Metaverse Trends: Renting Virtual Land for Movie and Music Experiences
The concept of the Metaverse is older than many people believe, but the movie Ready Player One really began to solidify what that could look like in the near future. Recent years have even seen different celebrities and businesses that are joining the Metaverse as well. Netflix’s The Gray Man experience in Decentraland is just one of these examples.
Netflix rented parcels of virtual land in Decentraland in order to create a maze to promote The Gray Man. This experience included skins and other items that users could earn or find during their time in the maze. It also features Ryan Gosling’s voice leading the players through the maze and reflecting the technology that is actually in the movie. There are also hidden rooms and other interesting parts of the experience that can be unlocked.
For so many years, the movie industry, like many others, has been a one-way interaction: the studios create the movies and the consumers watch them. Now, however, there is potential for movie studios to use the Metaverse to make an experience where viewers can do more than just watch. Experiences like these mazes, or The Walking Dead experience, allow Metaverse members to live through some of their favourite scenes, find more information, or just preview a movie before they watch it.
Netflix and AMC, however, are far from the only big names participating in the Metaverse recently. MTV has a new category for their awards: Best Metaverse Performance. Spotify has purchased virtual land and created a central Roblox island surrounded with smaller islands that feature different genres of music. These forerunners in their respective industries are just a few that are taking advantage of the way the Metaverse can change their company.
Additionally, this interest in creating unique experiences for fans presents a new advertising platform for companies hoping to spark interest or gain traction during a campaign. By having a Metaverse experience, not only are businesses able to target people from around the world all at once, but they can create something much more intriguing and interesting than just an advertisement or commercial. Consumers don’t have to be passive anymore.
This also provides benefits for consumers because they can now get to see more of what they are interested in before having to commit to purchasing or viewing it. Plus, with NFTs created through these experiences, members can own a piece of their favourites and show them off in their own ways.
The really interesting part, however, is that Netflix, unlike AMC, rented the virtual land that was used for this experience. This hints at more versatility in the virtual real estate market that opens a lot of potential for businesses and industries looking to join the Metaverse.
Instead of needing to invest a ton of money, businesses can rent land versus purchasing it outright. Or, they can purchase land and rent it out, or use it to host different types of events or promotional campaigns for different companies. For example, an advertising company might rent out their virtual land to a company looking to advertise in the Metaverse. This might work a lot like a billboard or radio time for ads, but with a much more immersive and potentially useful format for today and the future.
The ability to rent virtual land pushes the Metaverse into being more affordable and approachable to people, businesses, educational institutions, and more. Plus, it feels much more like true ownership when you can decide what to do with your digital assets. Keep them, rent them out, lend them to a friend, sell them, all of these options make NFT ownership reflect the options an owner should have over their own assets, creations, and purchases.
While not every company has the spending ability of Netflix or AMC, the potential for more industries is there. Plus, with the option to rent land, more industries can take the plunge into the Metaverse and begin to develop this new frontier for their customers.
Check out other trends in the Metaverse:
Experiences in the Metaverse: Industry Trends and Highlights
Possibilities of Virtual Real Estate in the Metaverse
New Participate-to-Earn Opportunities in Metaverse
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