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How to buy and sell in MetaVerse

Shopping and screens went hand in hand during the pandemic. As the world was reduced to the size of our phone and computer screens, even those who had their reservations about online shopping pre-pandemic, were forced to shop online.

However, now it seems that after becoming accustomed to the convenience online shopping offers, many shoppers would prefer to shop from the comfort of their own home. So how does that explain why malls and stores are still in business?

Well at the end of the day when there is the option available, people still feel more confident purchasing a product if they can personally check the quality of the items they are buying. Quality or rather the lack of it is still an area of doubt for many in the online shopping arena.

But what if there was a platform that offered shoppers the convenience of online shopping with the ability to also vet items thoroughly to see if they match your standards and style? What if you could even “try” on clothes at home? Or be shown a variety of options that would suit you by a helpful sales assistant all while sitting in your favourite armchair at home?

If that sounds magical, well that’s the metaverse for you. The metaverse will change our lives in many ways over the next five to ten years and one of the ways will be how we shop. Technology giants like Facebook -now Meta, Microsoft, Epic Games, Roblox are all creating a virtual world that will change the way business is done with the help of AI, AR, VR. This 3D and 4D world, the Metaverse will change the way we all shop and if you’re wondering what all these technical terms mean for your inner shopaholic, read on…

How to shop in Metaverse?

To put it simply, each tech giant’s Metaverse will be a completely immersive digital world which you will enter through a VR headset or in some cases even without a VR headset, with just one click on the company’s app or website. Just like a high end video game, the metaverse is a multi dimensional virtual world and you enter that virtual world via your avatar.

Now imagine that you have entered all the measurements of your avatar’s in the respective metaverse which you have entered from the comfort of home and are ready to shop. Artificial intelligence then shows your avatar, in the world of meta, clothes which would fit you. Let your avatar try on the clothes you like, your previous preferences will be taken into consideration by the power of AI, increasing your chances of a successful shopping experience and you haven’t had to move a muscle or wait in line at a crowded changing room. Here it’s important to add that shopping in the Metaverse comes with 3D fitting rooms and a 360 degree view will be an extremely immersive interactive experience.

The metaverse is unlimited so it’s not surprising that shopping options are unlimited as well. It’s not just clothes but everything from jewellery, bags, accessories to cars, can be bought in the metaverse.

Imagine your avatar doing a test drive of a virtual car. Buying your car sitting on your couch a few years ago would have sounded like something out of a sci fi film, but the metaverse has moved shopping for all products into a new gear.

So why haven’t you heard of more of your friends or your family buying cars or clothes or jewellery in the Metaverse yet? Well that’s because just like with the advent of social media, where it was difficult to explain its purpose and power, it’s a similar case with the Metaverse where it is yet to become mainstream due to a number of reasons.

However, it seems that it won’t be too long before the metaverse becomes mainstream. Experts predict that by 2024, the metaverse is going to be a whopping 800 billion dollar market.

How will metaverse help brands ?

The metaverse is a huge opportunity for brands and businesses. In today’s day and age, data is more valuable than gold.

When customers enter the metaverse, their shopping patterns, their preferences, their lifestyle, their spending power, measurements, all this data will be used by brands not only to provide immersive interactive shopping experiences in the Metaverse but also in offline and online marketing, sales and advertising as well.

Brands in Meta

Slowly but surely every brand around the world big and small alike are entering the metaverse in an attempt to increase their sales by billions, by selling their virtual products called NFTs in the metaverse

The Gucci virtual store in the Sandbox metaverse.

For example, Gucci opened its virtual store in the year 2022, via The Sandbox video game. The Sandbox is now one of the world’s leading Metaverse platforms. Gucci had a clear target audience in mind for their virtual store-Gen Z. Through their virtual store Gen Z can shop for everything from Gucci’s virtual clothing bags or accessories for their avatars in this popular gaming Metaverse.

Gucci was spurred on to go deeper into the metaverse after their success with another platform in the Metaverse called Roblox in the year 2021. Gucci earned millions by selling its virtual products through the 42 million users of the Roblox platform, who were the perfect target audience for Gucci. One Roblox user bought Gucci’s virtual collective Dionysus bag for a whopping $4115.

Not surprisingly it’s not only Gucci, but many global brands including Louis Vuitton, Burberry, Balenciaga, Nike and Adidas that are selling their NFTs aka their virtual digital ranges on different metaverse platforms. British luxury fashion house Burberry partnered with Mythical Games, a leading player in the play to earn industry and launched a collection on Mythical Games’ Blankos Block Party, a multiplayer game which features toys called Blankos which live on a blockchain.

Recently in India as well Tanishq launched its new jewellery collection “Romance of Polki ” in the Metaverse. From this launch, the company’s message was clear that they are ready to enter the metaverse and not only can jewellery be sold in the metaverse but for those who like their diamonds in a digital form, then the jewellery of the same design can also be ordered by the customer in real life in near future.

From carats to cars, Mahindra also recently earned Rs. 26 lakhs with an NFT auction of their SUV Thar. CEAT is also gearing up for the metaverse.

Physical redemption of Products in Metaverse

Shopping in the metaverse also has real life benefits as well. Brands provide the opportunity of physical redemption to customers if they purchase NFTs in the metaverse. This means that if a customer has bought the NFT of a brand, that brand gives buyers the opportunity to redeem the NFT as well as the physical product or any separate product similar to the same NFT.

Twitter Updates regarding physical redemption of Adidas NFT’s

There are many brands including Adidas, Gap, RTFKT, Damien Hirst, Patron who also give buyers the original product when they buy NFTs in the Metaverse.

For example, in 2021, when Adidas entered the metaverse, NFTs worth 30,000 Adidas originals were sold. Along with this, the brand also gave NFT holders the opportunity to redeem physical merchandise. When a premium tequila brand called Patron sold its NFTs in January 2022, the buyers also received an exclusive physical bottle called Chairman’s Reserve.

Final thoughts

Shopping in the metaverse can change the purchasing  patterns of consumers in the same way as e-commerce did. If shopping in the metaverse becomes a separate revenue stream for brands, then not only an immersive shopping experience for the customers is in store but also brands get a community of loyal customers for whom they can then hold exclusive previews and other events. A win-win situation for both.

The metaverse is still evolving but it’s only a matter of time before web 3 is part of daily lives and no longer just an exciting futuristic possibility.