The Red Lab unveils its new report on Metaverse
The report states that established brands in all segments of the market are preparing themselves for new direct-to-avatar (DTA) product releases.
The Red Lab has launched a new report on Metaverse. The report covers all the major areas of the metaverse including: Understanding & Structure, 3 D avatars, Consumerism, Finance, Retail, Commerce, Marketing Measurement, Technology , Vision, Negative Inputs and India Connect.
It must be mentioned that in July 2021, Mark Zuckerberg set the cat among the pigeons when he boldly put forth his vision about Meta – the metaverse company he sees as the future of Facebook. Suddenly, the idea went sweeping across the Internet of Things with people making “metaverse” the most talked about word in the last few days and weeks. It seems that no one wants to be left out of this ‘multi-trillion opportunity’.
The metaverse is the evolution of the internet into a democratized, decentralized, user-definable, virtual and persistent space where virtual and physical realities converge – leading to a hybrid, kaleidoscopic reality. The range of opinions varies between the utopian and the dystopian.
As per the report, “ The metaverse marks a radical break from past ways in which we related to the internet. It can also be perceived as a ‘decentring’ of the internet, with the existing power centers and controlling protocols now giving way to more liberal and open-ended systems – a poststructuralist moment for the internet where the internet that we are familiar with, now stands deconstructed.”
The report further states that established brands in all segments of the market are preparing themselves for new direct-to-avatar (DTA) product releases. So much so that it appears that the future of consumerism lies in virtual products. There are multiple such virtual platforms – Decentraland, Axie Infinity, Sandbox, Republic Realm, among others – from where user-generated digital environments can be bought and sold. Since the deals are in the virtual world, the mode of payment is also digital – cryptocurrency and non-fungible tokens or NFTs that are essential to enabling the Web3 metaverse.
“Luxury fashion houses have been the first to hitch on to the metaverse opportunity. Targeting Millennials and Gen Z consumers, brands like Balenciaga, MCM, Louboutin, Ralph Lauren Nike, Adidas, GOAT, and Gucci have been bridging the gap between fashion and the digital world”, it added.
The Red Lab report also mentions that the metaverse would take years to shape and many companies would participate in its growth and development. Facebook, Epic Games, Roblox Corporation, NVIDIA are leading the investment bandwagon. Besides tech giants, several startups are mushrooming in the space with innovative ways to create interactive, immersive, collaborative experiences for their users and customers.
