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How Traditional Companies are Embracing Tech Strategies for Metaverse Expansion

Article April 18, 2024 nan

Metaverse: A fusion of pioneering technologies reshaping our digital landscape. Beyond a mere location, it's an immersive journey combining virtual reality (VR), augmented reality (AR), blockchain, and other state-of-the-artss innovations, redefining our digital existence. Step into the expanding universe of the metaverse, where an intriguing shift is underway as companies traditionally outside its realms are making headway into this transformative sector. In this blog, we will delve into how non-metaverse-based companies strategize their entry into the metaverse, exploring the orchestration by tech titans, big brands, and visionary venture capitalists driving digital evolution.

TECH COMPANIES

Major players like Meta, Microsoft, Google, and Sony are reshaping the landscape by acquiring specialized metaverse firms. This trend showcases a shift towards integration, where these companies aim to incorporate metaverse technologies into their existing ecosystems. To have a better understanding, let’s explore Sony's transformative journey into the metaverse. Sony has declared in their annual report their strategic focus on the metaverse, positioning it as a key growth center for delivering 'Kando' – the Japanese term for emotions. In their annual report for 2022, Sony highlighted their strategic plan for diversified growth centers, expressing, "We are exploring fields that can potentially evolve into growth centers, with a particular emphasis on the metaverse and mobility. Besides, they have also disclosed their strategic initiatives, aligning with their $1 billion USD co-investment in Epic Games, aimed at deepening their experience in the metaverse and accelerating virtual and digital productions. This vision includes plans for enhancing live service games, launching more than ten live service games, and creating a networked space that replicates stadiums and athletes. Sony has strategically ventured into the metaverse realm through acquisitions involving key metaverse companies like Pixomondo and Beyond Sports. These acquisitions aim to bolster Sony's metaverse solutions, enhancing their portfolio and solidifying their presence in this evolving digital landscape.

Sony has formed Joint venture with web3 startup Startale Labs, aiming to build a blockchain for leveraging its properties in the Metaverse

BIG BRANDS

Established brands are recognizing the Metaverse’s potential and actively investing in and collaborating with metaverse-focused companies. This strategic approach involves creating virtual experiences, branded content, and even launching virtual stores. The synergy between traditional brands and metaverse technology is exemplified by fashion brands like Puma, luxury labels entering NFTs, and automotive companies venturing into virtual showrooms. To have a better understanding, let’s explore PUMA’s transformative journey into the metaverse. Diving into this journey with Puma as the renowned sportswear brand steps boldly into the realm of Web3, recognizing it as a commercial frontier akin to the rise of e-commerce and the social media boom. Ivan Dashkov, Puma’s Head of Emerging Marketing Tech and Web3, defines it as a pivotal moment in marketing technologies, shaping the way consumers interact with brands.

Furthermore, in June 2022, Puma partnered with 10KTF Shop, Gutter Cat Gang, and Cool Cats, showcasing the increasing involvement of Puma within the Web3 space.

The race for 6G is on! Several countries and companies are heavily invested in research and development. Governments like South Korea are launching flagship programs to create an ecosystem for 6G innovation, while universities like KAIST and companies like LG are establishing dedicated research labs. Major players in the telecom industry, including Samsung, Nokia, Ericsson, and SK Telecom, are collaborating on joint research projects. The focus isn't just limited to established players – research centers like NYU WIRELESS are actively involved in core aspects of 6G technology, and even China's Huawei is conducting research through its Canadian facilities. The US is also joining the fray with its own 6G research programs. This global effort highlights the immense potential of 6G and the drive to make it a reality. At ExpertLancing, we're dedicated to staying ahead of the curve, actively tracking advancements in 6G technology. Stay tuned for our upcoming articles as we collaborate with clients to provide cutting-edge research services. Explore our range of write-ups and case studies, including "Powering the Future: Sustainable Communication for a Connected World," which delves into innovations like backscatter communication and energy-neutral devices. As the global race for 6G accelerates, we're committed to keeping you informed and prepared for the future of communication.

Puma's launch of "Black Station" during New York Fashion Week in September 2022 introduced exclusive NFTs and limited-edition physical sneakers. Expanding this concept into an immersive digital retail experience in June 2023 signifies Puma's ongoing dedication to evolving within the metaverse.

VENTURE CAPITALISTS

The metaverse has become a hotbed for venture capital investments, with firms like Animoca Brands leading the way. Venture capitalists are pouring funds into startups that specialize in metaverse technologies, ranging from virtual reality experiences to blockchain-based virtual assets. This financial influx is instrumental in fostering innovation and accelerating the development of metaverse-specific solutions. To have a better understanding, let’s explore Animoca Brand’s transformative journey into the metaverse. On November 21, 2023, Animoca Brands, a company dedicated to advancing digital property rights in gaming and the open metaverse, revealed its collaboration with Ubisoft’s Strategic Innovation Lab. This partnership aims to bolster Ubisoft's Web3 initiatives within Mocaverse, the flagship membership project by Animoca Brands. On September 14, 2023, Darewise Entertainment, a branch of Animoca Brands, revealed its strategic partnership with Horizen Labs. This collaboration aims to obtain technical token development and consulting services from Horizen Labs, known for assisting with token strategies, including ApeCoin (APE), to realize Darewise Entertainment's goal of introducing the initial metaverse token on the Bitcoin ecosystem.

CONCLUSION

In summary, the transition of companies traditionally outside the metaverse into this emerging sector represents a significant strategic shift. Their adoption of innovative technologies and collaborative efforts highlights a fundamental rethinking of their business strategies. This deliberate move signals a proactive stance, demonstrating their commitment to embracing and succeeding within the ever-evolving landscape of immersive digital experiences and future possibilities.

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