"Metaverse: The Next Disruptive Revolution"

(Area: Technology, Innovation, Entrepreneurship, Collaboration, Strategy, And More)

(Reading Material "Course Introduction to Emerging Technologies in the New Era", Hugo Céspedes A.)

Lately we hear a lot about the Metaverse, the meta universe or the future web. All industries and companies globally are catching up, strategically speaking, on the decisions they must make for the next disruptive revolution that is to come in the coming years. What is the Metaverse? What implications will it have on our lives and work? Why should we be interested in the metaverse?

Clearly, Evolution often involves Revolution events, and therefore, great chances of Disruption in terms of Innovation.

In the past, technological evolution and its disruptive cycles took longer cycles to occur, 20 years. Then, with the passage of time, and the appearance of other enhancing factors, such as the Internet and new knowledge, as well as new innovation methodologies (among others), gave way to these cycles in terms of technological disruption were shortening over time. of time (through the appearance of new emerging technologies). And this is where augmented reality, virtual reality and blockchain (among others) are converging today: The Metaverse.

What is the Metaverse?

The metaverse is an online persistent 3D universe concept that combines multiple different virtual spaces. You can think of it as a future version of the Internet. The metaverse will allow users to work, meet, play and socialize together in these 3D spaces.

The metaverse does not fully exist at this time, but some platforms contain elements similar to those of a metaverse. Video games currently offer the closest metaverse experience there is. The developers have pushed the limits of what a game is by organizing in-game events and creating Virtual Economies.

Although not required, cryptocurrencies can be ideal for a metaverse. They allow to create a Digital Economy with different types of utility tokens and virtual collectibles (NFTs). The metaverse will also benefit from the use of crypto wallets, such as Trust Wallet and MetaMask . Furthermore, blockchain technology can provide transparent and trustworthy governance systems.

Blockchain, applications similar to the metaverse already exist and provide people with income to live on. Axie Infinity is a play-to-earn game that many users play to increase their income. SecondLive and Decenttraland are other examples of how to successfully mix the world of blockchain and virtual reality applications.

Thus, we can define the Metaverse as an online 3D virtual space that connects users in all aspects of their lives. It will connect multiple platforms, similar to the Internet containing different websites accessible through a single browser.

The metaverse concept was developed in the science fiction novel Snow Chrash by Neal Stephenson. However, while the idea of a metaverse was once fiction, it now looks like it could be a reality in the future.

The metaverse will be powered by augmented reality and each user will control a character or avatar. For example, you can take a mixed reality meeting with an Oculus Quest VR headset in your virtual office, finish work and kick back in a blockchain-based game, then manage your crypto portfolio and finances all within the metaverse.

In addition to supporting gaming and social networking, the metaverse will combine economies, digital identity, decentralized governance, and other applications. Even today, the creation of users and the ownership of valuable items and coins help develop a single, united metaverse. All of these features give the blockchain the potential to power this future technology.

Why video games are linked to the metaverse?: Due to the emphasis on 3D virtual reality, video games offer the closest metaverse experience today. However, this point is not just because they are 3D. Video games offer services and features that carry over to other aspects of our lives. The Roblox video game even hosts virtual events like concerts and meetups. Players no longer just play the game, they also use it for other activities and parts of their lives in "cyberspace". For example, in the multiplayer game Fortnite, 12.3 million players participate in Travis Scott's in-game music tour.

How do Cryptocurrencies fit into the metaverse?: Games provide the 3D aspect of the metaverse, but they don't cover everything that is needed in a virtual world that can cover all aspects of life. Crypto can offer the other key parts needed, such as digital proof of ownership, transfer of value, governance, and accessibility. But what do they currently mean? If in the future we all work, socialize and even buy virtual items in the metaverse, we would need a secure way to prove ownership. We should also feel safe transferring these items and money around the metaverse. Finally, we should also want to play a role in the decision-making that takes place in the metaverse if this is going to be such a big part of our lives.

Some video games already contain some basic solutions but many developers use crypto and blockchain instead as a better option. Blockchain provides a decentralized and transparent way of dealing with issues, while game development is more centralized.

