What is the Metaverse?

The Metaverse is a virtual and walkable internet based on the blockchain. Users can stay there as avatars in a 3-D environment and communicate, trade or receive information. The Metaverse includes both virtual worlds and the underlying technologies such as virtual and augmented reality (VR/AR), blockchain-based technologies (e.g. cryptocurrencies, NFTs, Proof of Attendance Protocols POAP), artificial intelligence, digital twins, holograms and avatars, robotics, big data and decentralised autonomous organisations (DAOs).

How can retail profit from the metaverse?

There are many ways in which companies can benefit from the Metaverse. A virtual 3-D shop in which their products are sold and can be virtually “touched” beforehand with the help of VR equipment is just one of many possibilities. Virtual events can also be a unique advertising and sales opportunity that additionally provides companies with a lot of data about the buying behaviour of their customers. With this independence of time and space, many promotional activities can be completely global and time-zone independent, with faster processes, which can improve customer satisfaction and loyalty.

In addition, thanks to Metaverse, retailers may soon be able to reduce expensive returns because a virtual walk-in shop, with the possibility of experiencing products haptically via a VR glove, gives shoppers a more realistic impression of the product before (online) purchase.