What is Metaverse?
The term metaverse appeared in media headlines in October 2021, when Facebook announced that it is changing its corporate name to Meta. At that time, the company announced plans to spend $10 billion over the next year on technologies to build out its vision of the new digital reality. Metaverse aims to introduce people to shared virtual worlds and experiences across different software and hardware platforms. This virtual space is built on a promise to be extremely immersive and hugely engaging, and its potential has been studied and revealed to be going mainstream soon.
The anticipation grows as many renowned investors, business owners, and great celebrities in music and film are showing interest in the metaverse. Snoop Dogg, Paris Hilton, LeBron James, and Rihanna have all entered the virtual goods market, which suggests their potential involvement with NFTs and metaverse.
Why is Metaverse so popular?
The internet has forever changed the way we consume goods and services, and the metaverse is aiming to become the second major shift in how we use digital space to consume content. According to a report by Bloomberg, the digital environment is going to grow to 800 million by 2025 and will multiply to 2.5 trillion by 2030. With that in mind, it's no surprise that major companies and brands are looking to expand their business strategy into the metaverse.
As the metaverse is considered the next evolution of the internet, it will take many forms, including gaming, online communities, and business events. And while much of the metaverse value is currently geared toward gamers, the concept opens itself to a wide number of possibilities in and outside of the gaming industry. Many brands are recognizing long-term investment potential in this digital, global network. Brands are planting the seeds of awareness by plunging into this uncharted territory and benefit from publicity value for their willingness to be innovative and open to new digital spaces.
Celebrities in the Metaverse
Snoop Dogg has always been open about his passion for Web3 technology, NFTs, cryptocurrencies, and other virtual spaces. So it came as no surprise that he was also one of the first celebrities to immerse in the metaverse. In April 2022, he released a new music video for his song “House I Built,” featuring a virtual avatar of himself in the metaverse. In June, he filed an application for UNCLE SNOOP and UNCLE SNOOP’S with the United States Patent and Trademark Office (USPTO). The trademark filing covers aspects such as clothing, headwear, footwear, virtual cannabis and smoking goods, marketplaces for NFTs, and digital collectables. During 2022 MTV Music Awards, together with Eminem, he transported fans to the metaverse at the by using their Bored Ape characters during their high-octane performance of the song “From the D to the LBC,” which was first released during Apefest 2022.
In March 2022, Rihanna's cosmetics company Fenty Beauty filed a series of trademarks for Web3 and the metaverse. The filing includes downloadable virtual goods for computer games featuring cosmetics and makeup for use in online virtual worlds, retail store services, online entertainment services, and mobile applications, which also covers non-fungible tokens (NFTs) and digital media. This move by Fenty Beauty was most likely inspired by the general direction in which the beauty industry is heading, with brands such as Gucci, Chanel, and Ralph Lauren all looking to sell their products as NFTs.
American singer-songwriter Miley Cyrus is the latest celebrity to take her name brand to the metaverse after she officially applied for several metaverse and non-fungible token (NFT)-related trademarks. These trademark applications were submitted to the United States Patent and Trademark Office (USPTO) on August 16 for the words ‘Miley’ and ‘Miley Cyrus’, for products and services such as virtual currency management software, virtual clothing, footwear, and sports gear. This is the first account of Miley Cyrus getting involved with digital assets and seems to indicate a new step in her career that is pointing towards the metaverse.