Blockchain developers also take influence from the gaming world. Gamification is common in decentralized finance (DelFi) and GameFi. It seems that there will be enough similarities in the future for the two worlds to integrate even more. The key aspects of blockchain suitable for the metaverse are: i) Digital Proof of Ownership, ii) Digital Collectability, iii) Transfer of Value, iv) Governance, v) Accessibility, vi) Interoperability.

i) Digital Proof of Ownership: By having a wallet with access to your private keys, you can instantly prove ownership of an activity or an asset on the blockchain. For example, you can display an exact transcript of your blockchain transactions while you're at work to show accountability. A wallet is one of the safest and most robust methods of establishing a digital identity and proof of ownership.

ii) Digital Collectability: Just as we can establish who owns something, we can also prove that an item is original and unique. For a metaverse looking to incorporate more real-life activities, this is important. Through NFTs, we can create objects that are 100% unique and can never be exactly copied or counterfeited. Blockchain can also represent ownership of physical items.

iii) Transfer of Value: The metaverse will need a way to securely transfer value that users trust. In-game currencies in multiplayer games are less secure than cryptocurrencies on the blockchain. If users spend a lot of time in the metaverse and even earn money there, they will need a reliable currency.

iv) Governance: The ability to control the rules of your interaction with the metaverse should also be important to users. In real life, we can have the right to vote in companies and elect leaders and governments. The metaverse will also need ways to implement fair governance, and blockchain is already a proven way to do this.

v) Accessibility: The creation of a wallet is open to anyone worldwide on public blockchains. Unlike a bank account, you do not need to pay money or provide any information. This makes it one of the most accessible ways to manage finances and a digital identity online.

vi) Interoperability: Blockchain technology continuously improves the compatibility between different platforms. Projects like Polkadot (DOT) and Avalanche (AVAX) allow creating custom blockchains that can interact with each other. a single metaverse will need to connect multiple projects, and blockchain technology already has solutions for this.

How Work in the Metaverse is conceived: The metaverse will change all aspects of real life in one place. While many people already work from home, in the metaverse you'll be able to enter a 3D office and interact with the avatars of your colleagues. Your work may also be related to the metaverse and provide you with directly usable income in the metaverse. In fact, this type of work already exists in a similar way.

GameFi and play-to-earn models now provide consistent income streams for people all over the world.

These online jobs are excellent candidates for the future implementation of the metaverse, as they show that people are willing to spend their time living and earning in virtual worlds. Play-to-earn games like Axie Infinity and Gods Unchained don't even have avatars or 3D worlds. However, it is the beginning of something where they could be part of the metaverse as a way to make money entirely in the online world.

Construction of the Metaverse.

Building the metaverse is somewhat similar to the concept of the creation of the Internet. We must develop both the content and the technology that we will use to connect. You can create an interactive play-to-earn game, a marketplace for virtual goods, or a method of facilitating interoperable platforms. There are a lot of possibilities that everyone can explore.

Many companies already have leading platforms in key areas of the metaverse. Therefore, it is logical that these platforms are involved in the metaverse in some way, so it is logical that these companies develop their own solutions for it. Startups and technology companies are already immersed in a race to develop the latest big technology trend.

Some Players in the Metaverse Industry.

Meta (Link ): Facebook has easily been one of the leading voices of large-scale metaverse development.

The company has even changed its name to Meta, thus demonstrating the importance it attaches to the topic, with Facebook, Instagram and Oculus VR (now Meta Quest ) integrated under said brand.

It is evident that Meta has ownership of many of the key elements of the metaverse. On a smaller scale, we can already see some of his metaverse developments:

a) VR Messaging: important to help connect users in an immersive way.

b) Project Cambria: VR headsets compatible with the Oculus Quest virtual reality world.

c) Horizon Marketplace: A place where buyers, sellers and creators can exchange digital goods.

CEO Mark Zuckerbeg has already pointed out the importance of non-fungible tokens (NFTs), cryptocurrencies and blockchains in the metaverse. With his Book project underway, we'll likely see him incorporated into Meta's future as well.

Microsoft (Link ): Microsoft's main offering in relation to the metaverse is its Mesh for Teams software that launches in 2022. It is a direct result of the remote work trend that took hold during the pandemic along with the new fever for the metaverse. The software will be available on mainstream devices and VR (virtual reality or VR -virtual reality) equipment to create a lasting virtual office experience.

The key to the Mesh for Teams experience is the creation of a virtual avatar that acts as your digital identity. You will be able to use this avatar to explore virtual areas and spaces of the digital world, an important aspect of the metaverse.

Binance (Link ): Binance plays a pivotal role in the metaverse due to the importance of cryptocurrencies and blockchain. The metaverse enables the creation of new financial systems and processes, and Binance helps by providing the necessary infrastructure. For example, on Binance's NFT market platform, it creates a space for buyers and sellers to trade NFT-type digital assets from multiple blockchains. This helps improve interoperability between different ecosystems in the metaverse.

Binance Exchange also offers a large selection of token pairs from the metaverse. Create liquid markets for the metaverse by helping to support the growth of the industry.

