GB Market Commentary 23/03/2022
by Marcus Sotiriou
Whilst Bitcoin hovers between $42,000-$43,000, mainstream adoption for cryptocurrencies and the metaverse accelerates.
During Metaverse Fashion Week, taking place this Thursday-Sunday in Decentraland, Tommy Hilfiger will showcase its Spring 2022 collections, which represents the “brand’s focus on digital innovation and exploring new consumer channels.” Dolce & Gabbana, Selfridges, Jacob & Co, Franck Muller, Garrett Leight, Cavalli, and The Fabricant will also be attending.
On Monday, Tommy Hilfiger announced that it has partnered with Boson Portal, a metaverse marketplace. The BOSON token rallied over 50% after the news was announced. A Tommy Hilfiger store will be located within Boson Portal, where items can be purchased as non-fungible token (NFT) assets, and then owners can redeem the NFTs for “physical products delivered straight to the customers’ door.”
Boson explained, “Consumers can teleport their avatar to the virtual store and shop a select range of limited-edition products from the Spring 2022 Tommy Hilfiger collection, will encounter floating 3D renders of signature styles, including the varsity jacket for men, the madras shirt for women and a unisex hoodie featuring the iconic Tommy Hilfiger logo.” I think that Tommy Hilfiger’s leap into the metaverse provides proof of the use case that the metaverse provides for retailers, as they are able to access more consumers in the digital world.
Furthermore, chip supplier giant Qualcomm is launching a $100 million investment fund that will support companies building out the metaverse using augmented reality, mixed reality or virtual reality.
According to the Qualcomm Chief Financial Officer, Qualcomm hopes to broaden the market for its chips through the fund. Currently, Qualcomm provides chips for virtual reality headsets and has partnered with Microsoft to create chips for augmented reality. Qualcomm’s metaverse integration allows them to generate 17% of its $10.7 billion revenue. An increasing number of household names are building out their metaverse reach, such as Disney, as the long-term prospect for the metaverse seems revolutionary.
Prominent companies like entertainment conglomerate Disney have made moves to grow their metaverse reach, and an increasing number of firms filing trademarks related to selling items in virtual spaces.