Shopping malls in the metaverse have several advantages. One of them is that they can house as many stores as the developers’ imagination allows. This is what a Mexican entrepreneur envisioned with Island Shopping Mall: Mexico’s first metaverse mall.
The mall was inaugurated today and can be accessed from mobile devices via an app available in the AppStore or Google Play.
According to the local media outlet Cultura Empresarial, users of both platforms can now download the shopping mall application to enjoy an immersive experience through “an island paradise to have a good time online.”
Users accessing this new virtual world will be able to make online purchases and earn gems and coins that can be exchanged for discount coupons or products in several shopping centers distributed throughout the island.
The Island Shopping Mall Attracts The Attention of Big Brands
Currently, 80 brands have been officially confirmed. They will be divided into categories, with a special hall for the “emerging brands.”
Among the leading brands confirmed for the mall launch are Bath & Body Works, LA Colors, GOC, Bissú, Golden, LA Girl, Momiji, Pai Pai, and Victoria’s Secret. Some will have individual or shared spaces.
The developers of Island Shopping Mall said they had partnered with “The Savings Group Limited,” a leading British company specializing in discount coupons, to integrate more than 879 brands such as Adidas, Nike, Puma, Bershka, Guess, Apple, Levi’s among many others.
Some of these brands have already dipped their toes in the metaverse. Nike has grown a productive business strategy focused on NFTs and the metaverse, Guess has launched a metaverse store, and Apple is developing its own hardware to create an optimal metaverse experience —although its VP doesn’t like that term very much.
Mexico And The Metaverse: A Bet On Digital Innovation
Mexicans have been betting heavily on the metaverse. Just last month, the “Metaverse Mexico Bootcamp” took place. During the event, a group of experts provided training on different business models in the metaverse, promoting the adoption of cryptocurrencies. In addition, they offered lectures and exhibitions with augmented and virtual reality technology.
According to Hellosafe latest report, the metaverse market in Mexico is one of the largest in Latin America, with more than 13,000 investors who have poured their money into metaverse companies.
Although most cryptocurrencies associated with crypto gaming projects, such as AXS from Axie Infinity or SAND from The Sandbox, have seen a significant drop in market capitalization, Hellosafe projects a 670% growth of the metaverse market for the next 8 years.
This growth would imply an increase of more than $4,355 billion, considering that according to the report this year, the global market value of the metaverse should close close close to $650 billion.