SandStorm Platform Wants to Bring Brands to the Metaverse
March 04 2022 - 2:00PM
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The number of brands seeking to gain a foothold in the metaverse
has risen exponentially in recent months, with the likes of Nike
and Disney conducting a recruitment drive to employ metaverse
specialists. According to JPMorgan, annual metaverse revenue
opportunities through social commerce, live events and advertising
could soon surpass $1 trillion. SandStorm, the world’s largest
weekly metaverse event, is determined to capitalize on this trend
by paving the way for brands to establish a presence in virtual
reality. The project has unveiled a new multi-chain platform to
connect established and emerging brands with the top builders in
the metaverse. Here Come the Brands Having recently closed a $2.5m
seed round, SandStorm will debut the beta version of its live
platform and NFT marketplace at next week’s South by Southwest
(SXSW) festival in Austin, Texas. Built on the Polygon and Ethereum
blockchains, the platform enables brands that have yet to make
their presence felt in the metaverse search through a directory
containing hundreds of verified Web3 builders. SandStorm will also
provide white-glove service to bring brands into the metaverse and
build experiences for them within popular open-world environments
such as The Sandbox. “As a growing number of brands are entering
the metaverse through The Sandbox, we’re seeing an increased need
for a platform to connect them to Builders, Agencies, Architects,
Designers, Community Managers and thousands of providers in this
open ecosystem,” says the game’s co-founder and COO Sebastian
Borget, who invested in SandStorm’s recent seed round alongside a
swathe of VC funds. “SandStorm offers a decentralised solution for
matching these needs and providing visibility to projects through
meet-ups and social events in the metaverse.” Although several
brands have already planted a flag in the metaverse, many remain
daunted by the steep learning curve that awaits them. SandStorm
intends to help such companies overcome their reservations by
bridging the education gap and exploring revenue-raising
opportunities via NFTs and virtual experiences. The Sandbox has
been one of the runaway success stories in the burgeoning metaverse
space. Primary sales of virtual land parcels in the game generated
$12 million in Q4 of 2021 while secondary sales volume grew 1,685%
compared to the previous quarter. Several major brands have already
purchased land in The Sandbox, including luxury fashion house Gucci
which is developing what it calls an interactive fashion experience
“inspired by childhood memories of the search for beauty.”
Reflecting on SandStorm’s vast creators’ community, CEO Steve
McGarry said, “We’ve seen metaverse builders mint everything from
skyscrapers and avatars to custom headphones on the platform
already. We’re hyper focused on the one-of-one NFTs that take
creators weeks to construct. We’re not interested in the 1,000+
collections.” Metaverse Marketing The arrival of SandStorm’s
platform comes at a time when consumer brands are reinventing
marketing in the metaverse. Decentraland, a rival of The Sandbox,
is currently gearing up to host a virtual fashion week featuring
designers such as Dolce & Gabbana, Tommy Hilfiger, Dundas and
Etro. McDonald’s, meanwhile, has filed no fewer than 10 trademark
applications including one for a virtual restaurant that delivers
to customers’ homes. According to McGarry, SandStorm already
reaches over 3 million users each month and has attracted 50 brands
and over 500 builders ahead of launch. The latter have been
onboarding since the platform’s Builders Program launched last
October. Brands can leverage the metaverse in numerous ways, such
as by releasing limited-edition digital collectibles, advertising
on billboards seen by gamers, and hosting virtual experiences and
rewards programs. Many commentators believe that brands who ignore
the metaverse risk being left behind, invoking the cautionary tale
of Blockbuster Video – a company that once turned down the chance
to buy Netflix for $50 million.
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