By Melania Lonchyna, Managing Director and Partner, and Giorgo Paizanis, Growth Director, BCG Digital Ventures
Many tech CEOs talk about the metaverse as the next evolution of the internet. It’s why we’re seeing more and more companies — from major tech players to top consumer brands — getting involved in the metaverse. Over the last year, Disney has patented technology for a metaverse theme park, Nike has started selling virtual sneakers, and Coca-Cola auctioned its first NFT (non-fungible token) for a staggering $575,000.
Gartner predicts that by 2026, 25 percent of people will spend at least one hour daily in the metaverse. When you consider Sony’s $1 billion investment in Epic Games and Microsoft’s pending acquisition of Activision Blizzard for a record-breaking $69 billion, it’s clear the metaverse is only getting pushed further into the digital mainstream.
Brands in all industries are experimenting with the metaverse as they look to new opportunities for growth and innovation. Why? Well, with more people spending time on these platforms, brands are “following the customer” to meet them where they are. There are also a host of direct commerce opportunities for brands to sell experiences and NFTs — opportunities particularly relevant for fashion and luxury brands.
Continue reading here: Gaming Trends in the Metaverse: What They Mean for Your Business