In this post, I’ll be exploring how traditional brands are entering the metaverse, and why.
I aim to make this part of an ongoing series, perhaps monthly, that will give you an update on the latest organizations to make a bold leap into the emerging virtual worlds that Goldman Sachs thinks will be an US$8 trillion opportunity.
This post will recap some big movers and shakers over the past few months but expect updates on a monthly basis.
In November, NIKE launched NIKELAND in centralized metaverse, Roblox, where users can find a collection of Nike shoes, clothes, and accessories and personalize their look.
Rival shoemaker Adidas entered the fast-growing Sandbox metaverse with its purchase of a significant amount of land. This is on the back of the brand’s recent collaboration with the uber-popular NFT collection, Bored Ape Yacht Club.
Veteran heavy metal band, Avenged Sevenfold, buoyed on by the crypto-enthusiasm of lead vocalist M Shadows, have also secured land in The Sandbox, complementing a recent NFT drop the band engineered. It is part of its ongoing push to reinvent the fan club experience, and build stronger relationships with their super fans
In a move that signals its intent to deliver metaverse consulting services (bring it!), PwC’s Hong Kong office has also secured land in The Sandbox, making them one of the first management consulting firms to do so.
South China Morning Post
The leading Hong Kong media outlet has joined The Sandbox to deliver new cultural experiences. It is unknown whether these will be censored by China’s tightening grip on Hong Kong. The question of cultural and political freedom in the metaverse remains open.