The global innovation firm, Fabernovel, recently released the reports of its latest study, Into the Chinaverse. The study covers an extensive evaluation of the use of technology in reinventing consumer scenarios and how brands use Web3 to attract China’s Gen-Z.
The study also dives into exploring how enterprises can gain insight into the metaverse and leverage the strategic potential of the virtual world. It also explores how brands can stand out in the fast-growing ecosystem.
Outlook of China’s Metaverse
The growth of the metaverse in China is phenomenal with the market size estimated to be about $8 trillion. About 93% of over 500 metaverse enterprises registered in China in 2021 have their names associated with the metaverse.
According to the IDC, about 37 million online users in China will get a virtual identity on the metaverse by 2025. The country is exploring the numerous potentials of the metaverse to see what it offers.
The NFTs Market: The Outlook in China
Crypto trading and mining were restricted all across China to stop fraud, money laundering, and environmental damage. The Fabernovel report suggests that these restrictions will lead to a new NFTs development without crypto in China. In addition, it predicts that NFTs will be used as certificates of ownership for IP protection and digital asset.
Also, the transactions of NFTs, including minting, sales, and publishing will continue to be monitored and regulated in years to come. This new approach to NFTs will change the purpose of NFTs as they will function more as collectibles instead of financial items in China.
The financial aspects of NFT products will be regulated and entrusted to only licensed trading. This means that brands must innovate and think of how their NFT tokens can provide long-lasting value to appeal to targeted consumers that want to invest in virtual keepsakes.
How Multi-dimensional Consumer Journeys will Unlock New Experiences
The Fabernovel study also explores how enterprises can leverage metaverse opportunities. The report suggests that brands can take advantage of these opportunities through e-commerce optimized experiences, such as immersive shopping and virtual idol marketing.
Many brands already caught up with the trend, including Meta Street Market, Moncler, and Dior. According to the reports, the flawless online-to-offline user experience that brands strive for will transcend into Web3 and offer consumers looking for smooth real-to-virtual experience exceptional experiences through multi-dimensional consumer journeys.
Many Chinese tech giants are catching up to these evolving trends by embracing the shift from Web2 to Web3. Some of these enterprises are Alibaba and Baidu.