More brands to pierce through the Metaverse madness in 2022: report

This comes as brands explore avenues of digital personalisation.

More consumer brands are expected to enter the metaverse as they explore avenues of digital personalisation and differentiation, Fitch Solutions reported. 

In its Consumer And Retail 2022 Key Themes Mid-Year Update, Fitch noted that the development of consumer and retail space in the metaverse was rapid over the fist few months of 2022. 

“The weakness in both the consumer and the business environment globally has forced consumers and companies to re-evaluate their expansion and investment plans,” Fitch noted. 

“High inflation has impacted consumer's ability and willingness to take on additional discretionary costs, while higher interest rates means that companies in the metaverse space reprioritise to focus on projects which have shorter lead times for revenue generation.”

Amongst the global brands that have entered into the metaverse were Facebook CEO Mark Zuckerberg’s Meta, Microsoft, Epic Games, Heineken, MTN, Procter & Gamble, and Walmart. 

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Other companies that have also announced plans to invest in acquiring assets in the space are Adidas, Nike, Samsung, JP Morgan and HSBC.

“As H122 draws to a close however we have started to note a dampening of interest in the Metaverse and we believe that this is due to the weakening in the global consumer outlook, as a higher inflation environment takes hold,” Fitch also noted.