×
2 965
Fashion Jobs
BOOHOOMAN
Senior CRM Executive
Permanent · MANCHESTER
HARRODS
Buyers Clerk (Food)
Permanent · LONDON
HARRODS
Lead Art Editor
Permanent · LONDON
JOHN LEWIS
Brand Experience Manager
Permanent · HIGH WYCOMBE
JOHN LEWIS
Section Manager – Training
Permanent · MILTON KEYNES
SUPERDRY
Internal Audit Manager
Permanent · CHELTENHAM
ESTEE LAUDER
Clinique - Consultant - Selfridges, London - 15 Hours, 2 Days - Part Time, Permanent
Permanent · Londres
ESTEE LAUDER
Tom Ford Beauty - Product Manager (Fragrance)
Permanent · Londres
ESTEE LAUDER
The Estée Lauder Companies - UK dc Warehouse Operative – Goods in (Tuesday-Friday 06:00 - 14:00 & Saturday 08:30 – 16:30)
Permanent · Fareham
AESOP
Retail Consultant | Full Time | Aesop Northcote Road, London
Permanent · London
AESOP
Retail Consultant | Part Time | Aesop Northcote Road, London
Permanent · London
AESOP
Retail Consultant | Full Time | Aesop Richmond, London
Permanent · Richmond
AESOP
Retail Consultant | Part Time | Aesop Richmond, London
Permanent · Richmond
BOOHOO GROUP
Warehouse Operative - 3on/3off - 14:00-02:00
Permanent · CRICK
COAST
Art Director
Permanent · LONDON
BERSHKA
General Manager - Bershka Blanchardstown
Permanent · DUBLIN
ZARA HOME
Zara Home White City - General Manager (Maternity Cover)
Permanent · LONDON
SELFRIDGES
Finance Systems Analyst
Permanent · LONDON
URBN
Urban Outfitters Performance Marketing Manager - London, UK
Permanent · LONDON
HARRODS
Senior Buyer's Clerk - Accessories
Permanent · LONDON
HEAD OFFICE
Head Chef Food Production – Victoria Head Office
Permanent · LONDON
ESTEE LAUDER
Sales & Education Executive, Estee Lauder - Travel Retail Emea (Based UK)
Permanent · Londres
Ads
By
AFP
Published
Jul 1, 2022
Reading time
3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Metaverse years from being global phenomenon, says pioneer

By
AFP
Published
Jul 1, 2022

Big brands are rushing to the metaverse but the path to profit is still unclear and mass adoption may be years away, one of the sector's biggest players, Sebastien Borget, told AFP in an interview.




Borget is co-founder of The Sandbox, a platform that began life as a game for mobile phones and PCs but is transforming itself into a virtual world where anyone can buy land in the form of digital tokens.

Fashion brands like Gucci and Adidas, financial firms Axa and HSBC, and Warner Music are among those who have already chosen to set up shop in The Sandbox.

"Above all, it is a place for creativity and experience," said Frenchman Borget, distancing himself from the idea that it is simply a commercial venture.

"Brands don't go there to monetise, we don't know how to do that."

Enthusiasts are convinced that internet users in the near future will shop, mingle with friends or go to concerts in platforms like The Sandbox or its main competitor Decentraland.

Users will strap on virtual reality headsets, buy and sell in cryptocurrencies and have all their transactions stored on the blockchain -- a kind of digital ledger.

At least that is the theory.

- Digital owners -

The Sandbox is still largely a quest game where players hop through landscapes illustrated in block graphics, collecting treasures and vanquishing enemies.

Players are also encouraged to build their own worlds and invent games.

The metaverse version -- where players largely do the same thing but can earn cryptocurrency rewards and buy extra kit for their avatars -- has only opened to the public for special events.

Some 350,000 people visited during its last opening in March, said Borget, far short of his aim to attract "hundreds of millions".

"We hope to achieve this within five to 10 years," he said.

But there is still plenty of public scepticism about the metaverse and the wider web3 phenomenon -- an idea for a blockchain-based internet centred on individuals rather than big social media platforms.

Cryptocurrency trading underpins the commercial side of web3, but the main coins are wildly unstable and transactions can suck up a huge amount of energy.

The crypto ecosystem is largely unregulated, has gaping security flaws and little in the way of insurance, leaving users open to fraud and scams.

But Borget is confident that the offer of a space for individuals to socialise, trade, play -- and crucially own their digital footprint -- will win out.

"For the first time, users have ownership of their digital content," he said.

"The avatar, the wearables, the equipment, the land, the houses... everything belongs to them. They can dispose of it as they want."

- Early adopters -

Despite his focus on the social and creative aspects, The Sandbox has a clear commercial motive.

It takes five percent commissions on all transactions as well as pocketing profit from the sale of virtual land. Its revenue was $200 million last year.

Plenty of major companies have jumped in, Borget highlighting that The Sandbox has only 166,464 plots of virtual land on offer.

"This map has a finite number of plots, which is not the case for all decentralised virtual worlds," said Borget.

"We have sold 70 percent of them so far."

The firm's sales of virtual land topped $500 million last year and Borget claimed his metaverse had 64 percent market share.

But Borget said brands were still searching for the best way to develop their virtual shops and offices.

"Brands were slow to embrace the web," he said.

"With web3 they are trying to get in a little earlier so as not to repeat their past mistakes."

yk-jxb/cdwBy Yassine KHIRI

Copyright © 2022 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.