Mallconomy

mallconomy

The digital world is changing, and e-commerce is leading this change. In a few years, you could be walking around a virtual shopping center, checking out all your favorite brands – trying on clothes on your avatar, and earning rewards for browsing. This isn’t sci-fi: it’s the future of shopping in the metaverse. Statista predicts that spending in this space will jump from $30.6bn in 2024 to $210.3bn by 2030, driven by artificial intelligence (AI). By the end of this decade, there could be 1.3 billion people regularly shopping in virtual worlds. In this article, we’ll look at how AI is changing metaverse shopping – and everything from finding products to engaging customers. The Rise of Metaverse Shopping From crowded aisles to endless scrolling through product pages online, our shopping habits have come a long way. E-commerce changed retail; now the metaverse is taking things up another level. Historical Context: **1968:**The movie 2001: A Space Odyssey showed early ideas of immersive digital experiences.1973:Maze War, the first virtual world, let users interact in a digital environment, setting the stage for future virtual worlds.1992: Sci-fi writer Neal Stephenson coined the term “metaverse” in his novel Snow Crash, describing a fully immersive virtual reality. 2009: The Introduction of blockchain technology with Bitcoin laid the foundation for digital ownership and transactions, a crucial part of the metaverse economy. Key Milestones in Metaverse Development: 2012: Oculus raised $2.5 million for its VR headset, a big step towards consumer-accessible VR. Facebook bought Oculus in 2014. 2016: Oculus releases the Rift, the first widely available VR headset, bringing immersive experiences closer to reality. 2020: Over 5 million VR and AR headsets are shipped annually, showing growing consumer interest in immersive technology. 2021: Facebook rebrands as Meta, investing $10 billion and hiring 10,000 people in Europe to develop the metaverse. AI's Transformative Impact on the Shopping Experience Artificial Intelligence (AI) has more to give than self-driving vehicles or virtual assistants. It is transforming the metaverse shopping experience into something personal, efficient, and fun. Here’s how: Your Virtual Shopping Assistant Your unique preferences are understood by AI through analysis of your purchase behavior, browsing history, and even social media engagements. Mallconomy for example can offer personalized product recommendations that guide you towards items that you will most likely love. See it Before You Buy It With virtual try-on tools powered by AI, you can try clothes on your avatar or place furniture in your digital space to see how it looks and fits. Behind the Scenes Efficiency SRetailers are helped with demand predictions, hence products being made available when customers need them most at their desired locations resulting in reduced stock outs coupled with quicker deliveries. Shopping as an Adventure Engagement forms within the metaverse also get powered by artificial intelligence that is new as well as exciting. Some examples include the “Browse To Earn” model endorsed by different brands where users’ time spent onsite attracts rewards for them. Here's a quick comparison of traditional vs. AI-powered shopping: Feature

