Although the metaverse is not a new concept, it has recently gained much more attention. Many are now becoming familiar with the idea, and are looking into what its future offers and how they can be a part of it. The metaverse will completely transform the current way of life for the average individual, affecting work, trade, entertainment, leisure, exercise, social interactions, and everything in between. Apart from the retail players, big tech companies are also getting into the space. Facebook, the world’s most popular social media platform as of 2021, has recently rebranded to “Meta”, showing its commitment to this new space. According to an official announcement, rebranding was necessary because the company is shifting its focus to bring the metaverse to life. Footwear and apparel giant Nike is also preparing for the metaverse and has signified interest in creating its own space, as well as Adidas, another powerhouse brand. The metaverse will transform many aspects of life by improving interpersonal interactions, establishing communities, and helping businesses grow. The climate required to create and operate a successful business will also change considerably. Firstly, the metaverse will allow businesses, regardless of size, to establish digital stores for their goods and services. A significant advantage of these capabilities for the average company is that opening a physical store is no longer necessa...