Epic Games (Link ): Probably has one of the most developed platforms in the metaverse today: Fortnite . What started as a simple game has grown into a sprawling social platform and virtual world with over 350 million players. Virtual events include a wide variety of celebrities, brands and collaborations, and award ceremonies and concerts.

Epic Games has two main goals where the metaverse is concerned. First of all, he wants to expand Fortnite and make it a platform that can attract and support more users (currently 60 million users connect every month).

Epic Games also wants to make "3D, VR, and AR content more accessible, and grow the ecosystem of creators, both of which are critical to an open and interconnected metaverse". This will allow anyone to create professional 3D content and help improve the quality of the metaverse experience.

Tencent (Link ): Tencent operates as one of the largest video game vendors globally, and also owns the Chinese social networking and messaging platforms WeChat and Tencent QQ .

Both areas are essential for the development of the metaverse. For example, Tencent QQ already offers gaming, e-commerce, music, movie, and voice chat features all within its web portal. WeChat offers a mobile payment application that can be linked to social media platforms.

During an earnings and profit report, Tencent executives noted the importance of its gaming infrastructure to the development of the metaverse. Tencent already has numerous working applications and projects that can be used. The company plans to pioneer the gamification of the metaverse and leverage its experience in the industry.

However, Tencent has publicly stated a new emphasis than other companies on the importance of virtual reality hardware. Instead, it aspires to software solutions to increase player engagement in the metaverse. This relates to his involvement with Epic Games, the producers of Fortnite, and Riot Games, publishers of League of Legends. For these reasons, Tencent will likely use video games as its niche in the metaverse.

If you want to learn more about metaverse games with a P2E (Play to Earn) model, you can see "this summary that I have prepared (both in Spanish and English)" that you can download for free (without data records).

The Metaverse and Payment Methods.

The ultimate promise of the metaverse is that it will deliver an augmented reality experience that could surpass the physical reality we live in. The promise of a new reality is an exciting prospect for many companies, providing an opportunity for a more level playing field. One opportunity that stands out is how people and businesses will securely accept and distribute money and information. Naturally, in the virtual world, it is necessary that there are virtual applications and systems that carry out our transactions, because with the arrival of the metaverse, we will practically forget about cash.

What types of technologies come to mind when we talk about this topic? Perhaps, blockchain and cryptocurrencies. Blockchain technology has been shown to have the security to power peer-to-peer (P2P) payments and scale across all digital payment mediums. It not only enables instant confirmation of payment and information, but also provides a high level of security and can be quickly adopted by the mainstream at scale. The instant element of blockchain and crypto payments means instant processing and settlement of digital assets such as NFTs, cryptocurrencies and other digital assets to be discovered in the future. These assets could be exchanged, sold and traded through the metaverse marketplace linked to an individual's blockchain-based payment wallet or equivalent, meaning a secure, instant and scalable way to accept payment for trading. That said, we are closer to a completely digital payment landscape. Also, it is ironic how during this shift we are seeing a rise in CBOCs (Central Bank Digital Currency) among fully digital decentralized tokens, governments, banks, and the private financial sector.

Will these centralized digital currencies fight for acceptance in the metaverse? Or will regulation get ahead of them? What history tells us is that technology always wins. Whether we're all at a virtual party together, buying digital properties, goods and services, chances are the payments landscape is a different place and more defined by the metaverse community than traditional institutions, banks and payment companies that want to be part of it.

In fact, a study by Bloomberg Intelligence indicates that "the metaverse has a market potential of around US$800 billion by 2024. For its part, the firm specialized in cryptocurrencies Grayscale indicated that" it is expected that this virtual world will be a US$1 billion business opportunity. The metaverse attracts technology developers in various fields, from video game creators, social networks, and of course retailers.

Will there be trade in the metaverse? The answer is yes, there are companies like H&M, a chain of fashion stores (which this year presented a prototype of what its virtual stores will be in the metaverse ).

It is expected that more and more companies in the sector will begin to present their proposals and offer products within the virtual world. In fact, there are already examples of companies making sales in the metaverse, especially in the world of gaming. It is there, in video games, where the business model is abruptly changing towards Commerce 3.0, with paid events such as concerts, exhibitions and of course the purchase of outfits and skins, as well as improvements within the game.

For example, recently, Epic Games, developer of Fortnite, organized a concert of the musical band "Tones and I ", live, within its platform, accompanied by a special dance for sale for game users, who will be able to pay and use when attending the event.

