How businesses can make the most of the metaverse and NFTs

Nov 24, 2021 · 4 min read

The metaverse has become a hot topic for the business community. The word “metaverse” first appeared in the science fiction novel Snow Crash by American writer Neal Stephenson, published in 1992. In Stevenson’s book, the metaverse is a VR space that duplicates the real world and where people can communicate and interact just like offline. Events in one world affect life in another world, and sometimes it is impossible to separate the two worlds. The idea of the metaverse was vividly illustrated in Ready Player One, a 2018 American science fiction adventure film based on Ernest Cline’s novel.

In 2018, Cappasity demonstrated its vision of the metaverse for e-commerce, having worked on a visionary video for 6 months with the Feel Good Video studio.

With the advancement of technology, the concept of the metaverse no longer remains an elusive dream. Existing metaverses like Roblox and Somnium Space are pioneers in this area. The platforms allow users to create avatars, communicate in virtual reality and build a collaborative workflow. Yet, these are only examples of a tiny part of the opportunities that metaverse can offer to the general public. Ultimately, the metaverse is expected to become a place where people can do everything they do in real life: work, study, play, chat with friends, attend events and buy items in the virtual online environment. As a result, the metaverse will provide new social, creative and, most notably for businesses, economic opportunities.

What opportunities does the metaverse provide to businesses?

Attracting customers’ attention to real products

The metaverse is a way to go beyond traditional shopping, attract consumers’ attention to real items, and encourage them to buy the product in real life. Imagine that you don’t need to go shopping at the mall to check the quality of the desired item. Instead, you are immersed in a virtual world where you can examine a realistic digital copy of the item and even try it on. Making purchasing decisions in a virtual world becomes easier even than on the traditional e-commerce platforms since the immersive technology blurs the line between online and offline worlds. The metaverse will take e-commerce to the next level by making the buyer’s online shopping experience as close to real shopping as possible.

That’s why Cappasity began to develop solutions for the effective digitization of goods back in 2013 and now many international brands use Cappasity’s products. More than 9 million people view and interact with 3D content on the Cappasity platform every month.

Selling virtual products and NFTs

If a brand produces and sells goods offline, it can probably create and sell products in the virtual world. Some brands are already selling their items in the gaming industry. For example, fashion house Balenciaga has recently partnered with Epic Games to create high-fashion Fortnite skins.

Following the tech-savvy Gen Z generation, retail will keep moving into a virtual environment over the next few years. The metaverse will change the way brands interact with their audience, and a portion of brands’ revenue will come from selling virtual products. By looking ahead and getting ready for this trend now, companies will gain substantial advantages. As the world moves towards an immersive metaverse, the value of virtual items will only increase.

One of the main problems in creating and selling goods and services is copyright protection. Сounterfeiting can be found in any industry in the real world, especially in the art and luxury fashion spheres. When it comes to producing and selling virtual products, protecting them from counterfeiting gets even more complicated. This is where non-fungible tokens (NFT) come into play. NFTs are most likely to become the economic backbone in the metaverse. The user will need to constantly confirm ownership of apparel, services, and real estate in the virtual world, and NFTs are the best tool for this purpose.

But how can you store the 3D data in an NFT? How to create it easily and quickly? For this, Cappasity is preparing a platform update so that any brand can create an immersive 3D NFT.

Proprietary utility token CAPP will be used in the provision of NFT services.

Reaching massive audiences

Today it’s impossible to imagine a business without an online presence. Companies create a social media strategy to reach massive audiences, use targeting ads, publish articles in well-known online media, and collaborate with influencers to boost their online presence. In terms of business opportunities, the metaverse will be comparable to the Internet. A brand’s presence in the metaverse will be just one of the channels to reach massive audiences.

Cappasity will be the first immersive platform for businesses and consumers — all the content will be demonstrated exclusively in 3D and AR formats. Brands will showcase their items in a digital format, create a 3D catalogue of the whole range of products, and demonstrate their items in an innovative way. On top of that, the metaverse will offer a virtual fitting room where consumers will try on real and virtual items.

The owners of CAPP utility tokens will get significant discounts when paying within the metaverse.

You can already follow the news by subscribing to the link: 3DShot Metaverse.

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