Retail in the Metaverse
Imagine a world where you can buy anything, anytime and anywhere
Neal Stephenson’s 1992 science fiction novel “Snow Crash” introduced the term “Metaverse.” Find out what it is and how virtual reality is changing it.
In 1992, Neal Stephenson wrote a science fiction novel that would revolutionize the way we think about technology. His book Snow Crash was an influential work in changing perspectives and influencing people such as LinkedIn founder Reid Hoffman to believe this future is coming much sooner than expected! The Metaverse is a universe that we can seamlessly traverse. It’s made up of all virtual worlds and it will exist even if those other computer programs disappear or get hacked.
Typical Retail
Virtual Retail
Photo Credits by: hellokardiaworld
Retailing in the Metaverse: Why Conventional Concepts Won’t Work
However, retailers need to think outside the box. The Metaverse offers an unlimited number of possibilities for retail stores, but it’s important not just bring ideas from our world into this new reality; we also have be creative and find ways that work in virtual environments as well! Imagine a world where you can buy anything, anytime and anywhere. No more running to the store on your lunch break or waiting in line for an hour just so someone could take care of some basic needs like food preparation – now everything is at our fingertips with the Metaverse.
In a world where the limitless and digital can be used as an infinite tool to create value, what is needed?
The internet was originally designed to be limitless in its supply of digital content. However, this same limitlessness has commodified most products on the web because they are all treated equally by search engines and social media sites without any distinction between valuable information delivered directly from sources or copies saved for later reading purposes. The value an object holds depends largely upon how scarce it becomes when there’s no government regulating what can/can’t go into circulation ensuring people will always want more than just one copy each so that everyone who wants access gets their fair share rather than having some individuals abundantly possess everything while others none at all.
As an example, how much a highlight video of Cristiano Ronaldo is worth? The answer starts with the word “not very”. For something to have value, it needs an inherent limitation that nobody else can replicate exactly or claim ownership over like what happens in intellectual property rights where someone creates something new and exclusive from scratch, which gives them sole control over its distribution (unfortunately for everyone else).
The application of blockchain technology to digital assets is a revolutionary development in this regard. The authenticity and limited nature mean that unique items can indeed carry value, as with trading cards, which are only valuable because they’re rare or authentic copies from an original set, but this logic could be applied across any type.
As virtual worlds become more realistic, certain brands will be able to create a presence there and sell both digital products as well as physical items. Laggard companies won’t have this capability until they upgrade their technology or enter the marketplace with new ideas that take advantage of these advancements in our society’s understanding about how people behave online versus offline.