This is why innovation in digital payment methods will be essential in this new virtual world. Conventional bank cards will not be enough to make purchases in the metaverse, especially due to the agility and speed that customers will demand when buying within that virtual reality. Adyen foresees that there will be a boom in the use of Non-Fungible Tokens -NFT- (which we have seen, which are unique digital certificates, registered in the blockchain that are used to register the ownership of an asset, that is, say a product, a good or any object actually). These assets cannot be replaced or changed, that is, they are registered by means of a contract that assigns them a unique number with data of the owner and creator of the object to which they were awarded, which is also an advantage to protect copyrights and prevent piracy. An NFT is a kind of "property title" for even an image, a graphic, a song, or any other digital content that someone has possession of.

Thinking about the exponential growth in the use of NFTs for the acquisition of products in the metaverse is no coincidence, and the interest in this type of certificate is very high: in 2021, the Collins Dictionary awarded NFT as the Word of the Year, for is the most sought after online by users in the world, within its web platform.

In any case, businesses will also need to be at the forefront in the implementation of digital payment methods, such as e-wallets, payment links such as Pay By Link, QR code scanning, and of course network tokens for payment of purchases. recurring and subscriptions.

In short, it is essential that businesses look towards transforming their online sales platforms into the digital world that Internet users will want to be in very soon, a place where cash and traditional banking methods will no longer have a place.

Known Trademarks in the Metaverse.

With the boom in popularity of the metaverse, many companies have not wanted to miss the opportunity to join this new technology and take advantage of its many advantages. Digital marketers need to understand that the metaverse is not just a current fad, but is here to stay and is making its way to becoming a reality. Thus, some companies have already included metaverse projects in their marketing strategy:

Gucci Garden Celebrates 100 Years on Roblox (Link ): First of all, we have Gucci, the luxury brand that created in 2021 a temporary digital space of its centenary exhibition on the Roblox video game platform, which allowed users to traverse spaces that other players have created. In addition, they could move through different themed rooms and buy, for example, aesthetic treatments for their avatars. For two weeks, the fashion house created a unique virtual garden display, accessible exclusively through the platform. The virtual exhibit was part of Gucci Archetypes, a two-week immersive multimedia experience in Florence, Italy. The Roblox experience mimicked the physical experience. This allowed Roblox users to purchase digital clothing only available for a limited period of time, creating a sense of scarcity and driving up prices.

Coca-Cola powers its Own NFTs (Link ): The beverage brand has recently unveiled a new innovation platform for limited-edition products co-created between marketing, creativity, design and technology. Described as a new brand expression, Coca-Cola Creations introduces a series of limited-edition flavors, collaborations and experiences that span the physical and digital worlds. The beverage giant is betting on immersive digital experiences. In these, consumers can use Stralight's augmented reality filters on social media and have immersive audio ASMR experiences. Among other things, scanning a can or bottle of the new flavor through Coca-Cola Creations will open a virtual reality concert by singer and brand ambassador Ava Max. However, this is not the first time the company has experimented with the metaverse. In July 2021, it launched a collection of non-fungible tokens (NFTs) that fetched $575,000 in an online auction. The company relied on the power of its brand to boost its collection and raise more than $500,000 for charity in 72 hours.

Louis Vuitton, Travel with Louis The Game (Link ): In this case, Louis Vuitton in its celebration of the birth of its creator (more than 200 years ago), the fashion house developed Louis The Game, a video game that combines its heritage innovation and NFT art. The game is inspired by the trip that Louis Vuitton made when he was 14 years old and left home alone and on foot. He finally ended up in Paris, where he set up his business. It is this journey that has inspired the video game. Called Louis The Game, it takes players on an action-packed adventure through six imaginary worlds that exist outside of time, where they will play as Vivienne, the mascot of Louis Vuitton. Once the user enters Louis The Game, he embarks on an adventure reminiscent of The Legend of Zelda. He can run, jump, and collect items along the way. You can also customize your character with different prints and color combinations of the Louis Vuitton monogram, and learn about the couturier's history through the collection of postcards and other memorabilia.

Nikeland, Nike's Virtual World on Roblox (Link ): In October 2021, the sporting goods giant filed a trademark application with the United States Patent Office to sell branded sneakers in a virtual world. Shortly after, the company launched an online gaming area on Roblox called Nikeland, where users could create an avatar of themselves and play sports in a virtual space. In addition to Nike-sponsored games, Roblox is spreading brand awareness digitally with product showrooms and unique avatar customization items. In fact, players can choose Nike clothing to dress them up, such as classic shoes like the Air Force 1 or the Nike Blazer. Likewise, Nike keeps players updated with new products and models.

