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- Annual metaverse revenue prospects from social commerce, live events, and advertising, according to JPMorgan, might eventually exceed $1 trillion.
- Many analysts feel that firms who neglect the metaverse risk being left behind, citing the cautionary storey of Blockbuster Video, which once turned down a $50 million offer to buy Netflix.
- SandStorm, according to McGarry, already has over 3 million monthly users and has attracted 50 companies and over 500 builders ahead of its launch. Since the platform’s Builders Program started last October, the latter have been onboarding.
In recent months, the number of brands attempting to establish a presence in the metaverse has exploded, with companies such as Nike and Disney launching recruitment drives to hire metaverse experts. Annual metaverse revenue prospects from social commerce, live events, and advertising, according to JPMorgan, might eventually exceed $1 trillion.
SandStorm, the world’s largest weekly metaverse event, is determined to cash in on this trend by opening the road for businesses to establish virtual reality presences. The initiative has announced the launch of a new multi-chain platform that will connect established and developing companies with the metaverse’s top builders.
Big Brands Have Arrived
SandStorm will premiere the beta version of its live platform and NFT marketplace at next week’s South by Southwest (SXSW) event in Austin, Texas, after recently closing a $2.5 million seed investment. The platform, which is based on the Polygon and Ethereum blockchains, allows firms that have yet to establish themselves in the metaverse to seek via a list of hundreds of verified Web3 builders. SandStorm will also offer a white-glove service to help businesses enter the metaverse and create experiences for them in popular open-world areas like The Sandbox.
As more brands enter the metaverse through The Sandbox, we’re seeing an increased need for a platform to connect them to Builders, Agencies, Architects, Designers, Community Managers, and thousands of other providers in this open ecosystem, says the game’s co-founder and COO Sebastian Borget, who invested alongside a slew of VC funds in SandStorm’s recent seed round. Through meet-ups and social events in the metaverse, SandStorm provides a decentralised alternative for matching these needs and delivering visibility to projects.
Several brands have already established a presence in the metaverse, but many are intimidated by the steep learning curve that lies ahead. SandStorm aims to assist such businesses in overcoming their reservations by bridging the knowledge gap and exploring revenue-generating prospects through NFTs and virtual experiences.
In the developing metaverse area, The Sandbox has been a runaway success storey. In the fourth quarter of 2021, primary sales of virtual land parcels in the game generated $12 million, while secondary sales volume increased by 1,685 percent over the previous quarter. Several large firms have already made property purchases in The Sandbox, including Gucci, which is creating an interactive fashion experience inspired by childhood memories of the search for beauty.
We’ve seen metaverse builders produce anything from buildings and avatars to personalised headphones on the platform already, CEO Steve McGarry remarked of SandStorm’s massive artists’ community. We’re concentrating our efforts on one-of-a-kind NFTs that take weeks to create. We’re not interested in the tens of thousands of collections.
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Advertising On The Internet’s Metaverse
SandStorm’s platform is launching at a moment when consumer companies are reimagining marketing in the metaverse. Decentraland, a competitor to The Sandbox, is planning a virtual fashion week with brands including Dolce & Gabbana, Tommy Hilfiger, Dundas, and Etro. Meanwhile, McDonald’s has submitted ten trademark applications, one of which is for a virtual restaurant that delivers to clients’ houses. SandStorm, according to McGarry, already has over 3 million monthly users and has attracted 50 companies and over 500 builders ahead of its launch. Since the platform’s Builders Program started last October, the latter have been onboarding.
Brands may use the metaverse to their advantage in a variety of ways, including creating limited-edition digital collectibles, advertising on billboards visible to gamers, and hosting virtual experiences and rewards programmes. Many analysts feel that firms who neglect the metaverse risk being left behind, citing the cautionary storey of Blockbuster Video, which once turned down a $50 million offer to buy Netflix.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
