COMPANIES ‘BUY’ SPACE IN METAVERSE

Verum peeked in the dorm room. She was looking for Scorch.

“Here you are,” said Verum. “What are you doing, Scorch? Let’s play. Orak and Felix are waiting for us there on the ground!”

“I am getting ready to enter the metaverse,” Scorch answered and quickly added, “Did you know that many companies have bought space to open their shops in the metaverse?”

Seeing Verum’s confused face, Scorch explained, “Metaverse is a virtual universe. It’s not our real world; it’s an online world. This unique online space is still new as an idea and is developing. Many people believe it will be the next big Internet thing.”

“And how are you going to enter this metaverse?” Verum said.

“Through virtual reality (VR) goggles. I am there, but not in reality. People can connect to different metaverse platforms through their VR goggles and computers,” Scorch showed them to Verum.

“But what do people do in the metaverse?” Verum said, curious.

“They can create their unique avatars. An avatar is a cartoon-like 3D character. It looks like its creator. For instance, I can create my avatar here, a 3D Scorch. With the help of these avatars, people can walk around, talk, and interact with others in the metaverse,” answered Scorch. Verum nodded. She was amused.

“As I was telling you,” Scorch continued, “huge companies such as Adidas, Samsung, Nike, and Gucci, among others, have bought space in the metaverse. Even banks such as HSBC and JP Morgan have done the same. They are planning to open stores in the metaverse.”

“Wow,” Verum marveled, “so people can buy things in the metaverse?”

“Yes. People can enter the metaverse in avatar form and buy from these shops. The purchased items will be delivered in the real world. They can even buy new clothes for the avatars from these shops,” Scorch said.

“Sounds fun and promising!” Verum said.

“There are more than 50 metaverse providers such as The Sandbox, Horizon Worlds, Decentraland, Voxels, and Somnium Space. Some might succeed, and some might fail. So, there are some important questions for companies to answer. For example, in which metaverse to invest and where will most avatars visit the stores,” Scorch said.

“A tough competition!” Verum said, “So you’re coming to play with us?”

“Yes! Metaverse is great, but it can wait. I want to play with my friends first!” laughed Scorch.