Big brands continue to bet on the potential growth opportunity presented by metaverse

Even though the metaverse has not gained widespread interest among consumers around the world, the emerging technology continues to find its way into the business plan of many brands across industry verticals. Either through mergers and acquisitions or strategic alliances, many of the global leading brands are seeking to boost their presence in the emerging market, while seeking to capitalize on the potential growth opportunity presented by the metaverse industry. For instance,

·      In November 2022, Sony, an entertainment and electronics giant, announced that the firm has completed the acquisition of Beyond Sports. Notably, Beyond Sports specializes in producing 3D animation through real-world data. The acquisition is part of the firm's strategy to foray into the growing metaverse market. With Beyond Sports and other firms in its portfolio, Sony is looking to offer a metaverse experience for sports matches.

Read More - Meta continues to push its way into the metaverse world with mergers and acquisitions

While the firm also acquired Hawk-Eye Innovations in 2011, it will assist Sony to drive its metaverse sports matches ambition further ahead. With the acquisition of these two firms, Beyond Sports and Hawk-Eye Innovations, Sony is expected to produce real-time, content-related to baseball, tennis, football, and basketball matches. While Beyond Sports specializes in producing 3D animation, Hawk-Eye Innovations produces technology that allows pinpointing the position of the ball at any time. Combining the tech of these two firms will allow Sony to create an accurate and digital representation of a court or field, which will feature realistic player and ball movement.

Notably, Sony can use its Playstation consoles as a distribution channel to offer metaverse matches. Furthermore, the firm is also in the process of developing a virtual reality headset exclusive for its console and is set to be launched in Q1 2023. Notably, combining all of these techs will allow gamers to enjoy sports in a more immersive way.

Read More - Brands are using metaverse as a marketing tool for reaching and educating prospective customers

Nike is among the other global brand that is making significant moves into the metaverse sector. The brand has made millions of dollars in royalties through the sale of its NFT collection and is now seeking to tap into the potential of the metaverse market. For instance,

·      In November 2022, Nike announced the launch of its metaverse platform .Swoosh. Notably, the platform will allow members to buy, sell, and trade virtual goods, including footwear and accessories. Furthermore, the firm will also allow members to wear virtual apparel in digital games and immersive experiences. The virtual products offered by Nike also come with a utility, as community members can unlock access to physical products, go to IRL events, and interact with athletes or designers.

The firm is planning to launch its virtual digital collection on the metaverse platform in 2023. Soon after, members will be able to enter a challenge to co-create virtual products with Nike and earn a royalty on products that they co-create.

Read More - Flipkart launches metaverse shopping experience for its customers across India

Over the next three to four years, more leading brands around the world are expected to foray into the virtual world, as interest continues to grow among businesses globally. With many of the big brands betting on the growth potential of the metaverse sector, TechInsight360 also expects that the investment in the space will rise significantly from the short to medium-term perspective. This will drive further innovation in the market while leading to newer use cases of the emerging metaverse technology. Of course, consumer interest in the metaverse is relatively low and the trend is expected to persist from the short-term perspective, there is no denying that the metaverse can revolutionize the way brands conduct their business and interact with consumers going forward.

Metaverse market size,  Global metaverse market research, US Blockchain market size, Artificial Intelligence market size, Europe metaverse market report

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