“Many brands want the media opportunities of doing something like this. “Brands are keen to reach younger customers in these new worlds,” Banon told Sifted. “For example, you could buy a pair of Gucci shades for your avatar to wear in Decentraland and get a Boson NFT to redeem them at a real world store as well,” says Justin Banon, cofounder of Boson Protocol. Visitors can buy fashion NFTs which can then be exchanged for physical versions of the same cap, shoe or bag. “You could buy a pair of Gucci shades for your avatar to wear in Decentraland and get an NFT to redeem them at a real-world store as well.”īoson Protocol recently paid $709k to buy a virtual piece of land inside Decentraland, the Ethereum-based virtual world, on which they plan to build a virtual shopping mall. The hype-filled NFT bubble crashed along with other cryptocurrencies in May - with sales decreasing 90% - but this has not prevented brands from exploring long-term possibilities.īoson Protocol, a London-based startup that is building a blockchain-based ecommerce system, says a number of brands are eager to explore the possibilities of decentralised commerce where goods are bought and sold using NFTs. Gucci built a garden environment on Roblox and hosted a store where visitors could purchase limited edition avatar items. Meanwhile, Warner Brothers has created a virtual block party on Roblox to celebrate the film remake of Lin Manuel Miranda’s new musical In The Heights. Other early entrants into this space include Gucci, which recently sold a virtual handbag on the Roblox platform for the equivalent of $4,115 - more than the cost of one of the designer handbags in real life. This is where the world is moving to and there is no question that brands will need to find places to be in the virtual world in parallel to where they are in the real world.”ĪB InBev is one of a handful of brands to run early experiments with NFTs and virtual worlds. “Some 2.5bn people already participate in the virtual economy.
“The future of sports, media, and entertainment is virtual,” she told Sifted. It was eager to be among the first to stake a claim for sports sponsorship in the metaverse, says global head of technology and innovation Lindsay McInerney, who led the Zed Run project. Stella Artois’s parent company, AB Inbev, has long been the biggest ‘sugar daddy’ for real life sports - from Wimbledon to the Superbowl. Virtual horses were initially sold for $30 on the platform now they can trade for $165k. The Zed Run platform has become a rising star amid the recent NFT craze, with more than 1,000% growth over the last three months.
Race success is determined by an algorithm.
Horses can be raced against each other on the Zed Run platform, or bred and traded, much like real racehorses would be. Zed Run, launched by Australia-based startup Virtually Human, lets users buy virtual racehorses using non-fungible tokens (NFTs) - a new way of securely buying and selling digital items.
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