Worldline, a payments firm, plans to aid companies in expanding their operations within the metaverse. On Thursday (March 9), the French company announced the launch of a Web3 mall within Decentraland, enabling merchants, service providers, and banks to measure customer response to the metaverse. With this move, companies can now explore possibilities for developing a presence in the metaverse.
All About the Virtual Shopping Mall
In a recent statement, Worldline predicted that the metaverse will become a complementary retail channel for point of sale (POS) and eCommerce in the future, citing the estimates from McKinsey that the space will reach a commerce volume of $2 trillion to $2.6 trillion by 2030. Retailers, service providers, and banks at Worldline Shopping Mall can harness the power of Web 3.0 in a modular way to evaluate their community’s feedback and unlock the potential of the metaverse.
After a successful one-year trial period, Worldline established a showroom in March 2022 to assess the feasibility of opening a shopping mall in the metaverse. Various brands from Germany, Switzerland, and Australia along with some other countries were featured monthly, within that trial period. The results of that test run seemed favorable enough for the companies for continuing their presence in the virtual shopping mall.
Prominent Tech Firms Still Struggling with Metaverse
Big Tech firms have faced challenges in launching their metaverse efforts. Meta reported in February that its metaverse strategy was already costing it $1 billion per month. Subsequently, Microsoft decided to disband the four-month team it had created for its industrial metaverse vision last month.
This recent shift in strategy for its industrial metaverse initiative demonstrates the risk of investing in cutting-edge technologies that offer a glimpse of potential progress, but may not yet be suitable for enterprise adoption.