Brands experimenting in the metaverse are outpacing actual consumer interest in virtual worlds, said Mike Proulx, vice president and research director at research firm Forrester Research Inc.
Fast-food chains Wendy’s Co. and Chipotle Mexican Grill Inc. are testing new experiences in virtual worlds as brands try to better understand the marketing potential of the metaverse.
Gaming industry is already part of Metaverse, according to a survey of U.S. players by market researcher Newzoo and gaming firm DMarket. Skins and battle passes are the main reason that Epic Games’ Fortnite makes more than a billion dollars a year in revenue, and they have become a key monetization element in free-to-play games.
DMarket, which has a platform for trading skins, estimates the skin market is $40 billion a year.
*PWC Chart on metaverse market size (estimated)
Gucci the premium fashion brand, looks set to join the metaverse hype, beyond the brand’s recent work
- Gucci has also purchased itself land on a global platform titled The Sandbox.
This allows for users to experience more unique “digital fashion experiences” hosted by the vast NFT marketplace
The metaverse is a term used to describe a virtual environment in which people can use digital avatars to work, play and shop.
The concept has drawn attention particularly since Facebook, promised to spend heavily on building the metaverse and changed its name to Meta Platforms Inc.
Chipotle, which built a virtual restaurant on Roblox Corp.’s gaming platform is introducing a game and new virtual restaurant in Roblox that mimics the company’s original location in Denver.
Up to 100,000 players who successfully roll a virtual burrito in the game will earn “Burrito Bucks” good for real food at Chipotle restaurants in the real world.