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What is happening in Metaverse these days?

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Akshata Kamath
Akshata KamathMar 02, 2022 | 19:24

What is happening in Metaverse these days?

Brands across the globe are leading the charge to set shop in the metaverse. Be it Banks, Eateries, Shopping, Fashion Shows, or Education - it's all there in the metaverse.

As the world progresses into 2022, it seems like people are getting used to and even expecting big brands to innovate and play in the Metaverse. In the last couple of months, many new brands are getting into the Metaverse to grab and retain customer attention and surprise them with innovations.    

Illustration: Geetanjali, DailyO
What's up in the Metaverse? Illustration: Geetanjali, DailyO

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Here is a roundup of the most exciting news coming in from the Metaverse:

The latest brands that have taken the first step towards building a community in the Metaverse include JP Morgan, McDonalds, Walmart and many others. Meanwhile, brands that entered the Metaverse in 2021 (like Nike and Gucci) are now looking at scaling their teams and creating exciting job opportunities. 

JP MORGAN

JP Morgan became the world's first bank to enter the Metaverse when it created a virtual JP Morgan lounge called the 'Onyx Lounge' in the popular blockchain-based world Decentraland. The lounge was unveiled with a report from the bank, which outlined Metaverse-related growth opportunities for businesses and causes.

The Metaverse space is located in Decentraland’s Metajuku Mall, a virtual version of Tokyo's Harajuku shopping district. Visitors are first greeted by a roaming tiger and the digital portrait of the CEO of JP Morgan, Jamie Dimon. Walking upstairs, visitors can also watch a presentation on the economics of cryptocurrencies.

JP Morgan knows that it can operate as a bank in the Metaverse just like in the real world. So, it will be exploring ways to facilitate cross-border payments, foreign exchange and other financial services in the Metaverse. 

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MCDONALDS

Hungry kya? Grab a McD! 

McDonalds recently filed 10 applications with the US Patent office for a business innovation that will take at least 8 months to be effective in real life. 

Say you are hanging out in the Metaverse and just finished attending a live Daler Mehndi concert with your virtual friends. Now that you are hungry, you obviously will have to take off your VR headsets, take your phone and place an order on the McD app or actually visit the brick and mortar store to order, right? But in a few months, here is what you will be able to do instead: 

You don't have to take off your VR headsets in the Metaverse anymore. You just teleport yourself to a virtual McD store in the Metaverse, place your order there, and the order will be directly delivered to your ACTUAL HOME!! Isn't that cool?

So our beloved brand McDonalds has recently filed patents to open a 'virtual online restaurant which features home delivery', so that they can provide virtual food and beverage products in real life. 

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WALMART 

This is not how shopping in a Wallmart Metaverse will look like, but this might give you a faint idea of what it might feel like. The video in the tweet was created in 2017 by an agency for Walmart and sort of resembles an online shopping experience. But Walmart is doing better than this. 

Walmart has filed 7 applications recently to enter the Metaverse and its user experience will include customers using Walmart's virtual currency and giving them an opportunity to buy and sell NFTs. The intention seems to be to make and sell virtual goods like electronics, home decorations, toys, sporting goods and personal care products. It might also be preparing to create a virtual shopping experience (which hopefully is better than the video above), a possible “physical fitness training service” and “classes in the field of health and nutrition”.

YOUTUBE

Metaverse has started seeing the grim effects of scams, asset duplication, and copyright thefts. To prevent these problems and to help users own authentic videos, art, and experiences with their favourite YouTube creators who also share space in the Metaverse, YouTube is planning a number of possibilities. YouTube is trying its best to ensure that users buy authentic videos by creating and using a video library feature that will help users watch videos together in the Metaverse. 

SAMSUNG  

Does your avatar need digital Samsung phones and electronics? Well, look what we found. 

Samsung has entered the Metaverse by opening a version of its New York City flagship 837X store in Decentraland. This experiential store has features like the Connectivity Theater and the Sustainability Forest, and questions whether the early stage virtual world is ready for mainstream adoption. Wierdly, Metaverse's first protest was also held at this Samsung store. 

L'OREAL  

Finally, your avatar can now smell good thanks to Loreal's Virtual Perfume. 

L'Oreal has submitted 17 patents relevant to NFTs and the Metaverse between February 7 and February 10, 2022. Why? Coz you are worth it. 

The patents show that L'Oreal plans to create an interactive website for VR and online games. It also talks of a Metaverse that allows users to browse, accumulate, buy, sell, and trade virtual cosmetics. The virtual avatars can expect cosmetics, makeup preparations, and non-medicated skincare preparations to be on sale via the presence of retail and online stores which will cater to the virtual avatars.

JOB OPPORTUNITIES

Nike and Disney are both taking the Metaverse seriously, and this can be confirmed with the job opportunities they are creating. Nike was known to be hiring 5 people for creating its Metaverse dreams while Disney was looking for a Metaverse Designer. 

Meanwhile, brands like Gucci and Balenciaga, who already have stores in the Metaverse, too have been busy hiring the right people to take care of their Metaverse matters. While Balenciaga set its own Metaverse department, Gucci was known to be hiring a Milan-based “Web3 manager”. 

