The metaverse vision for the internet is far from reality, but brands from Ferrari to Nike are already rushing in to experiment and build an audience, in part for fear of missing out.
December 16,2021 The metaverse vision for the internet is far from reality, but brands from Ferrari to Nike are already rushing in to experiment and build an audience, in part for fear of missing out. The clamor over virtual goods comes amid feverish predictions that the metaverse—a virtual reality version of the internet—will eventually replace the web of today. But some virtual worlds, for example the Fortnite and Minecraft games or the Roblox platform, are already open for business. “I think a lot of it is experimentation,” said Ryan Mullins, founder of virtual sneaker app Aglet. “If it turns out that we make a couple of grand or something like that… great, but I think a lot of (companies) are thinking ‘innovate, disrupt or die,'” he added, echoing a Silicon Valley ethos of sometimes brutal evolution. Fashion has been at the forefront, with a line of digital clothing from Uniqlo on Minecraft or Balenciaga outfits and sneakers available in Fortnite. Designers are also entering the new field of NFTs—non-fungible tokens that are unique digital objects such as drawings or animations. “This represents a massive opportunity for brands, who will get in early and will be able to build persistent presence… on a truly global scale,” said Christina Wootton, vice president of partnerships at Roblox.
