- WHO'S GETTING ON BOARD?
According to Business Insider magazine, several food manufacturers and foodservice organizations are looking to capitalize on consumers not wanting to have to leave the metaverse to purchase food. C-stores are also getting in on the action.
- McDonald’s has “filed 10 trademark applications to the US Patent and Trademark Office (in 2022) covering both McDonald's and McCafe…(in order to) protect the idea of a McDonald's restaurant in the metaverse that can sell both virtual and real-world food.”
- In 2022, Wawa, a U.S. c-chain with nearly 1,000 locations, made its first foray into the digital world with Hoagiefest NFT Sweepstakes. The promotion featured digital prizes, like one-of-a-kind digital artwork, digital collectables and special Hoagiefest swag
- Coca-Cola launched Coca-Cola Zero Sugar Byte (a limited-edition sparkling beverage) within the Fortnite game, marking the first-ever Coca-Cola flavour “born in the metaverse.” The LTO gave consumers a chance to try “what pixels might taste like.”
- 7-Eleven opened a virtual c-store in the metaverse by partnering with Korean mobile game developer HAEGIN to incorporate a 7-Eleven to the social networking-based IP Play Together: “(Virtual) players will be able to see and consume many things that are also offered in store… (and can even) try out 7-Eleven Korea’s many services, such as the interactive floor, kiosk, and parcel delivery service.”
- CU (BGF Retail) is the largest c-store operator in South Korea, with 15,000 locations. Since 2021, CU has invested in building out a virtual ecosystem to reach customers in the metaverse. Virtual CU stores and a supporting infrastructure have been set up to facilitate the purchase of items online and the delivery of physical ones offline. Proprietary CU NFTs for sale on the metaverse are in development.
- MORE THAN A FAD
Revenue projections: McKinsey estimates that the metaverse may generate up to $5 trillion by 2030 across consumer and enterprise use cases.
Attracting investment: In 2020, metaverse-related companies reportedly raised nearly $5 billion from capital markets. In 2021 it more than doubled to $10 billion and in 2022, investment soared, with more than $120 billion flowing into the metaverse.
Moore’s law: A rapid, large-scale expansion of a virtual world is only possible if most people have the computer capacity to support it. For the last 50 years, computer processor speed and memory size have approximately doubled every year or two, even as costs have decreased, making computers faster and cheaper.
Gaming and online commerce are entrenched: More than 80% of Canadian consumers currently make online purchases and that number is even higher for younger consumers.
Gen Z coming of age: The youngest members of this cohort will soon be age-of-majority. Oldest gen Zers are already in their mid-20s. Gen Z is excited by the prospect of transacting in virtual worlds and in the next five years, this group will further leverage their purchasing power to influence the market.
(Source: McKinsey & Company, What is the Metaverse?)