Traditional Shopping

AI-Powered Shopping in the Metaverse



Recommendations

Limited, often generic

Personalized based on individual preferences



Try-ons

Physical fitting rooms only

Virtual try-on and styling options



Customer service

Limited hours, potential wait times

24/7 support from chatbots/virtual assistants



Inventory management

Less efficient, potential for stockouts

AI-optimized for better availability



Engagement

Primarily transactional

Gamified, interactive experiences Mallconomy: A Case Study in AI-Powered Metaverse Shopping Mallconomy is an example of the growing field of AI-powered metaverse shopping. It’s a virtual space where users can shop, enjoy entertainment, and socialize with other users. The “Browse-to-earn” model which is one of the key features of Mallconomy, uses AI to reward users for exploring and shopping within the virtual mall. AI-Powered Features Mallconomy leverages AI in several key areas: Personalized Recommendations: Mallconomy analyzes customer data like browsing habits or purchase history through artificial intelligence systems. Using this data the platform suggests items most relevant to each user on their platform based on their interests, making shopping more entertaining for them. ChatGPT-Powered Avatars: Sales assistants become intelligent thanks to Mallconomy’s integration with Ready Player Me avatars which are supported by ChatGPT too. This makes it possible for the round-the-clock support service to answer any questions about products or help with choosing and buying things. Browse-to-Earn Model: Mallconomy also has a gamified system called “Browse-to-Earn” which rewards users with $WOOT tokens for looking through different categories as well as purchasing goods. Community-Driven Commerce and NFTs The goal behind Mallconomy was community building and creative empowerment. To achieve this, artists can display their work on its marketplace. In this way, they can earn money when people buy NFTs from them. With the adoption of non-fungible tokens, there's a global trend towards digital ownership within metaverses, complemented by collectibility. MallCard NFTs and Staking MallCard NFTs work in two ways. First, they act as membership cards that grant various access privileges such as Launchpad. Second, they can be staked for higher rewards thereby making the experience more game-like and encouraging users to stay involved with the Mallconomy ecosystem. Roadmap and Future Developments As part of their roadmap, Mallconomy plans to introduce land sales in metaverses where users can buy virtual spaces to run their stores while still operating them digitally. There is also an upcoming Launchpad feature that will democratize the investment process for metaverse projects hosted on this platform. What Other Brands Are Up To in the Metaverse Brands are jumping into the metaverse to create exciting shopping experiences. Here are some examples: Disney - Entertainment In 2022, Disney started selling "Golden Moments" NFTs with VeVe and is planning a virtual theme park. This lets fans enjoy Disney magic in a whole new way. Nike - Sports and Fashion Nike launched "Nikeland" in Roblox in 2021. Over 26 million visitors have explored, played games, and bought digital Nike items. Nike also sold digital sneakers as NFTs, making a big splash in the metaverse. Gucci - Luxury Gucci opened the "Gucci Garden" on Roblox in 2021. Here, users can explore a virtual Gucci store and buy digital items. This space gives a luxurious shopping experience online. The Metaverse Awaits The future of shopping is immersive, personal, and rewarding – it’s about stepping into the world. This is where you connect with communities who provide incentives for your involvement beyond buying items. This process driven largely thanks to AI systems makes retail shopping more enjoyable than ever before while creating additional touchpoints between brands and consumers. However, there is still much to explore within metaverse space that requires us to not only embrace but also further explore these unknown areas waiting for discovery. By doing so, we will redefine our understanding of shopping patterns and socializing habits when dealing with physical rather than digital outlets. From pixels to profits, let us start on a journey that will change forever how we see markets today! The digital world is changing, and e-commerce is leading this change. In a few years, you could be walking around a virtual shopping center, checking out all your favorite brands – trying on clothes on your avatar, and earning rewards for browsing. This isn’t sci-fi: it’s the future of shopping in the metaverse. Statista predicts that spending in this space will jump from $30.6bn in 2024 to $210.3bn by 2030, driven by artificial intelligence (AI). By the end of this decade, there could be 1.3 billion people regularly shopping in virtual worlds. Statista Statista In this article, we’ll look at how AI is changing metaverse shopping – and everything from finding products to engaging customers. The Rise of Metaverse Shopping The Rise of Metaverse Shopping From crowded aisles to endless scrolling through product pages online, our shopping habits have come a long way. E-commerce changed retail; now the metaverse is taking things up another level. Historical Context: Historical Context: **1968:**The movie 2001: A Space Odyssey showed early ideas of immersive digital experiences. 1973: Maze War, the first virtual world, let users interact in a digital environment, setting the stage for future virtual worlds. 1992: Sci-fi writer Neal Stephenson coined the term “metaverse” in his novel Snow Crash, describing a fully immersive virtual reality. 1973: 1992: 2009: The Introduction of blockchain technology with Bitcoin laid the foundation for digital ownership and transactions, a crucial part of the metaverse economy. 2009: Key Milestones in Metaverse Development: Key Milestones in Metaverse Development: 2012: Oculus raised $2.5 million for its VR headset, a big step towards consumer-accessible VR. Facebook bought Oculus in 2014. 2012: 2016: Oculus releases the Rift, the first widely available VR headset, bringing immersive experiences closer to reality. 2016: 2020: Over 5 million VR and AR headsets are shipped annually, showing growing consumer interest in immersive technology. 2020: 2021: Facebook rebrands as Meta, investing $10 billion and hiring 10,000 people in Europe to develop the metaverse. 2021: AI's Transformative Impact on the Shopping Experience Artificial Intelligence (AI) has more to give than self-driving vehicles or virtual assistants. It is transforming the metaverse shopping experience into something personal, efficient, and fun. Here’s how: Your Virtual Shopping Assistant Your unique preferences are understood by AI through analysis of your purchase behavior, browsing history, and even social media engagements. Mallconomy for example can offer personalized product recommendations that guide you towards items that you will most likely love. See it Before You Buy It With virtual try-on tools powered by AI, you can try clothes on your avatar or place furniture in your digital space to see how it looks and fits. Behind the Scenes Efficiency SRetailers are helped with demand predictions, hence products being made available when customers need them most at their desired locations resulting in reduced stock outs coupled with quicker deliveries. Shopping as an Adventure Engagement forms within the metaverse also get powered by artificial intelligence that is new as well as exciting. Some examples include the “Browse To Earn” model endorsed by different brands where users’ time spent onsite attracts rewards for them. Here's a quick comparison of traditional vs. AI-powered shopping: Feature

