How do companies make millions in the metaverse?
By releasing limited NFTs to decorate avatars in the metaverse, fashion brands rake in millions of dollars from the virtual universe.
In the new frontier of the metaverse, users can access the virtual world through different devices and platforms. At that time, the avatar plays an important role. Many people are willing to pay large sums to beautify their avatar with luxury goods.
"Such avatars in the metaverse will be as common as social media avatars are today. But instead of still images, they will be in 3D. They are alive, expressive, and allow for gesture interaction. . All will become much richer than anything can be online now," Forbes quoted Mark Zuckerberg - CEO of Meta. He hopes this niche will grow in the metaverse.
Zuckerberg thinks users can use an actual avatar for work, another to hang out with friends, even to play games in the virtual universe. Each person then has a virtual wardrobe for different occasions, designed by creators from a variety of apps and experiences.
According to Bloomberg, to make millions of dollars in the metaverse, most luxury brands will release limited-edition items. Those who buy them receive a non-fungible token (NFT). This is a certificate of virtual ownership recorded on the blockchain. Only one brand or product is available at a time.
With this NFT certification, users can also bring items such as clothing, accessories, and home decor from one platform to another (from the game world of Fortnite to the universe of Meta, for example). . Through avatars and decorative NFTs, users can "show off" their outfits to tens of thousands of users interacting in the virtual universe.