There is a lot of public skepticism regarding the metaverse and the broader Web3 phenomenon. The web3 phenomenon is an idea for an individual-centered blockchain-based Internet.
Big brands are rushing to the metaverse, but the path to profit is still unclear, and mass adoption may be years away, Sebastien Borget, one of the sector’s most prominent players, explained in an interview.
Borget is co-founder of The Sandbox. It is a platform that started up as a game for mobile phones and PCs but is changing itself into a virtual world where anyone can purchase land in the form of digital tokens.
Big Fashion Brands like Gucci and Adidas, financial firms Axa and HSBC, and Warner Music are among those who have already preferred to set up a shop in The Sandbox.
“Above all, it is a place for creativity and experience,” announced Frenchman Borget, turning himself away from the idea that it is a commercial venture.
“Brands don’t go there to monetize; we don’t know how to do that.”
Enthusiasts are convinced that Internet users in the near future will buy, mingle with friends or go to concerts on platforms like The Sandbox or its main competitor Decentraland.
Users will be attached to virtual reality headsets, buy, and sell in cryptocurrencies and have all their trades stored on the blockchain(a kind of digital ledger.