Try the Latest in Cars with Hyundai Mobility Adventure (Link ): At the end of 2021 we could see how the multinational automobile company Hyundai was also joining this new adventure. The company launched Hyundai Mobility Adventure in October 2021, a space on Roblox that featured the firm's newest products and future mobility solutions. In this virtual setting shared with the community, users can meet and communicate with each other, as well as experience the company's mobility offerings in the form of avatars. The objective of this campaign is to build innovative relationships with the younger generations, strengthening their virtual customer experience content to familiarize themselves with new vehicles and future mobility solutions. Through five halls, participants can move freely trying out Hyundai products and play multiple games.

Leaving the Virtual Party at Amnesia Ibiza (Link ): The Ibizan club Amnesia Ibiza, known worldwide, with more than 40 years of history, made public an agreement to develop the nightclub in the metaverse. Promoted by Descentral Games, the first community metaverse in the world, it has three spaces. First of all, with an iconic terrace where the user can move around the dance floor, listen to music or watch live streaming sessions from Ibiza. Secondly, you can also visit a museum full of musical and visual content from the history of Ibiza, with paintings, flyers, clubber clothes, etc. And, thirdly, there is the Amnesia Arena, with the aim of holding concerts, accommodating new talent and various shows. As it could not be missing, the project also includes an Amnesia store within the digital club to offer unique NFTs, such as pieces of art and virtual and physical goods.

Sotheby's, the Auction House that Bets on Online Bidding (Link ): It is the oldest in the world. Sotheby's has launched Sotheby's Metaverse, its own platform dedicated to digital collectors. It offers a unique selection of NFTs chosen by brand specialists. This is the first proprietary and custom NFTs that will serve as a channel for non-fungible token sales. In 2020 Sotheby's partnered with crypto artists, experts and collectors to take advantage of the explosion of interest in blockchain-based art assets. In this sense, the new proprietary marketplace for NFTs aims to serve as a virtual gathering space for the most sought-after assets. Users will need to create a profile and will receive a unique avatar created by cryptocurrency designer and digital artist Pak. At Sotheby's Metaverse, buyers can make final payments in a variety of cryptocurrencies or traditional cash (fiat currencies).

Nissan (Link ): In the case of the Japanese brand, its objective is simple, to allow users all the graphic power of the most current technology to show their cars with practically no need to go to the dealership to see them. Thanks to the metaverse and some virtual reality glasses, we can see what the vehicle is like down to the smallest detail and if we like it... then we can finish the purchase in the real world.

They also have a project known as Invisible-to-Visible is a technology that visualizes information from the real and virtual world through augmented reality to create the best connected car experience for drivers and passengers. Invisible-to-Visible (I2V) uses a 3D augmented reality interface that merges the real world and the virtual world to make visible information that the driver would not otherwise see. By connecting to the metaverse, Invisible-to-Visible creates limitless possibilities for services and communications that will make driving more convenient, comfortable and exciting. Nissan is continuing I2V research and development, with an initial forecast of some time beyond 2025 for the technology to fully emerge. I2V technology offers two unique advantages: a) The driver can feel safer driving, improving driving pleasure. Information collected by sensors inside and outside the vehicle is combined with data from the Omni-Sensing Cloud to provide the driver with enhanced information about the surrounding area, including predictive information ahead of the vehicle. Everything is seamlessly displayed to the driver to support a safe driving experience. b) The time you spend in the vehicle can be more comfortable and enjoyable. By connecting the driver and passengers to the metaverse world, distant family members, friends, and others can appear inside the vehicle as driving companions or assist the driver with hints and tips.

By connecting to the metaverse, I2V can connect drivers and passengers with people from all over the world. I2V visually communicates valuable information collected by the vehicle and the Omni-Sensing Cloud, providing endless real-time communication and service possibilities. I2V uses various systems to provide valuable information and data from inside and outside the vehicle, including the area infrastructure (Invisible Information Display for more comfortable and exciting driving; and Virtual Person-to-Person Communication Visualize for a new experience connected car). On the other hand, people who join through the metaverse appear as 3D avatars in the real world through MR (Mixed Reality), allowing people from both worlds to share the experience of space and movement in real time. .

Toyota (Link ): As in the case of Nissan, Toyota's presence is also focused on having one more branch in an ecosystem that everyone is betting will grow exponentially in the first few years. So nothing better than having your vehicle portfolio easily accessible to everyone who travels to the metaverse.

Now, Asian automakers Nissan and Toyota are making their entrance into the metaverse, creating new virtual offices and community events. On April 22, 2022, the Japanese automakers Nissan and Toyota announced their entry into the metaverse to offer new virtual experiences to their users, organizing digital events and building virtual customer service offices. According to the Japanese newspaper Nikkei Asia, both companies seek to innovate in the metaverse, offering immersive exhibitions of their cars through the use of virtual reality (VR), all thanks to their alliances with the video game developer startup VRChat.

