The metaverse and Web3 are related but distinct concepts. According to Forbes magazine in an article from Feb 2022, Web3 is a decentralized internet which is built on distributed technologies like blockchain and decentralized autonomous organizations (DAO) rather than centralized on servers owned by individuals or corporations. The metaverse on the other hand, is really, at the moment, a shorthand for virtual worlds, where users can interact with each other and engage with apps and services in a far more immersive way. The term “metaverse” first appeared in Neal Stephenson’s sci-fi novel Snow Crash, where it described a virtual reality world.
Numerous brands are now creating some type of immersive experience in the metaverse (MV) such as Gucci, Ferrari, Adidas, Nike etc as well as fitness brands many in the industry would be familiar with such as Stages, Trib3, Go24, and Gym Aesthetics. Gym Shark was another using the MV for virtual meetings and recently Bill Gates predicted that all remote meetings will be held in the MV.
Below is a sampling of the types of categories of experiences brands are offering in the MV.
| Brand/Entity Example | Experience Offered | User Outcomes | Main value proposition and other examples |
| Roblox | Online gaming platform and virtual world | Users can create and engage in games created by others. It is free to play plus there are in game purchase using the Roblox NFT called Robux. It has over 160m users and also acts as a platform for other brands to create experiences such as Nike Land | Gaming platform Gdevelop Hiber Flowplay Epic Games Unity Second Life |
| Nike | Nike Land – broad range of brand experiences including socialising and using avatars | Using the Roblox platform, Nike claims some 7m visitors since Nov 2021. Users can move across Roblox platform, interact with avatars, engage in activities, receive NFTs and interact with celebrities and Nike products (sold US$3m of NFT sneakers in 6 mins) | Virtual World/Platform Disney Decentraland Selfridges Hyundai LV Spotify XiRang |
| Gucci | Gucci Garden – a virtual experience of the brand’s heritage | Users can experience the brands philosophy and buy limited edition virtual goods such as bags, sneakers using Robux (Roblox NFT) | Brand Experience Coca Cola Christies Ferrari Planet Hollywood NBA Vatican |
| KPMG | Collaboration and HR processes | Using virtual spaces (some even digital twins) for meetings, training, and other collaborative needs | Collaboration and Training BMW, Peugeot Havas Group Shell ErsteBank Bosch Japan Airlines |
| Balenciaga | Partnership with gaming | Partnered with Epic Games. Created branded in game accessories, store, and ads | Gaming Tie Up Wendys Microsoft Tommy Hillfiger Clarks |
| Fashion Week | London fashion week virtual experience | With only 50,000 IRL attendance, fashion week had some 250,000 attend in the MV | Events Crypto Fashion week Fabric of Reality Justin Bieber Snoop Dogg Manchester City |
| McDonalds | Virtual goods | Offering virtual food and drink as well as downloadable files such as audio, video, and NFTs | E comm Balenciaga Selfridges Warby Parker Amazon Room Decorator |
| STEPN | Move to Earn (M2E) | Offering rewards for physical activity in the form of in game currency. Running on the Solona blockchain, users purchase sneakers on the app that fit with their exercise type | Gamefi – M2E, P2E Dotmoovs Genopets Step Olive X Wirtual |
According to JP Morgan:
- Every year US$54b is spent on virtual goods, almost double the amount spent on music
- 60b messages are sent daily on Roblox
- $80m was paid to creators on Second Life
- NFTs have an approx. market cap of $41b
- 200 strategic partnerships with the Sandbox
Will be interesting to see how this arena develops.
Strategy & Competitiveness 