The Metaverse has created a tremendous buzz for consumers and businesses, even though only a few truly understand what it is. Hence, it’s not surprising that many big brands are going through a “Metaverse development” phase, where they get themselves ready to jump on the bandwagon.
In a broader context, the Metaverse is a hypothetical iteration of the Internet—a single, immersive virtual world. On the business side, the Metaverse is technically virtual reality (VR) and augmented reality (AR) that can generate its own economy and mirror the real world in many ways.
The fact that Mark Zuckerberg, Facebook CEO, championed the idea and rebranded his famous brand to Meta is enough to convince other businesses that it is worth getting on board the Metaverse. Indeed, even while unsure how it can benefit their brand, more big brands like Microsoft, Google, Nike, Gucci, and Disney have gotten on board and adapted Metaverse development.
Metaverse Development—The “New” Future?
Because so many businesses have leaped and invested billions of dollars into their Metaverse development projects, this virtual world is on track to become a $20 trillion market in the next ten years or so. However, let us look at just one business seriously pouring its efforts into Metaverse development for its brand—Disney.
The Walt Disney Company is one of the world’s most popular entertainment brands. Disney, as it is more famously referred to, has been known for churning out some of the best-loved children’s stories—Cinderella, Snow White, Little Mermaid, and more. Of late, though, it has been acquiring the intellectual properties (IPs) of other big brands—ABC, ESPN, Lucasfilm (of the Star Wars franchise), Marvel, and many others.
Being one of the most prominent names in the entertainment industry, it is the perfect breeding ground for Metaverse development. The immersive, experiential online environments synonymous with the Metaverse are ripe with the potential for storytelling and magic—two elements that Disney is known for—making it perfect for Disney’s business strategy.
Future of Storytelling
Consider one of Disney’s IPs, Marvel, which is touted as the GOAT of the movie industry. The Marvel Cinematic Universe (MCU) has produced some of the highest-grossing movies of all time, thereby singlehandedly changing the landscape of the movie industry. Who would have thought franchised films with shared universes would be a big hit among movie buffs?
Nevertheless, even if the Marvel movies were doing great, change is inadvertent since it’s the only thing constant in life. Why do we say that? Because even the movie industry has been “shifted” by blockchain technology.
The potential for Metaverse development is massive when you look at what blockchain technology brings to the table. Through digital collectibles (NFTs), brands like Marvel will be given an exciting new way of engaging with fans, albeit in a digital setting.
Marvel is in the best position to leverage Metaverse development to dominate this novel frontier of entertainment and storytelling. First, it has the best hodgepodge of characters and stories, with an A-team of superheroes leading the pack. Imagine how crazy the NFT community would get if all Avengers characters were on NFTs or phygital collectibles.
Second, MCU is the perfect launchpad for Web3 adoption and Metaverse development. It’s called the “cinematic universe” because it involves vast worlds with interconnected stories. These stories, with overarching narratives stretching across several movies (even TV shows and games), offer plenty of opportunities for tokenized storytelling and community participation on-chain.
Should Disney decide to concentrate its Metaverse development efforts on Marvel, it can use NFTs for a single film to tie narratively into a blanket story and unlock utility for future films (merch, collectibles, movie tickets, etc.). Besides, collecting Marvel NFTs (should there be more) can be a great way to keep fans preoccupied and entertained in-between releases.
Finally, the MCU has the best parent company—Disney—which makes it ripe for Metaverse development. Disney is considered a Web3 and Metaverse pioneer. For instance, it has already demonstrated its commitment to the space by releasing digital collectibles on VeVe, an app-based marketplace for licensed digital collectibles.
Moreover, Disney has onboarded Polygon and other Web3 companies to its accelerator program. The company has also hired an ex-Apple executive, Mark Bozon, to lead its Metaverse development strategy.
With Marvel being one of Disney’s most lucrative IPs, Disney can steer it into a dominant spot in the Metaverse. It won’t be an easy road. There will be tons of competition, conflict with the public, and even technical glitches, but Disney and Marvel have the perfect ingredients for Metaverse development.
Indeed, any efforts for Metaverse development focusing on Disney’s most-loved worlds and characters would undoubtedly be a colossal money-earner for the company. Marvel’s unique ability to bring a world of superheroes to life in the real world likewise ties neatly with the Metaverse—a perfect mashup of the real and virtual worlds.
With that said, Disney is in the best place to capitalize on the opportunities presented by the immersive and connected Web3 space and seriously work on Metaverse development by getting a good team together and focusing on next-generation storytelling.
Disney might not have presented concrete details regarding its plans for Metaverse development, but it is likely well on its way to getting started. And before we are even aware of it, it will be playing a significant role in the Metaverse’s further development.
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