June 28, 2022
The Metaverse world is seen by many as a growing industry. Some people estimate that the Metaverse industry could reach $800 billion by 2024! Considering that the current Metaverse industry size is roughly around $47 billion, certain analysts are expecting a sixteen-fold increase in the Metaverse industry size over the next two years.
This would assume that the Metaverse will start to become mainstream over the next two years, with many more users and companies adopting it. So, which large companies have already shown interest in the Metaverse, and which companies have gone as far as even buying some land in the Metaverse?
Although there are companies thinking about how to integrate their products and services into the Metaverse, this article will focus on three large companies that have already gone as far as acquiring virtual land in the Metaverse world.
Curious about the metaverse? Learn why are companies getting into the metaverse?
Since there are quite a few Metaverse worlds out there, from the Otherside Metaverse to company-made metaverses like Facebook’s Horizon Worlds Metaverse that was just recently released, we will speak about large companies that purchased land in either the Sandbox ($SAND) Metaverse or the Decentraland Metaverse.
We will focus on these two Metaverses because they are fully blockchain-run and have virtual land for sale, unlike other Metaverses (such as Roblox) where land sales may not be a thing.
So, listed below are three large companies that bought land in the Metaverse world:
Adidas bought land in the Sandbox Metaverse in 2021, and even started making its own NFT collections, with decrypt.co calling the event as Adidas going “Full Metaverse”. Nobody knows exactly how much Adidas paid in order to acquire this land in the Metaverse, but Adidas tweeted how it might start developing its “AdiVerse”.
We can estimate based on the size and the time that Adidas bought the land in the Sandbox Metaverse that Adidas most likely spent over $100,000 on the land.
Since Adidas has bought its land in the Sandbox Metaverse, it has not done any other large Metaverse land purchases. It has started developing its land in the Sandbox Metaverse, but since we have not seen any large announcement from Adidas regarding this plot of land.
Atari is one of the first large companies to have bought lots of land in the Metaverse. It has bought land in both Decentraland and the Sandbox, showing that it is ready for this Metaverse revolution. As a game developer, Atari is using the Metaverse land to build many fun games and minigames inside each Metaverse.
People can play some of their favorite old-school Atari games in the Metaverse this way, and also experience some new Metaverse-exclusive games that Atari is developing.
Keep reading: What does it mean to buy land in the metaverse?
3. Miller Lite
Just before the 2022 Super Bowl, Miller Lite decided to build a virtual bar in the Decentraland Metaverse. In order to build such a bar, Miller Lite had to of course purchase some land in the Decentraland Metaverse.
The bar is called Meta Lite, and features virtual beers. More interesting is the fact that the Meta Lite bar is the only place in the Metaverse where people can access the “Big Game” ad that Miller Lite created for the Super Bowl. Miller Lite also announced plans to sell NFTs in the bar, in some form or another.
The Bottom Line
As you can see from these three large companies buying land in the Metaverse and entering the Metaverse, there is no clear type of company or industry that is buying land in the Metaverse.
Many companies from many industries, from the gaming industry to the beverage industry, are getting involved in the Metaverse. The purpose is most likely so that these companies can promote their own products and services inside the Metaverse, developing better relations with their potential customers through being present inside the Metaverse.
If someone is playing a game in the Metaverse and sees an ad for a certain beverage, maybe he would be more enticed to drink that beverage instead of a different one.