The metaverse, brand issue, the NFT first step towards this new experience

Brands and merchants must examine their entry into the metaverse, this virtual universe which is the fusion between video games and classic e-commerce. The barriers to entry are however multiple, at the same time regulatory, technical, cultural and economic. The NFT – this unique digital object – is the first in this experience, as evidenced by Decathlon’s approach.

A cryptocurrency crash and a craving for metaverses

Although cryptocurrencies have just experienced a crash, metaverses are on the rise, 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. But if metaverses offer to acquire or lease virtual land, a brand will be more concerned with focusing on building its community on the web3 and creating virtual experiences.

A virtual land costs between €50,000 and €100,000 minimum in the metaverse

There are three challenges when a brand wants to use the metaverse. These are the financial, technical and cultural challenges raised by Highco Metaland, a company specializing in supporting retail companies. On the financial side, transactions in cryptocurrencies are irreversible, so the error must be avoided, especially since the costs of acquiring land are 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 crypto-currencies because the KYC (Know Your Customer) rules are complex, and faced with the management of “wallets”, electronic purses or ” gas fees”. Gas fees refer to the maximum amount of gas or energy one is willing to expend to complete a particular transaction on the blockchain.

Offering a classic web3 experience is unsuitable

As far as cultural aspects are concerned, you have to choose your platform, specify the experience you want to offer your consumers and know the technical limits. ” 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 must be made aware so that they better understand the metaverse and their various opportunities.

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

Cryptocurrency alone is an issue in its own right, with the purchase of cryptocurrency, the transfer to the wallet, the study of smart contracts which will automatically determine the conditions of the transaction. And there is the securing of the property once the purchase has been made. In order to discover the metaverse, a brand can opt for land rental in the case of specific needs such as events or a pop-up store. This makes it possible to start in the metaverse at a lower cost.

With our offer, buying land on the metaverse becomes as easy as buying a domain name for a website. Today, metaverse platforms are still in their infancy. Beyond a simple virtual presence, brands therefore absolutely need to develop dedicated and relevant content, in order to create the uses 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 extend its presence to all platforms because it believes that each has its advantages and its community. For example, he targets The Sandbox to encourage his customers to build gamified experiences, while on Decentraland he favors projects around retail, fashion and events.

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

The universe of metaverses is taken seriously by retailers. Example with the heavyweight Decathlon, which appointed its Chief Metaverse Officer, Valentin Auvinet, in December 2021. The first experiment launched by Decathlon at the end of April 2022 concerns a new range of sneakers, that is to say sneakers. The project is called Kipsta Barrio, the sneakers are inspired and designed for Street Football players. Tezos was chosen to deliver the associated blockchain.

For its very first NFT, Decathlon is collaborating with an athlete, Séan Garnier, world champion and three-time French freestyle football champion, to design shoes that pay tribute to his career. The sneakers will be available in 2,008 copies as a tribute to the year he won RedBull Street Style in Brazil.
Decathlon emphasizes that this project marks the 1time stage of its construction of a future in which digital and physical goods are connected. Indeed, each shoe will be associated with an NFT in the form of a “golden ticket”, a golden ticket, and will give access to personalized and exclusive experiences with the world champion. This golden ticket extends the customer experience.

Choice of the Tezos blockchain for its eco-responsibility

Decathlon chose to deploy its project on the Tezos blockchain because the company indicates that it has made commitments in terms of biodiversity and climate ambition. The merchant chose Tezos for its “Proof-of-Stake” design, in which transactions are validated by blockchain, the fact that it is energy efficient and by its low costs of issuance and transaction of digital art .

Tezos’ blockchain carbon footprint is equivalent to the average energy footprint of 17 people

Decathlon retains that the total annual carbon footprint of the Tezos blockchain is equivalent to the average energy footprint of 17 people. The company says some of the best-known sports organizations choose 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 to say Séan Garnier for freestyle football and Nomadic Labs and Tezos, in the blockchain. We hope that this collaboration with Séan Garnier will lead to many others and we can’t wait for the public to adopt this new pair of sneakers. comments Valentin Auvinet, NFT Leader at Decathlon.

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The metaverse, brand issue, the NFT first step towards this new experience

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