Let us start from the beginning: what is the Metaverse?
The Metaverse is an open digital ecosystem that allows for limitless creative and social opportunities for brands and communities to evolve and explore digital lifestyles, new revenue streams and enhanced experiences within the new creative economy. This ecosystem is not defined by a single company, industry sector, or use case, highlighting the importance of access to tools for all sectors and users to be able to easily onboard in this exponentially growing space. As the boundaries between our physical and digital worlds continue to blur, lifestyle, culture and economies are beginning to flow between both worlds. However, the Metaverse is not bound by physical limitations, creating brand new opportunities for brands and society to evolve.
How Brands Enter Matters
The way a brand or business enters the Metaverse matters. Long-term strategies will beat speed. To strategize sustainably, businesses need to look into how their value proposition today can translate into a future that is less material than the present and will continue to progressively become less and less materialised. It is important for businesses to understand that the dynamics are different as we enter the new creative economy built on Web3, where decentralization empowers each user in the ecosystem. Keys to success will come from brands exploring these shared standards, adapting to cultural change and collaborating. Evolving a brand or business to be Metaverse-ready can be achieved through NFTs and innovative blockchain technology, specifically built for the new creative economy. Through these methods an ecosystem for lifestyle use-cases evolves and all parties involved can benefit from the power of Web3.
To enter this space, you should embrace the shift in power and opportunities that arise from decentralization in the Metaverse, meaning the democratization of industries; including fashion, arts, music, entertainment, gaming, social media and beyond – which are able to be brought to a new level in this open ecosystem, enhancing reality as we know it. With LUKSO, we have simplified the onboarding and user experience to the point where brands, businesses and communities can access this ecosystem and not even realize they are using blockchain technology. Context matters and LUKSO is a blockchain built specifically for brands, creative communities, and users to access the new creative economy through Universal Profiles and new standards. Traditional technical barriers of entry are overcome with user oriented solutions like Universal Profiles, which allow simplified access, mainstream use-cases with NFTs and decentralized interoperable identities. Accessibility to these tools and user experiences are key for mainstream adoption and for brands and businesses to transition into the dematerialised and digital future in a sustainable way.
NFTs, Universal Profiles & Interoperability
Simplified access to this ecosystem is achieved through utilizing Universal Profiles, which simultaneously create decentralized identities for brands and individuals and also allow for an easy-to-use, manageable wallet without complicated steps and seed phrases. Identity and branding are keys for marketing a business in our physical world and to be able to transition ownership of a business’s identity and brand into the Metaverse, owning a verifiable decentralized identity is crucial. At LUKSO, we have onboarded globally known brands and emerging creators through Universal Profiles where each brand like Karl Lagerfeld, Vogue, RTFKT and more, are now able to have a verifiable identity on-chain allowing them to continue to evolve and build their reputation in the digital world.
Assets issued from Universal Profiles have cross-platform interoperability. Businesses have the opportunity for direct brand-to-consumer relationships. Assets issued from each Universal Profile are authenticated as NFTs and given digital identities as well, which is important to link creators and brands to assets in the digital world. Authenticating digital assets as NFTs also helps to avoid counterfeit collectibles in the digital world and the creator is able to be traced to each asset. Society will want to seamlessly be able to transition between digital worlds and the real world by using the same account to take these assets they own and their identity from one place to another. Being able to take your reputation with you is necessary and NFTs and digital identity become the gateway.
I believe the future is dematerialised, decentralized and the new creative economy will be built on Universal Profiles.
By Marjorie Hernandez Co-Founder of LUKSO and THE DEMATERIALISED
Sarah Smyth, LUKSO Social Media Manager