For its part, Nissan will focus on creating virtual reality rooms for its customers. Rather, Toyota will focus on remote work environments, creating offices for its staff, where they can discuss technical developments using their avatars. That is, now some of Toyota's work meetings will not be physical but in the metaverse. According to a company representative, this new work area is being opened as a result of the problems caused by the coronavirus.

For now, Nissan and Toyota have not officially reported in which metaverse they will launch their new offices, so we will have to wait to find out if they will opt for a centralized one like Meta or a decentralized one like Decentraland .

Zara: The Spanish clothing brand opened a showroom a few months ago and there it is, waiting for the corridors of that shopping center that Mark Zuckerberg has warned will be filled. If you want to see the latest in the different lines of the company, nothing better than going to meet them in the metaverse. Zara made her entrance into the metaverse through Zepeto , a virtual world that has more than 200 million users worldwide. Within this metaverse, the Spanish fashion brand launched a digital version of its "AZ Collection", which is also available in some stores together with the artistic collective Ader Error, drawing inspiration from different lifestyles of people living in the real world. and virtual. Through these garments, Zara says it wants to help its consumers shape and build their own identity, both in real life and in the metaverse. This is how he launches a new collection of virtual clothes. The purchase of this type of virtual clothing allows you to modify the appearance of your avatar within the metaverse. The profitability that he obtained must have been very positive, since in March 2022 he has bet on the same strategy again. We can now find the new "Lime Glam" collection in physical stores and in the metaverse. Zara faithfully replicates its clothes and accessories with 3D digital models to be able to transfer them to the metaverse.

Ralph Lauren: Ralph Lauren also made his entrance into the virtual world through the Korean metaverse Zepeto . This US-listed fashion brand launched a collection of vintage and summer clothing for avatars in August 2021. As reported by the brand, the value of the virtual clothing ranged from US$0.50 to US$2.80. Within Zepeto, Ralph Lauren is not only reproducing its clothing, it is also creating virtual versions of its physical stores and its Ralph's Coffee cafeteria. The company assured that Zepeto has become one of the most popular Metaverse applications among young people, thus representing a huge and important market to boost the growth of its brand, costing between 14 and 40 ZEM (the application's digital currency). , which converts to US dollars), instead of shelling out hundreds of dollars for actual threads, each piece within Zepeto. There are also virtual concerts in which the band, known as TXT, show off their avatars wearing Ralph Lauren's 3D collection while taking virtual selfies with fans that can be shared on social media. Alice Delahunt, chief digital officer for Ralph Lauren, notes that "Zepeto's app marketplace, which has millions of digital products available to users, is also the largest metaverse of the Asia-Pacific market, which is a "hugely important to Ralph Lauren because they can literally build a world where consumers and users can interact and sell products."

Diesel, Maison Margiela and Jil Sander: Italian brand Diesel, founded in 1978 by Renzo Rosso, is also on display in the metaverse. Only The Brave (OTB), the fashion group led by Rosso, created the company Brave Virtual Xperience (BVX), in order to bring its brand closer to younger consumers in the virtual world. BVX is the first launched platform focused on digital games, NFT and metaverse launched by a major fashion company. The group wants to take advantage of the metaverse to generate new business opportunities. Other brands from the fashion group, such as Mason Margiela and Jil Sander, are also available in the metaverse with BVX. The company believes that these fully digital products will help create new projects that accelerate OTB's growth. Stefano Rosso, head of BVX, considers unlocking the potential of his fashion brands in the metaverse to be the most exciting experience he has ever worked on.

Balenciaga (Link ): The Parisian luxury fashion brand has also been seduced by the metaverse. Balenciaga has expressed interest in exploring the potential and opportunities offered by the virtual world, starting a collaboration with Fortnite. Balenciaga wants to erase the boundaries between the real and virtual worlds and has assigned a team of more than 100 people to create a new department focused exclusively on exploring the metaverse, according to Cédric Carbit, head of the brand.

Burberry (Link ): Burberry came to the virtual world through the metaverse game "Blankos Block Party", releasing a collection of accessories and objects in NFT format. The brand assured that the new demands of fashion consumers are redefining the ways in which they connect with brands. Its collaboration with Mythical Games, the game's developer, reflects Burberry's spirit of innovation and creativity. The game helps you forge new and lasting connections with your community of users and consumers.

