The Metaverse Is Slowly Coming Together
by Martin Gaspar
Web 3.0 Involvement – Big Brands
It’s incredible to see the amount of big brands getting involved in Web 3.0 and the Metaverse. We first saw companies like Visa and Budweiser purchasing NFTs like Crypto Punks this summer. Then, more major brands followed as NFTs continued to prove they are not just a passing fad. Pepsi recently announced their NFT collection, for example. Then, on December 13, Nike announced in a press release that it acquired digital collectibles platform RTFKT.
Digital Sneakers & Virtual Shopping – Nike & Adidas
RTFKT, founded in 2020, may be best known for making NFTs of digital sneakers that can also be redeemed for the physical sneakers, allowing a unique experience for holders of the NFT. Considering this, it’s clear why Nike would be interested in them. Nike’s foray into Web 3 here is notable and it highlights where items, our activities, and interactions are headed. What could digital sneakers be used for? One possibility is as footwear for our Metaverse avatars, allowing us to flex an exclusive sneaker collection in front of our online friends.
I see virtual shopping in the Metaverse as another possibility for NFTs. Nike would be able to showcase its apparel and footwear in the Metaverse, allowing customers to shop from the leisure of their home, and have a more “hands on” approach to items in the Metaverse given that users would be able to interact with the items more directly, leading to a better experience compared to the mostly 2D online shopping we do today.
Meanwhile, according to VentureBeat, Adidas has acquired a plot of land in The Sandbox, a Metaverse in which users can build games and experiences. It plans to launch virtual wearables on The Sandbox as well as other platforms.
Metaverse Adoption To Continue
We are seeing the early innings of adoption in the Metaverse with such major brands and companies becoming involved. NFT enthusiasts will point out we are just at the tip of the iceberg on what NFTs can do. As Web 3.0 technology develops and Metaverse graphics and hardware improves, it will be fascinating to see such firms innovate to bring forth their offerings virtually. In the meantime, we will be watching Nike and Adidas for a glimpse of what a future in the Metaverse can look like.
The opinions expressed in the CrossTower Classroom are those of the author(s) and not necessarily that of CrossTower. We appreciate diverse perspectives of our employees and we thank them for having a voice.
CrossTower Inc. provides this content for general information purposes, to better inform you on your digital asset investment journey. We do not provide investment recommendations or provide tax advice. Please consult your investment professional or tax advisor if you require assistance in these areas.
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