NFTs (Non-Fungible Token)virtual tokens that act as unique certificates of ownership, based on the blockchain.
In particular, Balenciaga has collaborated with Epic Games, the publisher of the famous video game Fortnite, to create four "skins" (virtual outfits in Fortnite).
What are the challenges ahead?
The possibility of developing products specific to the metaverse represents a major opportunity for retail players.
Today, virtual worlds are still niche destinations for retailers. Few brands are taking the plunge, but the current craze could lead to democratization in the years to come.
Virtual goods do not require stocks, physical stores or logistics, which are considerable advantages for the retail sector. The metaverse can be an interesting alternative to the environmental challenges facing the sector (textile overproduction, unethical manufacturing conditions, difficult traceability, etc.).
Counterfeiting is therefore a crucial issue for the luxury industry. NFTs, with their principle of unique ownership, give back to their owners the exclusivity and rarity of luxury goods.
Beyond clothing, metavers are intended to be places for the free exchange of all kinds of goods and services to be acquired via cryptocurrencies. Other brands are starting to take an interest.
Retailer Carrefour recently purchased a plot of land in The Sandbox video game for 130 Ethereum (€300,000) on the OpenSea platform. The brand intends to " organize events and product launches " there. Casino has also taken the plunge, offering the chance to win vouchers and discounts that can be redeemed in physical stores. Transposing its offers into these universes can help to reach a wider, younger target.
Conclusion
Building bridges between the real and the virtual will give rise to new opportunities and new consumer behaviors. Investing in the metaverse will encourage? the development of different omnichannel strategies, and pave the way for a different kind of creativity.
Virtual worlds must be understood in the same way as the real world, with their strengths, weaknesses and limitations.
It's important to keep in mind that this is only a niche trend today, but that it's necessary/important to keep a close eye on it.
By Cira Diagana
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Sources :
- DNA by Doc Marketing - Why retailers are storming the metaverse
- Wikipedia - Metavers definition
- Zone Bourse - Metaverse: tomorrow's world?
- Meta - The Metaverse and How We'll Build It Together - Connect 2021
- Lebigdata.fr - Fashion in the metaverse: hype or goldmine?
- Le moniteur - Carrefour in the metaverse
- AIM - What is a Chief Metaverse officer? And do we need one ?