Adidas (Link ): For Adidas, the virtual world is emerging as a unique opportunity to promote and grow its sportswear brand. The German company is collaborating with 3 major NFT projects, has bought its own virtual land, and has partnered with cryptocurrency exchange Coinbase. His goal is clear: to lead virtual sports fashion in the metaverses. The German brand is creating great expectations among its consumers and users, with the construction of its own virtual world in The Sandbox, one of the most popular metaverses built on the Ethereum network. Adidas is now displaying brilliant virtual sportswear in avatars from Bored Ape Yatch Club (BAYC), Gmoney and Punks Comic. In fact, he has posted a photo of a boring amount NFT on his Twitter profile.

Reebok (Link ): Another American fashion and sneaker brand that has ventured into the metaverse. In April 2021, the brand announced the release of 200 limited-edition X NST2 virtual sneakers, in collaboration with Wax Atonic Hub . Reebok's virtual sneakers sold for between US$500 and US$2,000. Today, many of them are offered for a higher value, reaching US$10,000 and US$37,000.

What is the Future of the Metaverse?

Facebook is one of the strongest voices for creating a unified metaverse. This is particularly interesting for a crypto-driven metaverse due to Facebook's Diem Stablcoin project. Mark Zuckerberg has explicitly mentioned his plans to use a metaverse project to support remote work and improve financial opportunities for people in developing countries. Facebook's ownership of social media, communication, and crypto platforms gives it a head start by combining all of these worlds into one. However, the ambitious dream of Meta (formerly Facebook) to "reinvent money" with its Diem digital currency, which would allow Messenger and WhatsApp users to make payments to each other, has come to an end. The news comes on the heels of rumors that the Mark Zuckerberg-led company was trying to ditch the project following a lack of support from regulators.

Other big technology companies are also aiming for the creation of a metaverse, such as Microsoft, Apple and Google (as we have seen).

When it comes to a crypto-powered metaverse, further integration between NFT markets and 3D virtual universes seems like the next step. NFT holders can already sell their products from various sources on marketplaces like OpenSea and BakenSwap , but there is no popular 3D platform for this yet. On a larger scale, blockchain developers can develop popular metaverse-type applications with more organic users than a large tech giant.

While between 2021 and 2022 the metaverse has gone from a "cow brood" concept to a more concrete one, today it is becoming more concrete, so that in the short term its promised potential can be demonstrated. Forbes magazine argues that for the metaverse to mature to its next stage of development, players in the space will need to address three frontiers: a) securing qualified talent, b) making decisive moves, and c) pushing the boundaries of innovative experiences.

a) Securing Qualified Talent: Whoever manages to secure the majority of talent with experience, for example augmented / virtual / mixed reality / ... and making a commitment to get specialists in a market hungry for technological talent, will be a challenge . This not only involves the big technology companies, but also large companies from other markets such as NVidia, who, with their Omniverse concept, are also attracting talent through subscriptions and other models. There are also the gaming companies, the pioneers of immersive online experiences.

b) Making Decisive Investment Moves: Gaming companies have recently made headlines with another trend induced by the metaverse - moves for consolidation. Situations like Microsoft with plans to acquire World of Warcraft, Candy Crash, Activision Blizzard, in its biggest cash acquisition to date for $69 billion, in hopes that best-selling games will help lure skeptics into metaverse. Grand Theft Auto, Take-Two announced that it would buy the creator of Farmville, Zynga, for US$13 billion, ... Similarly, chipmakers will also need to make the necessary investments if they are to realize their potential to drive the metaverse. Intel announced that it would spend $20bn on two plants in Ohio, although the investment could rise to as much as $100bn on eight manufacturing plants if things go well. Institutional and retail investors are also preparing for the metaverse. SoftBank announced in late 2021 that it would invest $150 million in a South Korean metaverse platform. A selection of metaverse-focused ETFs have appeared on the scene, with some showing potential. As the vision of the metaverse continues to mature, so will the appetite of investors. There are also speculative real estate investors. This is how digital worlds like Decentralaland and Sandbox allow virtual developers to build and rent digital shopping malls. One of the developers has spent $4.3 million on a property he acquired from the Atari gaming company. Property transactions in the alternate universe have skyrocketed and the new year will see the competition for location intensify even more, though many are wary of the volatility of digital real estate.

c) Push the boundaries of Breakthrough Experiences: When companies have the talent and money to define and develop a world without borders, imaginations can run free as pioneers build the groundbreaking experiences that will shape the metaverse. The future of work will be redefined by new metaverse experiences. In addition to Ominiverse Enterprise , Meta's Horizon Workrooms and Microsoft's Mesh are also designing to empower working in a virtual world, both enabling remote cross-device collaboration through mixed reality applications. Virtual meetings will move into the metaverse three years from now just as Bill Gates predicts, with workers increasingly relying on VR headsets and avatars at work. So the role of corporate real estate could take another hit, empowering multiple generations of people already used to working from home due to Covid to demand even more spatial flexibility in their work lives, with the metaverse diminishing the need. of a formal workplace even more so.

