With the metaverse opportunity topping $1 trillion, it’s time for brands to make the leap
JP Morgan is betting on the metaverse, calling it a $1 trillion yearly opportunity in a recent report — and it’s putting its money where its mouth is, opening the first bank ever in the virtual world. It’s a strong indicator of the opportunities for brands and businesses in the growing decentralized metaverse economy, if they enter this new space strategically.
What does that look like? Yonatan Raz-Fridman, CEO of Supersocial and host of the Into the Metaverse podcast, sat down with Marty Berman, vice president of North America/LATAM for LandVault to dive into what this means for brands that make a move now to establish a presence in blockchain-based metaverse-type platforms — from gaining a foothold to developing a long-term metaverse strategy.
“So many brands right now think of the metaverse as an extension of the internet, the next version of the internet, but it just isn’t there yet,” Berman explained. “It’s not a scale-and-reach opportunity right now. There aren’t 70 million consumers there. It’s about quality over quantity — it’s about inviting consumers in to experience your brand in a new and exciting way, that you just can’t in other mediums.”
The decentralized metaverse, which encompasses platforms like Decentraland, Sandbox, Somnium Space, TCG World and more is all about community, and built on blockchain ownership. They’re digital experiences that initially evolved out of gaming spaces like Minecraft, but have come to embrace a variety of social worlds and events, whether you’re on a VR headset or in a browser.
From a decentralized standpoint, the metaverse is made up of a broad array of platforms, and the number of platforms is only going to increase in the next few years. What’s happening now is an opportunity,
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