Brooklyn Nets, Walmart, and Others Join the Metaverse

• The Brooklyn Nets announced they will be joining the Metaverse, allowing their fans to have a new way to experience their games. 
• The move will allow the NBA team to gain recognition in a new space to increase their fanbase and revenue. 
• As the Metaverse is becoming increasingly popular, more companies have been looking into or expanding into this virtual space. Below is a list of some of the recent corporations that have moved into the Metaverse.

The Brooklyn Nets announced both during their game against the New Orleans Pelicans and on social media their expansion into the Metaverse. This virtual reality platform will have over 100 high-resolution cameras around the players on the court, giving fans an augmented reality experience of the game through a virtual reality headset. This type of transition is unprecedented, and it could lead to other major sports teams and corporations also moving into the virtual world.

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What is the Metaverse?

The Metaverse, mainly being developed by Mark Zuckerberg, is a virtual social network that allows users to communicate in real-time. The Metaverse is similar to the virtual space created in the movie “Ready Player One,” where users can customize their avatar by purchasing virtual items, playing video games, and talking with others, essentially mimicking all actions that can be done in the physical world. 

Why The Brooklyn Nets Chose to Join the Metaverse

Although the Brooklyn Nets have not directly stated their intentions behind this expansion from the real world into a virtual one, their reasoning could be accurately assumed. With the rapid development of technology and the virtual space, there is a new, untapped market with a high chance of profitability. 

Because there are not any sports teams within this space, the Eastern Conference team is the first to provide a real-life, virtual reality basketball game. This transition could mean higher income levels as they can begin charging those with Oculus Quest VR headsets to experience this new way of watching the game. One recent example indicating the Metaverse could be profitable is a person purchasing a piece of virtual land for hundreds of thousands of dollars to be neighbors with Snoop Dogg.  

Other Corporations Expanding Into the Metaverse

Although the Metaverse is a relatively new space, it has not stopped companies from either transitioning or starting to transition onto the virtual platform. Below is a list of recent companies that have or may join the virtual world.

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Nike

Nike was one of the first companies to expand its reach to the digital world. In late 2021, the clothing giant announced its acquisition of RTFKT studios, a company specializing in creating digital artwork. Nike will be using this company to help expand its digital reach within the Metaverse by offering various types of artworks that people wish to buy for their avatars.

Walmart

Although Walmart has not expanded into the Metaverse yet, there has been speculation that it plans to announce its shift soon. On December 30, 2021, Walmart filed trademark applications with the U.S. Trademark and Patent Office, hinting that they may expand into the cyberworld. 

Their main objective in the Metaverse is to sell virtual goods, such as electronics, toys, home essentials, and many more. Furthermore, they plan on releasing their own non-fungible tokens (NFTs). As many corporations are observing the profitability of NFTs, they are beginning to create their own as soon as possible to increase their profitability.  

With the Metaverse rapidly rising in popularity, more and more companies are expanding into this space. With the Brooklyn Nets being a pioneer by being the first sports team to expand into the virtual reality space, there is a real possibility that many other NBA and sports teams will follow in their footsteps. 

Recommended Read: Nike Joins the Metaverse by Acquiring an NFT Company

What are your thoughts on the Brooklyn Nets expanding into the Metaverse? Do you think this move will pay off, or will it fail? Let us know in the comments below. 

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