Management consultancy McKinsey & Company predicted that the metaverse economy could reach $5 trillion by 2030 globally. E-commerce was expected to be the dominant driver, with gaming, entertainment and marketing also becoming key drivers of growth. The brands were also excited: it was a whole new world to show their products and services.

Internationally, brands like Gucci and Sotheby’s have created metaverse-specific content and immersive virtual experiences. American rapper Snoop Dogg, for example, has his own arena in the Sandbox, where he invites people to private parties and gets exclusive NFTs or non-fungible tokens. Nike has a purpose-built metaverse space, Nikeland, which uses the Roblox platform for fans to socialize and participate in brand promotional activities.

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