The first metaverse-based shopping mall in Mexico is to be introduced with over 80 brands, and it is expected to grow and host over 800 brands. Mexico is a crypto-friendly market that is open to testing and innovative developments within the metaverse. The rise in inflation has made the North-American country a pro-crypto state with its adoption of digital assets. Mexico introduced a shopping mall in a metaverse space named Island Shopping Mall. Mexico has become the first in the world to introduce a metaverse shopping mall with Web3 elements.
The launch was in late October 2022 when it was announced that the mall could be accessed from mobile devices through online platforms in Google Play and the Apple Store. Users accessing the Island shopping mall can make online acquisitions and earn gems and coins that can be traded for discount coupons or products in the shopping center. The 80 brands that have been officially confirmed consist of the likes of Victoria’s Secret, Pai Pai, Momiji, Golden, and LA Girl. The present brands will be divided into categories to differentiate them, and emerging brands will come within a particular hall. It has partnered with The Savings Group Limited, a British company specializing in discount coupons, to incorporate hundreds of big brands, such as Nike, Puma, Adidas, Guess, Apple, and Levis, amongst many others.
Brands in the metaverse
Some of these brands are already involved in the metaverse, like Nike, which has grown a productive business strategy focused on NFTs and the metaverse. Apple is currently developing hardware to develop the best Metaverse experience. Similarly, Guess has launched a metaverse store. The metaverse shopping mall uncovers the rising adoption of Mexicans into the crypto sector and Web3 technology. A published report by the Hellosafe website shows that the metaverse marketplace in Latin America is large in Mexico. Experts at Bitcode Method acknowledge the benefits that crypto investments could have for investors during inflation periods, which is exactly what those in Mexico did: they went out looking for a safe haven in cryptocurrencies to maximize earning opportunities. Over 13,000 investors in Mexico have invested their money into metaverse and crypto firms.
In late October 2022, a Metaverse Mexico Bootcamp took place, where attendees were provided training on various business models in the metaverse, including promoting and adopting crypto. Lectures and exhibitions were included with augmented and virtual reality technology. It seems as if Mexicans have placed a significant wager on the metaverse. The report also suggests that most market value of cryptocurrencies is connected to crypto gaming projects such as AXS from Axie Infinity or SAND from The Sandbox, which has seen a significant decrease in market capitalization. Hellosafe also suggests that 61% of Mexicans are familiar with the term metaverse, which implies the growth of the metaverse market in the coming years.
Mexican entrepreneur Gonzalo I. Suarez created the Island shopping mall with the aim of housing as many shops as possible. According to the entrepreneur, he has been working on the idea since 2012, hoping to have the virtual shopping center the most downloaded application in the country. Suarez added, “It’s a real pride to present this new concept of digital commerce.”
Metaverse is essentially a virtual version of the natural world beyond the one we live in, where land, buildings, avatars, and even names can be purchased and sold. A benefit of such a virtual experience is that it eliminates the costs and environmental effects of transport. As the metaverse becomes more popular and we spend more of our lives online, we need friction-free ways to pay for virtual goods and services, and that’s where cryptocurrencies come into play.
Earlier this year, Mexico’s Senate building housed the country’s 14th Bitcoin ATM, which noted that Bitcoin had surpassed the transaction volume of payments made through traditional payment systems and showed increased momentum in cryptocurrency interest. In October 2022, Mexico saw an uptick in the crypto remittance market as many companies were swarming into the country. Mexico was considered the second-largest recipient of remittances in 2022 alone.
The metaverse shopping platform can accommodate as many shops as the architects and builders can imagine. The Island shopping mall reflects Mexico’s popularity in adopting crypto and Web3 elements. As we congratulate Mexico on this world-breaking project, we promise to keep you informed on any new developments concerning the newly launched metaverse shopping mall. We strongly advise you to conduct research before making any investment decision, as we all know that cryptocurrencies and digital tokens are highly volatile.
Byline: Hannah Parker