The metaverse, Web 4.0 - How much do you actually know about these latest techno-buzzwords and their implications on businesses and consumers today? With Tech Titans like Facebook throwing their weight behind the metaverse and pandemic conditions, these technologies are rapidly gaining traction among many pioneering brands and users. Elliott Danker & Ryan Huang spoke with Nina Xiang, Co-founder and...
The metaverse, Web 4.0 - How much do you actually know about these latest techno-buzzwords and their implications on businesses and consumers today? With Tech Titans like Facebook throwing their weight behind the metaverse and pandemic conditions, these technologies are rapidly gaining traction among many pioneering brands and users.
We're really at the stage where we have used the term 'metaverse' to describe a rather vague and disputed concept. Tech giants in different countries are trying to build the metaverse with what they already have in their empire. Nina: I think there are two major applications of the metaverse: 1) for businesses and 2) for consumers.
For online shopping, where in the future, perhaps we can wear a headset and see how something looks on us more accurately and thus lower the return ratio for online bought items. We already have a pretty high penetration ratio for online shopping, particularly after the Covid-19 pandemic. The people who are going to shop online have already done so.
Nina: We have seen lots of brands entering the metaverse and trying new things. Different luxury brands are setting up shop on the different major metaverse platforms like Roblox, Decentraland or The SandBox. That's a new location where they can engage their potential audience in a brand-new way. They're going to effectively engage audiences who are really young, dynamic and willing to try new things.
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