Why do companies need to go to Metaverse

From today until tomorrow evening, Monaco and Meta Entertainment World (MEW) are shown on the Metaverse.

The event – the first of its kind – for professionals will then be held in Miami, Seoul and Dubai. This new virtual world is fantastic and investment bank JPMorgan, the first bank to open a branch there, estimates that the metaverse could represent a $1,000 billion annual market opportunity.

Several luxury or tech brands — Facebook also changed its name to Meta — are being put there. why? How can they monetize their existence? Is Metaverse for businesses of any size and industry? We asked Yvan Touhami, CEO of Orbis Holographics, to decipher the reasons for this enthusiasm.

The Ile-de-France startup specializes in holographic experiments, spotted by the LVMH group in its early days, and will present in Monaco a “dry wall of mist on which holograms are projected”. Or an animated digital clone of American actress Scarlett Johansson that we interact with without the need for augmented reality glasses. So, metaverses, against all odds?

What interest does the company or brand have in positioning itself in the metaverse?
Metaverse bet on the future. Brands and companies present themselves in the world of tomorrow to reflect on their strategy. It is a vanguard interest; A way to show agility and innovation. And also to integrate the video game industry as a whole because the metaverse is, in concrete terms, a video game.

We move using the keyboard and mouse as in It is an electronic game where Zelda…you have to see it as a new interface. second life [univers virtuel de 2003, ndlr] he is one; Maine CraftAlso released in 2011.

The numbers for the video game industry are pretty massive: $175 billion in 2020, music close to $20 billion and cinema $12 billion.

Why weren’t companies interested before second life?
Technology and graphics did not allow this at that time. You have evolved tremendously. What is now encouraging companies to integrate the metaverse is the blockchain, which secures data and exchanges (cryptocurrency, NFT, smart contract, etc.). This reassures them.

How does the metaverse work?
There are many metaverses like Decentraland which was founded in 2015, and Sandbox who was born in 2012. They sell lands (plots) and the advantage of merging one of these universes is visibility.

Small and medium-sized businesses may also find interest. They can more easily position themselves near a large company, communicate with it and create connections. An amusing example is the American rapper Snoop Dogg who recently created his world there, “Snoopverse” in The Sandbox. One of his superhero fans – for $450,000, of course – bought a plot of land near his villa so that he could occasionally meet his avatar and talk to him live. According to the newspaper independent, his new neighbor will have many advantages such as access to exclusive parties at the replica of the rapper’s mansion in California. Since people can eventually rush home to his house, he can make a lot of profit…

How much does it cost to buy land in the Metaverse?
At Sandbox, the land sells for between $5,000 and $8,000. It is quite accessible for a medium sized company provided they have a digital interest in this new world.

The artisan baker who also sells on the web can acquire a small land, and set up a bakery and pastry shop there with 3D technology where he will demonstrate his expertise. Customers will be able to order directly from this virtual store.

The addition compared to a classic e-commerce site?
The immersive aspect that 3D technology brings which is increasingly demanded by customers. The latter will access and interact with data that they cannot access on a traditional site. They will be able to test products in 3D just like in a video game.

Let’s go back to the baker’s example. The consumer will be able to know the texture and taste of the cake thanks to the electromagnetic stimulation that reproduces it artificially. Tomorrow, we’ll be able to do that with scents.

Similarly, the fixtures will make it possible to feel the touch; We will be able to climb Everest, getting as close as possible to the sensations of real life. The goal of the metaverse is to make the internet as fun, immersive and easy to use as possible.

It is a game for the audience but the goal of the brands is to monetize it. How do?
They can organize any kind of event, invite their customers, create a store, just like in real life. People will be able to walk around, choose products, look at their characteristics and configuration thanks to 3D technology, and buy them as in an online store by paying in FIAT or cryptocurrency and receiving them at home.

When can companies expect to generate income?
In two to five years, I think the big companies will be doing as much work in the metaverse as they are in real life. It’s a huge lever for growth.

Entertainment, fashion, luxury… what’s the point of banks like JPMorgan?
Aside from the vision and being a pioneer, it is a blockchain technology and therefore highly security for transactions. Banks are forced to position themselves in this new bitcoin market, which has been growing consistently at 127% annually since its inception. It is 99.9998% stable technology.

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