Navigating the digital marketplace of Web3.0

    Published on:

    Ravi Chamria

    Metaverse industry spending is expected to grow from $61.8 billion in 2022 to approximately $426.9 billion by the end of 2027. Enterprises and end-users will actively explore ways to participate in this new service to enhance its scope, reach and experience. paradigm. This quest to stay relevant will create new platforms and marketplaces that will unlock and shape the future of commerce.

    Exploring Possibilities: The Metaverse’s Diverse Digital Marketplace

    The Metaverse Digital Marketplace is expanding the horizons of online commerce. The explosion of digital marketplaces within this virtual realm is about more than just selling goods online. It’s about completely rethinking commerce.

    Imagine a tangible e-commerce experience where you can actually feel the texture of fabrics or see the glowing hues of a work of art from the comfort of your couch. Brands like Flipkart, Amazon and Nike are already setting the stage and tailoring what can only be described as a revolutionary shopping experience. But this continues beyond e-commerce. The marketplace extends to real estate, providing a virtual dimension where land is bought, sold and traded, much like Decentraland. Gaming items, digital art and collectibles have found a vibrant market in NFTs, blending creativity and value in ways previously unimaginable.

    But the metaverse isn’t just changing the type of marketplace. It is also about redefining commerce itself. Where physical-to-physical (P2P) exchanges were once the norm, the metaverse introduced virtual-to-physical (V2P), physical-to-virtual (P2V), and virtual-to-virtual (V2V) models. Imagine buying a virtual item to have a physical experience, or buying something at a music festival to unlock a virtual component. This fusion of physical and virtual realms is creating new frontiers. Consider NIKE’s sale of RTKFT NFTs. These are classic examples of the V2V model, also known as “direct avatar” commerce, similar to the “direct to consumer” model, but within a virtual context.

    Focusing on what people can use today is the way to the future of the metaverse

    AI has been around for a long time, so why did ChatGPT get such a big buzz? because it was something The same applies to the metaverse. Winning in this vast digital realm often involves providing value-added products and services that meet more real needs and that consumers can use separately or in parallel with the physical world. is required.

    Brands keen to invest in the metaverse should focus on what already works and enhance them with immersive technology. Even in the virtual world, providing consumers with use cases that truly resonate is key to driving product adoption and value creation. A recent McKinsey study found that consumers are less enthusiastic about futuristic products and prefer Metaverse products and services that are tied to their everyday needs. Many brands are developing immersive, digital-only shopping experiences, but the excitement lies in extending the physical world of shopping beyond that.

    For example, in the fashion industry, virtual try-on to assist with fitting resonates more with consumers. Because it reduces the costs and complexities associated with returning products compared to purchasing merchandise just for the avatar. Virtual real estate tours and demonstrations increase interest in real estate, while virtual real estate purchases and rentals are likely to receive low initial attention. This dynamic may evolve with time and technology, but for now the focus should be on creating alternate realities while enhancing existing ones.

    Commercial Opportunities Follow Consumer Behavior

    Understanding the evolving demands of their customers has allowed history’s most successful brands to adapt and stay relevant. What may seem logically obvious today may change soon. So a commercially viable approach for the metaverse would be: Observe carefully, learn faster, and iterate continuously.

    Authored by Zeeve, Founder and CEO

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