The metaverse, brand problem, NFT’s first step towards this new experience

Brands and merchants need to explore their entry into the meta-verse, this virtual universe, which is the fusion of video games and classic e-commerce. However, the barriers to entry are several, at the same time regulatory, technical, cultural and economic. NFT – this unique digital object – is the first in this experience, as evidenced by Decathlon’s approach.

A cryptocurrency crash and a craving for metavers

Although cryptocurrencies have just experienced a crash, the metavers are rising, The Sandbox platform has reached 2 million users. It is one of the best known platforms along with Decentraland. There are other experiences in recent months with Somnium, OM etc. However, if metaverses offers to acquire or lease virtual land, a brand will be more concerned with focusing on building its community online3 and creating virtual experiences.

A virtual country costs between € 50,000 and € 100,000 minimum in the meta-verse

There are three challenges when a brand wants to use the meta-verse. These are the economic, technical and cultural challenges that Highco Meland, a company that specializes in supporting retail businesses, is facing. On the economic side, transactions in cryptocurrencies are irreversible, so the error must be avoided, especially since the cost of acquiring land is high. A virtual land is valued at between € 50,000 and € 100,000 minimum.

In terms of technical issues, not all brands are equipped internally to buy cryptocurrencies because the Know Your Customer (KYC) rules are complex and face the handling of “wallets”, electronic wallets or “gas fees”. Gas charges refer to the maximum amount of gas or energy one is willing to use to complete a particular transaction on the blockchain.

Offering a classic web3 experience is unsuitable

In terms of cultural aspects, choose your platform, indicate the experience you want to offer your consumers, and know the technical boundaries. ” Offering a classic experience in a web3 universe can be disastrous because consumer expectations are radically different there. warns Highco Metaland.
Before embarking on the metaverse, the brand’s teams need to be made aware so that they better understand the metaverse and their various possibilities.

A brand can rent land for events or a pop-up shop

Cryptocurrency alone is a problem in itself, with the purchase of cryptocurrency, the transfer to the wallet, the study of smart contracts, which automatically determines the terms of the transaction. And there is security of the property once the purchase is completed. To discover the meta-verse, a brand can choose land rentals in case of specific needs, such as events or a pop-up store. This makes it possible to start in the meta verse at a lower cost.

With our offer, it becomes as easy to buy land on the metaverse as to buy a domain name for a website. Today, metaverse platforms are still in their infancy. Therefore, in addition to a simple virtual presence, brands absolutely need to develop dedicated and relevant content to create applications of tomorrow and bring real added value to consumers “describes Charles Fauchet, CEO of HighCo Metaland.

Decentraland is an accessible platform

For his first site, he chose Decentraland mainly for its accessibility and because he believes that today it is the most decentralized platform and therefore the most in tune with the web3 community. Metaland then wants to expand its presence to all platforms because they believe that each one has its benefits and its community. For example, he targets The Sandbox to encourage his customers to build gamified experiences, while at Decentraland he prefers projects around retail, fashion and events.

Decathlon appointed its Chief Metaverse Officer, Valentin Auvinet, in December 2021

The universe of metavers is taken seriously by retailers. Example with the heavyweight Decathlon, who appointed his Chief Metaverse Officer, Valentin Auvinet, in December 2021. The first experiment that Decathlon launched at the end of April 2022 concerns a new series of sneakers, i.e. sneakers. The project is called Kipsta Barrio, the sneakers are inspired and designed for Street Football players. Tezos was selected to supply the associated blockchain.

For his very first NFT, Decathlon is teaming up with an athlete, Séan Garnier, world champion and three-time French freestyle football champion, to design shoes that pay homage to his career. The sneakers will be available in 2008 copies as a tribute to the year he won RedBull Street Style in Brazil.
Decathlon emphasizes that this project marks 1time the stage of its construction of a future where digital and physical goods are connected. In fact, each shoe will be associated with an NFT in the form of a “golden ticket”, a golden ticket, and will provide access to personal and exclusive experiences with the world champion. This golden ticket extends the customer experience.

Choice of Tezo’s blockchain for its eco-responsibility

Decathlon chose to implement its project on Tezo’s blockchain because the company states that it has made commitments in terms of biodiversity and climate ambition. The merchant chose Tezos for its “Proof-of-Stake” design, where transactions are validated by blockchain, the fact that it is energy efficient and at its low cost of issuing and transacting digital art.

Tezos’ blockchain carbon footprint equals the average energy footprint of 17 people

Decathlon maintains that Tezo’s blockchain’s total annual CO2 footprint equals the average energy footprint of 17 people. The company says some of the best-known sports organizations are choosing Tezos to boost their fan engagement, including Manchester United, The Gap, Ubisoft, Evian and Formula 1 teams Red Bull Racing and McLaren Racing.

The Barrio project by Kipsta for Decathlon “is the first step into the world of blockchain and NFTs. We wanted to surround ourselves with partners who are references in their universe. That is Séan Garnier for freestyle football and Nomadic Labs and Tezos, in blockchain.We hope this collaboration with Séan Garnier will lead to many others and we can not wait for the public to embrace this new pair of sneakers. comments Valentin Auvinet, NFT leader at Decathlon.

Leave a Comment