{"id":21508,"date":"2023-02-24T13:22:04","date_gmt":"2023-02-24T13:22:04","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=21508"},"modified":"2023-03-01T11:34:19","modified_gmt":"2023-03-01T11:34:19","slug":"mall-of-the-metaverse-step-inside-a-virtual-retail-world","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/02\/24\/mall-of-the-metaverse-step-inside-a-virtual-retail-world\/","title":{"rendered":"Mall of the Metaverse: step inside a virtual retail world"},"content":{"rendered":"
The mall will be located, according to Majid Al Futtaim, in the Decentraland universe, at coordinates 95,21.<\/p>\n MAF had made the announcement on the sidelines of the World Government Summit in Dubai, which took place from February 13 to 15.<\/p>\n What is Decentraland, and what would a virtual mall look like?<\/p>\n LandVault, which is a metaverse solutions builder, which operates on platforms like Decentraland.<\/p>\n LandVault was launched in 2018 under the name Admix, and was initially focussed on building technology to insert product placements within games and virtual worlds.<\/p>\n Admix then raised $37 million from venture capitalists across the world, and became one of the largest in-play ad marketplace, working with several brands and top game publishers like Gameloft and Supersonic. It later rebranded as LandVault<\/a>.<\/p>\n However, LandVault now allows non-gaming apps to exist on its platform as well.<\/p>\n For example, in March last year, Decentraland hosted a fashion week, where 60 brands including Tommy Hilfiger, Dolce & Gabbana, Ellie Saab and L\u2019Oreal participated.<\/p>\n The experience was based in Decentraland’s Vegas district, and included a row of shops where brands could be customised, apart from a red carpet, a stage for live events and Q&A, and phygital (physical and digital) sales capabilities.<\/p>\n The event attracted 300,000 attendees over three days of the festival, and generated $5 million in rental and creative work.<\/p>\n LandVault\u2019s website says that this was the largest Metaverse event to ever take place.<\/p>\n Some of the company\u2019s clients include Paypal, Uber, Amazon, Google, Mastercard and Mcdonalds among others.<\/p>\n In statement to ME Retail News<\/em>, LandVault said that \u201cthe organisation builds metaverse solutions and experiences for their clients. With more than 120 builders and 100 million square feet of metaverse real estate developed, LandVault is the leading solution for brands, IPs and celebrities who want to enter the metaverse, across platforms like Sandbox and Decentraland.\u201d<\/p>\n The company\u2019s CEO Sam Huber is himself a blockchain investor since 2013. He has personally invested in more than 20 companies, and various virtual land projects since 2017.<\/p>\n LandVault also runs Decentraland, apart from other metaverse gaming platforms such as The Sandbox, Otherside, and NFT World among others.<\/p>\n
\nLast week, UAE retail giant Majid Al Futtaim announced<\/a> it will launch the \u2018Mall of the Metaverse\u2019, which will be a virtual shopping mall.<\/p>\n