Use Cases Delivered by Traditional Players
A new era
Blockchain and finance are experiencing a profound transformation where digital technologies continue to reshape payments, lending, insurance, and the management of wealth. In part, the process has been accelerated by the Covid-19 pandemic. Digital innovation has transformed financial services as we know it, with technology such as mobile money, peer-to-peer (P2P) or marketplace lending and crypto-assets continuously emerging around the world.
There is a lot to know about the reality of cryptocurrency going mainstream especially with the massive adoption of crypto globally. With decentralization at the heart of cryptocurrency, transparency, security and immutability are imminent. Cryptocurrency is founded atop the shoulders of the economic crisis, intended to restore financial power to the people while at the same time avoiding complete economic dependence on both fiat money and centralized banking.
Use Cases delivered by traditional players: What does this mean for established industries?
● DAMAC: Metaverse Project by DAMAC
One of the traditional players that has taken the step to provide a use case in the area of crypto and blockchain is DAMAC, a renowned property developer based out of the UAE. DAMAC has come forward with an amazing concept, launching a metaverse project.
Through the company’s managing director, Ali Sajwani, DAMAC Property has revealed intentions to launch a Metaverse project in March, marking for the first time in the history of crypto where a real estate developer secures listing on the London Stock Exchange. The MD’s planned incursion into the Metaverse comes only weeks after Sajwani’s online polls hinted that real estate was potentially the first sector to adopt NFTs.
Sajwani, who is himself a plot owner in the Sandbox Metaverse, revealed to the Crypto Bear Watch Club (CBWC) that DAMAC was exploring different ways of including NFTs and the Metaverse into their operations. Explaining DAMAC’s position as a multi-billion-dollar real estate developer, the executive supported that the property company has come up with a solution that bridges physical and digital assets and enables interoperability.
It should be noted that DAMAC has already developed a solution that integrates different platforms of real estate developers, including real estate, fashion, and jewelry all for the purpose of bringing these concepts into the Metaverse.
● Emirates: NFTs and Metaverse experiences for customers and employees
There has also been another communication from UAE Airliner Emirates, who disclosed plans to launch their own NFTs soon, alongside other engaging Metaverse-based experiences for its customers and employees.
The project is part of the Emirates’ plans to establish defining brand experiences in the Metaverse that would serve as their signature. This includes collectible as well as utility-based NFTs. Committed to this goal, the airliner has already set the groundwork for the project, with plans of release in the next few months.
Listing their goals, the Emirates said that they want to: 1) leverage their reputation of innovation and customer-centric beliefs. 2) commit to invest significant resources as well as finances towards the advancement of the digital space of metaverse and NFTs for purposes of accelerating revenue, improving brand experiences, and developing business efficiencies. And 3) Reorient the Emirates Pavilion at Expo 2020 Dubai to become a center for innovation. This is for purposes of creating a conducive environment for the Emirates Airline’s future -oriented projects such as Web 3, metaverse, and NFT projects.
- Metaverse Dubai
Metaverse Dubai introduced a complete immersion in the digital space through the creation of an all-inclusive platform enveloping NFTs blockchain trading and digital real estate, among others. The concept is based on the actual world map of the most luxurious regions in Dubai, featuring vivid recreations of their aesthetics, geometry, and topography.
The project steps change the game, amazing new travelers on a wider scale by becoming the pioneering global virtual NFT platform and upholding the decentralization concepts while integrating the latest infrastructure among other advanced features.
● Alibaba: Testing the gaming potential in the Metaverse
The international online retailer also stands among the biggest companies who have taken an interest in the metaverse. Alibaba ventured into this digital space through the introduction of a full-fledged company located in Beijing. The company called Yuanjing Shengsheng is an e-commerce company that specializes in the evaluation of the Metaverse’s potential in the area of gaming. Alibaba invested at least $1,6 million in Yuanjing Shengsheng with a special focus on software development.
Also part of Alibaba’s vision for the Metaverse is the creation of a virtual space where communication and trade can take place. The retailer’s footsteps have been traced by Tencent and Baidu who have also experimented with their respective prospects on the Metaverse.
● Nike: Exploring games and trying on new sports shoes Nikeland
With technology players experimenting in the metaverse, fashion companies have not lagged far behind. Leaders in the fashion space have commenced their developments on the metaverse. Nike has collaborated with Roblox to enter the metaverse through the creation of its own virtual world called the Nikeland based atop the Roblox gaming platform.
Nikeland provides for a free space where users can explore games and players can try on new sports shoes. Besides that, they can also run marathons within Nike’s metaverse in Roblox. With such engaging experiences in Nikeland, Nike is able to reach customers more directly and, in the process, enhance engagement of the target audience.
Nikeland would also feature digital avatars, with players earning rewards simply through participating in competitions. The fashion company has also launched several exclusive virtual products targeted at enriching the experiences of Nikeland players.
● Roblox: Entertainment and gaming
Roblox, a company in the entertainment and gaming space, is another Metaverse supporter. The company follows the likes of Disney, Netflix, Ubisoft, EA, and Atari. Turning the page to develop the Metaverse world, Roblox uses a basic design that greatly supports its transformation as a metaverse company. Some of the games on Roblox entail establishment of virtual homes and the performance of basic surviving tasks.
Roblox is focused on setting up a metaverse platform that exceeds the scope of gaming, and stands among the biggest metaverse companies to promote the vision of developing digital avatars as well as their customization with new clothes. Roblox is also focused on establishing a social platform for purposes for users to enjoy more interactive experiences. This is part of the company’s aim to remain true to the metaverse vision through near-real experiences in 3D virtual environments.
Today, however, the constant strife between regulatory institutions and cryptocurrency companies is a testament that crypto and blockchain are indeed going mainstream. It therefore becomes very intriguing to see the place of traditional players in delivering more use cases in the cryptocurrency and blockchain spaces.
With an increasing number of countries taking bold steps in legalising cryptocurrency, as well as the many who are already considering following El Salvador’s decision to make cryptocurrency a legal tender, it is clear that cryptocurrency will never fade into the background anytime soon. That notwithstanding, the future of cryptocurrency and blockchain are inextricably woven together as the main fabric of modern-day business and society as a whole.