While buying a property, it is very important to look for a proper location, this is what was said when one decides to buy a property. Seems like the same mantra will also apply to the virtual world, the so-called metaverse.
This is the immersive, online environment, yet in its infancy, where cartoon-like 3D representations of ourselves, known as avatars, may move around, communicate, and engage with others.
Wearing a set of virtual reality (VR) goggles connected to your computer is normally required to access it.
The organization formerly known as Facebook changed its name to Meta in 2021 as they firmly believe that the metaverse will shape the future of the internet.
Many of us, according to Meta and its founder Mark Zuckerberg, will ultimately work, play, and shop in the metaverse. Our avatars will, at the very least.
While many people may find this to be a bit insane, an increasing number of businesses are purchasing real estate in the metaverse in order to establish themselves there.
Adidas, Burberry, Gucci, Tommy Hilfiger, Nike, Samsung, Louis Vuitton, and even the banks HSBC and JP Morgan are among these companies.
What site such enterprises ultimately choose is the question. The Sandbox, Decentraland, Voxels, Somnium Space, as well as Meta’s own Horizon Worlds, are some of the most well-known world providers in the metaverse at the moment.
Which of these will grow to dominate the metaverse and get the most visits from our avatars is a bet that retailers and other investors must make.
Andrew Kiguel, a businessman from Canada, is on Decentraland. In 2021, he invested USD 2.4 million in cryptocurrency (the currency required to make a transaction in the metaverse) to take up some real estate in Decentraland’s designated fashion retail zone.
The owner of the cryptocurrency investment platform Tokens.com, Kiguel, claims to have previously hosted a fashion exhibition and intends to rent out his facility to fashion companies.
The concept behind these retailers is that your avatar can visit a clothing store in the metaverse and purchase products that will be delivered to you in the real world. You might even buy your avatar a brand-new piece of virtual apparel.