Schools and Social Life will also evolve. Roblox, for example, plans to bring educational video games to classrooms. Platforms like AltspaceVR enable community-based experiences in the metaverse, allowing people to come together for live virtual events like comedy clubs or bar nights. Roblox sees itself as a future hub for metaverse experiences beyond gaming, like concerts (Marshmello in Fortnite, for example, which drew 10 million people).

A new era for commerce may emerge, with stores selling everything from cool digital pets to electronic clothing. Fortnite has long capitalized on digital skins, and more traditional retailers are following suit. Nike has filed trademarks for virtual gear, shoes and accessories, and luxury brands like Gucci, Balenciaga and Luis Vitton are starting to sell electronic (virtual) clothing and bags. They can also purchase a $650,000 digital yacht or NFT art for their wraparound mansion. Shopping meta-malls are starting to appear, allowing you to shop at VR stores and stock up on outfits for your avatar.

While the metaverse may not be moving fast enough for believers, this whole thing may be moving too fast for skeptics. The FTC (Federal Trade Commission), for example, is putting obstacles in Meta's way by extending its antitrust investigation of previous virtual reality deals. Chinese regulators say the metaverse must be closely monitored. Expensive headsets can also be a barrier to widespread adoption, as is an unclear cost to mental and physical health of spending a lot of time wearing a headset and wandering around in a parallel reality. And yet the tech industry is a strong believer in the metaverse, expecting it to hit US$800 billion by 2024 and reach a billion people by 2030.

As Binance Academy argues, "The race to develop the metaverse is already underway. But unlike other technologies, there is a lot of room in the metaverse to innovate without overlap. Following the success of cryptocurrencies in the metaverse, giants like Google and Meta have already considered incorporating it into their plans. This is where we could see direct competition between companies with big budgets and small crypto-related teams. Regardless of who "wins," innovation and development will likely happen very quickly."

Some Closing Words.

The metaverse ceased to be a project to structure itself and develop a reality in the short and medium term. As you will be able to see after this post, the vision that one could have previously changes completely when glimpsing the changes that are taking place in various markets and industry at a global level, with regard to the metaverse. You may have realized that the level of development that is taking place in this regard is tremendous and accelerated.

Those who are not directly related to the markets and industries related to the metaverse that are beginning to invest in it, will say that it is an idea built on smoke, a flyer of lights, ... However, the data says otherwise. At the end of the day, it is the market that has the say and who validates the value proposals of the industries. And it seems that this is really what is happening globally: users are validating the various value propositions related to the metaverse. This is what is known as Disruption, that is, when a value proposition has such a level of acceptance and adoption in the market that this new proposal can even produce changes in the habits of different markets and industries at the global level. globally, in an accelerated way (even, many times at exponential speed).

My personal vision, dare I say, is that in the next two years there will begin to be a convergence of accelerated growth in the adoption of the metaverse by the market at a global level in terms of its various value propositions. Likewise, various convergences to this technology will also begin to emerge, of new emerging technologies that will enhance the metaverse, which will cause the metaverse to be reinforced in its development and growth exponentially (which already began to happen in 2022). It is for this reason that various companies (large and small) have been making large investments for a year now in terms of the development of this technology and digital space, to adapt their businesses to this new disruption that is on the way. to happen The companies that are beginning to invest in this new digital space are implying with their actions that those who do not begin to jump on the metaverse bandwagon will be left behind and deprived of this new channel of access to a tremendous global market. that has begun to take off (and from which, perhaps, they cannot recover because they are late to get on this new modality of creating value for their current and potential clients). For this reason, it is not surprising that we will begin to see the emergence of new business models through which, through the metaverse, new value propositions will begin to be offered, creating value in various markets and industries globally, with new services and products for humanity as potential users / clients / beneficiaries / investors / collaborators / .... (which I will address in future posts and electronic publications).

As always, I like to end with a question for you, leaving you with a Call to Action (CTA) so you can reflect on your future next steps: What will you do to get on this new disruptive ship called the metaverse, to create new value propositions for your businesses/investments/ventures/projects/...as entrepreneurs/entrepreneurs/administrators/professionals/citizens/users/clients/beneficiaries/.... in the next 2 to 10 years to create value to others/yourself?

Note: To this post that I have presented, for those who wish to go deeper into it, I recommend that you pay attention to the electronic publication that I am preparing related to the metaverse, and which I will publish in future posts.

(PS: For those students of the course, go back to the course and follow the instructions to assimilate the knowledge delivered).

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