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.
Newsletter

Related Articles

0:00
0:00
Close
Unelected PM of the UK holds an emergency meeting because a candidate got voted in… which he says is a threat to democracy…
Farmers break through police barriers in Brussels.
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
Apple warns against drying iPhones with rice
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
German economy is in 'troubled waters' - ministry
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Russia is rebuilding capacity to destabilize European countries, new UK report warns
EU Commission wants anti-drone defenses at Brussels HQ
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
EU Investigates TikTok for Child Safety Concerns
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
EU and UK Announce Joint Effort on Migration
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
"Historic Step": Zelensky Signs Security Pact With Germany
"Historic Step": Zelensky Signs Security Pact With Germany
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Tucker Carlson grocery shopping in Russia. This is so interesting.
France and Germany Struggle to Align on European Defense Strategy
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
Greece Legalizes Same-Sex Marriage and Adoption Rights
Russia "Very Close" To Creating Cancer Vaccines, Says Vladimir Putin
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Microsoft says it caught hackers from China, Russia and Iran using its AI tools
US Rejects Putin's Ceasefire Offer in Ukraine
The Dangers of Wildfire Smoke and Self-Protection Strategies
A Londoner has been arrested for expressing his Christian beliefs.
Chinese Women Favor AI Boyfriends Over Humans
Greece must address role in migrant vessel disaster that killed 600: Amnesty
Google pledges 25 million euros to boost AI skills in Europe
Hungarian President Katalin Novák Steps Down Amid Pardon Controversy
Activist crashes Hillary Clinton's speech, calls her a 'war criminal.'
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Trudeau reacts to Putin's mention of Canadian Parliament applauding a former Ukrainian Nazi in his interview with Tucker Carlson.
The Spanish police blocked the farmers protest. So the farmers went out and moved the police car out of the way.
Volodymyr Zelenskiy fires top Ukraine army commander
Tucker Carlson's interview with Vladimir Putin raises EU concerns
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
Russia's Economy Expands by 3.6% Due to Increased Military Spending
Ukraine MPs Vote To Permit Use Of Dead Soldiers' Sperm
German Princess Becomes First Aristocrat To Pose Naked On Playboy Cover
UK’s King Charles III diagnosed with cancer
EU's Ursula von der Leyen Confronts Farmer Protests Amid Land Policy Debates
Distinguishing Between Harmful AI Media and Positive AI-Generated Content: A Crucial Challenge for the EU
Tucker Carlson explains why he interviewed Putin
Dutch farmers are still protesting in the Netherlands against the government, following the World Economic Forum's call for 'owning nothing.'
Hungarian Prime Minister Viktor Orbán stands up for European farmers and says, 'Brussels is suffocating European farmers.
×