Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Brands from Ferrari to Nike rush toward 'metaverse' future

Brands from Ferrari to Nike rush toward 'metaverse' future

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.



- Welcome to 'Nikeland' -

During the Halloween holiday, Mexican fast-food chain Chipotle opened a virtual and ephemeral restaurant on Roblox, the first of its kind.

The brand offered coupons to get a free burrito in a real-life restaurant, but also virtual costumes to dress up one's avatar and a treasure hunt.

In July, Ferrari launched a replica of its new 296 GTB model with Fortnite, which will not be available in the real world until 2022 but could be driven in the game.

Nike had already opened "Nikeland," a virtual showroom on Roblox, and announced Monday it has bought digital sneaker company RTFKT -- pronounced "artifact."

For companies that exist primarily in the physical world, the metaverse concept is first and foremost a giant laboratory with direct avenues to the young demographic prized by advertisers.

"Revenues will come if this thing sticks around, but we want to make sure that our brand is in these early environments," said Mullins from Aglet.

As the first restaurant in Roblox, Chipotle said it sees future "opportunities to directly drive sales."

The metaverse is also a wealth of data, offering valuable insights into the perception of a product, even if it doesn't yet exist in the real world.

To fully control the environment in which the brand is introduced, some companies like Louis Vuitton have created their own version of the metaverse.

To celebrate its 200th anniversary, the brand launched in August "Louis the Game," which includes a hunt for NFTs by digital art pioneer Beeple.



- 'Authentic' in metaverse -

However, since there is still no unified platform yet, users cannot carry a Gucci bag bought on Roblox over to other games like Sandbox or Animal Crossing.

This is one of the priorities for Mark Zuckerberg, who leads Facebook's parent company that was re-baptized "Meta" in October to signal the platform's metaverse shift.

Since the world's leading social network unveiled its ambitions, "things have accelerated even further," said consultant Cathy Hackl, who has been contacted by many brands seeking metaverse advice.

"Not every brand needs to jump in to the metaverse," she said, noting though that firms have to be at least familiar with it.

Unless companies build their own virtual world, they will need to follow the codes of each platform on which they appear.

"It's about showing up and trying to be authentic in the space," said Mullins.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Japanese Customer Sways from VW to BYD after “Unbelievable” Test Drive amid Dealership Expansion
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Pickles are the latest craze among Generation Z in the United States.
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
White House Eyes Budapest for Peace Talks
Cave Diving Beneath the Streets of Budapest
Another American Restaurant Chain Opens in Budapest
Hungarian Opposition Politician Supports Ukrainian Commander
Opposition Leader Threatens Media Outlets
American Airlines Adds New Flights to Budapest
F1 Hungarian Grand Prix Wraps Up
WhatsApp is rolling out a feature that looks a lot like Telegram.
U.S. Trade Representative says Washington still negotiating trade deals after court rules tariffs illegal
Von der Leyen says Europe drawing up 'precise' plans to send troops to Ukraine
Kremlin accuses Europe of hindering Trump’s peace efforts in Ukraine
×