Loews Metaverse Open Builder.
Courtesy: Loews
It seems that all companies are in the Metaverse these days. Loews I don’t want to miss the opportunity to use it to help builders imagine a project.
But unlike other retailers who chose a particular virtual platform or game, such as Fortnite or Roblox, Lowe’s Metaverse assets (including free downloads of 500 product assets, including items such as chairs) are their own hubs. Available at.
“It’s all emerging and everything is ready for exploration,” Rowe’s executive vice president, chief brand officer and marketing officer, Marisatalberg, told CNBC in an exclusive interview. Instead of choosing one Metaverse platform, retailers have decided to choose “a kind of agnostic and a kind of democratized approach.”
Other brands have found a way to make money quickly in the Metaverse, but even experimentally, Talberg said, “This isn’t about jumping in and trying to create an event or commoditizing right away.” I did.
Rather, she tells CNBC: “Our goal is to take advantage of this new frontier to help people use their imagination to make virtual space as exciting, inspiring and fun as real-world space. That’s the only benefit we’re trying to get. At this point. “
At least that’s the only benefit. As the first major home refurbishment retailer to enter the Metaverse and make applicable assets available for free, an important goal may eventually exist by monitoring consumer behavior. Take advantage of the opportunity. The assets are based on the actual products that the company currently sells online and in stores.
Loews Metaverse Open Builder.
Courtesy: Loews
Analysts believe there will be a major breakthrough in the Metaverse. By 2026, one-quarter of consumers will spend at least an hour a day on the Metaverse, according to consulting and research firm Gartner. Morgan Stanley The total addressable market for advertising and e-commerce opportunities is worth $ 8.3 trillion in the Metaverse, with home and home-related spending estimated at $ 679 billion. The company cites walking through a “home remodeling plan” as an example.
“It was estimated that about $ 100 billion was spent on virtual products in the gaming platform last year, which does not include NFTs,” said Cathy Hackl, CEO and CEO of Futures Intelligence Group. I am.
Metaverse participants have already paid thousands of dollars for unique non-fangible tokens to aviators of luxury and fashion brands such as Gucci, Balenciaga, Dolce & Gabbana and Ralph Lauren. Gucci saw 19 million visitors to Roblox’s Gucci Gardens. Dolce & Gabbana sold an NFT called “The Glass Suit” with physical clothing for over $ 1 million.
As part of that, Lowe’s will release a free limited NFT collection of boots, helmets and other related accessories to the first 1,000 participants for Decentraland platform builders.
Seemantini Godbole, Executive Vice President and Chief Information Officer at Lowe, told CNBC in an exclusive interview that retailers have applied many of the principles currently used by shoppers in this Metaverse project.
“What I’ve noticed in the current media such as Lowes.com and stores … People like to experiment, while shopping and getting inspiration, before starting a project in the virtual world. I like to put things together, “she said. “I have the same idea with the Metaverse. I want you to experiment, feel, and understand what the Metaverse looks like before you start a project in the real world.”
Loews Metaverse Open Builder.
Courtesy: Loews
According to Godbole, many of these Metaverse assets have already been created as 3D digital versions of physical products available for purchase so that online shoppers can visualize actual dimensions and features. Lowe’s has already used virtual reality and augmented reality technologies to allow shoppers to design entire kitchens online and map home floor plans using smartphones as an example.
According to Godball, like VR and AR tools, “customers have a great desire to use new technologies.” “We are applying some of those lessons to the Metaverse.”
At this time, according to Godball, Loews isn’t offering physical merchandise by buying virtual stuff or buying links back to the website from the Metaverse platform. But that can change.
“In the future, absolutely think about how all these different things will be linked, [metaverse users] You can buy these items at Loews’ dot-com companies and in our stores, “she said.
Talberg admitted that the typical Metaverse participants were “really young and distorted.” Probably younger than the typical row shoppers and homeowners of today.
“But when you look at kids who have used platforms like Minecraft and Roblox, much of what they do there is attractive enough to be built and designed. Build, decorate, design and improve. This idea of being able to do is a kind of core. How these spaces are emerging. ” “So it’s great if you catch them young, but if you look at the huge wave of new millennial homeowners who aren’t afraid of technology, you’ll see real utility.”