OTHER INTERESTING NEWS

1. NEW YORK GETS THE WORLD'S FIRST NFT VENDING MACHINE

Buying an NFT is becoming as easy as buying Cheetos from a vending machine. New York has just seen physical evidence of its first ever NFT vending machine that allows users to withdraw unique NFTs, just like Cheetos, thanks to the Solana NFT Marketplace called Neon. This is what it looks like:

What can you buy from the vending machine? 

Well, when customers walk through the entryway into a tiny vending machine booth, they see the machine filled with rows of little paper cartons (that looks like cigarette packs). There are only two products at the moment: a “colour” for $5.99 and a “party pigeon” for $420.69.

The Twitter user above bought a box called 'Project Color', which means a piece of paper inside the carton with a randomly generated code that would allow the user to “mint” an NFT. Meaning the user owns a ledger on the Solana blockchain that represents that particular colour. Users can collect those colours to trade them, and sell them. 

Phew. 

2. THE FIRST METAVERSE FASHION WEEK IS HERE IN MARCH 

Virtual social world Decentraland will be hosting the world’s biggest, entirely digital, fashion week with the launch of Metaverse Fashion Week, scheduled to take place between March 24-27, 2022. Brands like Selfridges, Tommy Hilfiger, Dolce&Gabbana, Elie Saab, Vogue Arabia, Cavalli, and others are expected to participate in the virtual fashion week.

3. SOUTH KOREA AND SAUDI ARABIA TO INVEST MILLIONS IN METAVERSE  

South Korea’s Ministry of ICT, Science, and Future Planning have pledged 223.7 billion KRW ($186.7 million) to create a broad Metaverse ecosystem to support the growth of digital content and corporate growth within the country. 

South Korea plans to invest $186.7 million in the national Metaverse project. The government will provide funds to the Ministry of Information and Communication Technology, Science and Future Planning of Korea. pic.twitter.com/de6eqUyV6M

The Saudi kingdom will invest more than $6.4 billion in total which includes a $1 billion investment in NEOM Tech & Digital Company. This company plans to launch its own Metaverse/3D digital world where users can interact with one another. Saudi Arabia’s state-owned oil company Aramco will also invest $1 billion in companies with a focus on futuristic technology, including those working on blockchains. 

Meanwhile, the daughter of King Faisal of Saudi Arabia, Saudi princess Reem Al Faisal launched her first Saudi NFT collection on OpenSea. This first NFT collection of the princess is called Mekkah and Madinah named after the holiest cities in Saudi Arabia. Saudi Arabia's Ministry of Culture’s Visual Arts Commission in partnerhsip with Sotheby, also hosted Middle East’s first digital art forum and made its debut showcase of non-fungible tokens in the region.  

4. TWITTER AND MICROSOFT BUILD A CLASSROOM

Manish Maheshwari, the former CEO of Twitter India, and Tanay Pratap, a former executive of Microsoft, are attempting to construct virtual classrooms with their latest business Invact Metaversity. The intent is to run a 3D immersive virtual learning platform that allows students to attend online MBA classes as animated avatars. 

The company will be designing their own course structures in order to further enhance the online learning experience as it raised its first round of funding at a valuation of $33 million within 3 months of launch.  With a customised four-month business foundation MBA course for 60 students, the firm is preparing to offer its first Metaverse education experience. Students will be able to attend lectures using their PCs and mobile devices, or they may have a hands-on experience using virtual reality (VR) headsets.

5. MANCHESTER CITY TO BUILD THE WORLD'S FIRST FOOTBALL STADIUM

The current champions of the English Premier League have entered into a 3-year agreement with VR specialists from Sony to construct the world's first virtual football stadium.  The specialists will map the Etihad Stadium digitally and then develop a virtual replica of Etihad to transform it into a central hub of Manchester City in the VR world.

This is also set to allow fan interactions and e-commerce in the Metaverse. But why is this being created in the first place? The idea is to recreate a game, watch the game live, be a part of the action in a different way through different, unlimited angles and enjoy it with as many people you want, since the same is completely virtual. 

6. BUY LAND NEXT TO THAT OF A STAR AND THEN... 

Since so many brands are moving into the Metaverse, won't you be tired of eating out and shopping and watching fancy fashion shows? Well, you need a place to rest, right? Have you considered buying your own place in the Metaverse? Maybe invest now and earn great returns over the years? 

Well, real estate sales in the Metaverse have topped $500 million last year and is expected to shoot up this year. Crypto fans are scrambling to buy and monetise Metaverse land plots next to those of Snoop Dogg. Generally, land prices in the Metaverse have gone up by 400%-500% in the last few months and the most expensive spots are near the land plots bought by celebs, just like in real life. 

Eg: Someone recently paid $450,000 to be Snoop Dogg’s neighbour in a virtual world called the Sandbox.

Snoop Dogg is currently building a digital recreation of his real-life Diamond Bar, California mansion, wherein he’ll throw exclusive, members-only parties. There will also be a music venue for concerts and residents can customise the looks and wardrobes of their avatars. They can also create their own games and experiences on their Snoopverse plots, which gives them the ability to make money off other residents who stop by.

Looks like life in the Metaverse might be more exciting that real life. What are you excited to see in the Metaverse?

Last updated: March 02, 2022 | 19:24
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