Digital Transformation In 2022: Metamall And The Future Of Commerce On blockchain

Author image

Evan Luthra   Contributor

Digital Transformation In 2022: Metamall And The Future Of Commerce On blockchain

As we close our IDOs and prepare for the listing and product launch, we also look back on the inception of Metamall and how it all started. Myself and members of leadership at Metamall have spent most of the last decade digitizing brand businesses and have seen commerce on web2.0 boom to levels not dreamt of before. We also saw the dawn of a new era coming.

We realized that the current and new generation are finding social networking, e-commerce etc too transactional and want a better experience, more engagement and opportunity to create wealth. On the other hand we found that brands are looking to reach out to a wider audience where they are represented in an animated and interactive environment and can conduct commerce directly. Hence we decided  to create a gamified retail experience platform to connect the two. And where real wealth can be built using modern technologies of VR, 3D animation, NFT and cryptocurrency.

Metaverse: Where we are now

Last year we all witnessed the metaverse go from the idea of imagination to tech reality. Though it is not a new term, it gained popularity and became mainstream after Facebook rebranded itself to Meta Platforms Inc. (also recognized as Meta). in October 2021 to go beyond social media and unlock the new world of the internet. Since then, Metaverse – the convergence of the physical world with virtual and augmented reality has picked up the pace to create disruptions in different economic sectors across the globe.

There is no denial of the fact that Metaverse has captivated the public’s imagination. Despite it being still at a nascent stage, Blockchain is playing a crucial role in the development of a digital economy. The blockchain that enables the use of cryptocurrency and NFTs (Non-Fungible Tokens) proves to be useful in the ownership and collectability of digitized currencies, value transfer, governance, accessibility and interoperability. Considering its limitless capabilities, metaverse will provide ample opportunities for businesses of all sizes, thereby, accelerating the growth of major economic sectors including Real Estate.

Metaverse has gained sudden popularity in the real estate market as investors, crypto influencers and owners from across the globe are willing to pay a huge amount to experience the ‘next tech-enabled chapter of the sector’. The size of the global metaverse real estate market is expected to grow manifold this decade. Further, the inclination of investors towards the ownership of NFTs is skyrocketing the emergence of new trends, thereby, augmenting the growth of the real estate market.

The emergence of metaverse platforms

The last months of 2021 for normal people were perplexed to understand the concept of a metaverse in real estate. But at that time, highly advanced Blockchain or crypto influencers were setting up their metaverse platform to own, build, develop and stake virtual real estate as NFTs. Metaverse marketplaces combine the capabilities of virtual reality, Blockchain and NFT technology to create a virtual space and sell it as NFT to buyers. For instance, a virtual mall built on Blockchain technology networks where users can buy a commercial space as virtual real estate and earn money by leasing, staking, advertising and developing it to deliver an immersive experience to visitors via VR technology.

Each metaverse marketplace is recognized for its unique spaces. The real estate metaverse platforms can feature commercial properties, shops, showrooms, spaces for business interactions, gaming zones, art galleries, etc as NFTs. This provides a sense of ownership to virtual property owners and provides them create a passive source of income.

Metaverse real estate marketers

Though metaverse is quite new to the real estate market, emerging trends like metaverse real estate agents are going to fill the market gap. Metaverse real estate agents are not the easiest people to come by. However, they can be found on professional networks.Potential investors can rely on these agents in finding the right metaverse project/ space. It is not necessary that these real estate agents will have experience in the physical real estate market but they must have a significant interest and knowledge in metaverse before helping the clients.

A metaverse real estate agent can help the investor, buyer or renter with valuable virtual space.  Just like in the physical real estate world the investors purchase the property based on different factors, similarly, metaverse real estate agents help investors with an ideal property available in a prime location, in business districts, roads, etc.

The rise in the recruitment of skilled talent

The advent of a metaverse in real estate has opened a multitude of avenues of employment. Metaverse platforms are conducting massive recruitment drives to hire specialists from Silicon Valley including big technology giants. Further, people with significant experience and interest in VR and AR technologies are also leveraging new job opportunities created in the metaverse of real estate.

Metaverse platforms are offering prominent positions to tech talent. Many of them are occupying front-row seats in gaming metaverse, real estate metaverse and tech giants' own metaverse.

What’s next?

Metaverse is pushing the boundaries of innovation. The use of VR and AR in metaverse platforms will result in an immersive experience that will expedite the adoption process for new-age real estate investors. Furthermore, the prices of the real estate sector in the metaverse are going to hit the roof after its regulation in the country. 

About Metamall

Powered by VR technology, Metamall is a VR Shopping, Lifestyle and Experience Zone that converts everyday tasks like shopping, socializing, and business interactions into an immersive experience. The virtual land investors can use Mall tokens to buy virtual properties and collaborate with VR developers to build unique real estate ventures like shops, food courts, arcades, marketplaces and anything else they can imagine.

The owners of virtual spaces in Metamall can lease out the owned property within the startup’s metaverse universe and earn consistent revenue. In addition, the MALL owners can also stake the token for an assured APY return. Furthermore, the owners can develop their properties using VR technology to deliver exclusive VR experiences and charge people for accessing the same.

The $ Mall token will be the native currency on Metamall and the NFT marketplace and all transactions on the same will happen through the $ Mall tokens. 

The following are the use cases of tokens:

  • Build assets: Users will be able to use their tokens to buy or rent land and other NFTs
  • Engage: Users can pay fees for entry or events, participate in games, 
  • Build brands: Users will be able to advertise their products or performances. 4. Build wealth: Owners can earn by selling land or NFTs, leasing their assets, charging fees for events they host etc. 
  • Earn fixed income: They can also stake their tokens and earn fixed income.
  • Shop: Brands will conduct trade on platform and users will be able to shop with tokens
  • Trade in Crypto and Fiat currencies: Tokens will be listed on exchanges for holders to trade in other currencies.
Author image

Evan Luthra   Contributor