Traditional Shopping

AI-Powered Shopping in the Metaverse



Recommendations

Limited, often generic

Personalized based on individual preferences



Try-ons

Physical fitting rooms only

Virtual try-on and styling options



Customer service

Limited hours, potential wait times

24/7 support from chatbots/virtual assistants



Inventory management

Less efficient, potential for stockouts

AI-optimized for better availability



Engagement

Primarily transactional

Gamified, interactive experiences Feature

Traditional Shopping

AI-Powered Shopping in the Metaverse Recommendations

Limited, often generic

Personalized based on individual preferences Try-ons

Physical fitting rooms only

Virtual try-on and styling options Customer service

Limited hours, potential wait times

24/7 support from chatbots/virtual assistants Inventory management

Less efficient, potential for stockouts

AI-optimized for better availability Engagement

Primarily transactional

Gamified, interactive experiences Feature Traditional Shopping AI-Powered Shopping in the Metaverse Feature Feature Traditional Shopping Traditional Shopping AI-Powered Shopping in the Metaverse AI-Powered Shopping in the Metaverse Recommendations Limited, often generic Personalized based on individual preferences Recommendations Recommendations Limited, often generic Limited, often generic Personalized based on individual preferences Personalized based on individual preferences Try-ons Physical fitting rooms only Virtual try-on and styling options Try-ons Try-ons Physical fitting rooms only Physical fitting rooms only Virtual try-on and styling options Virtual try-on and styling options Customer service Limited hours, potential wait times 24/7 support from chatbots/virtual assistants Customer service Customer service Limited hours, potential wait times Limited hours, potential wait times 24/7 support from chatbots/virtual assistants 24/7 support from chatbots/virtual assistants Inventory management Less efficient, potential for stockouts AI-optimized for better availability Inventory management Inventory management Less efficient, potential for stockouts Less efficient, potential for stockouts AI-optimized for better availability AI-optimized for better availability Engagement Primarily transactional Gamified, interactive experiences Engagement Engagement Primarily transactional Primarily transactional Gamified, interactive experiences Gamified, interactive experiences Mallconomy: A Case Study in AI-Powered Metaverse Shopping Mallconomy is an example of the growing field of AI-powered metaverse shopping. It’s a virtual space where users can shop, enjoy entertainment, and socialize with other users. The “Browse-to-earn” model which is one of the key features of Mallconomy, uses AI to reward users for exploring and shopping within the virtual mall. Mallconomy Mallconomy AI-Powered Features Mallconomy leverages AI in several key areas: Personalized Recommendations: Mallconomy analyzes customer data like browsing habits or purchase history through artificial intelligence systems. Using this data the platform suggests items most relevant to each user on their platform based on their interests, making shopping more entertaining for them. Personalized Recommendations : Mallconomy analyzes customer data like browsing habits or purchase history through artificial intelligence systems. Using this data the platform suggests items most relevant to each user on their platform based on their interests, making shopping more entertaining for them. Personalized Recommendations ChatGPT-Powered Avatars: Sales assistants become intelligent thanks to Mallconomy’s integration with Ready Player Me avatars which are supported by ChatGPT too. This makes it possible for the round-the-clock support service to answer any questions about products or help with choosing and buying things. ChatGPT-Powered Avatars : Sales assistants become intelligent thanks to Mallconomy’s integration with Ready Player Me avatars which are supported by ChatGPT too. This makes it possible for the round-the-clock support service to answer any questions about products or help with choosing and buying things. ChatGPT-Powered Avatars Browse-to-Earn Model: Mallconomy also has a gamified system called “Browse-to-Earn” which rewards users with $WOOT tokens for looking through different categories as well as purchasing goods. Browse-to-Earn Model: Mallconomy also has a gamified system called “Browse-to-Earn” which rewards users with $WOOT tokens for looking through different categories as well as purchasing goods. Browse-to-Earn Model: Community-Driven Commerce and NFTs The goal behind Mallconomy was community building and creative empowerment. To achieve this, artists can display their work on its marketplace. In this way, they can earn money when people buy NFTs from them. With the adoption of non-fungible tokens, there's a global trend towards digital ownership within metaverses, complemented by collectibility. MallCard NFTs and Staking MallCard NFTs work in two ways. First, they act as membership cards that grant various access privileges such as Launchpad. Second, they can be staked for higher rewards thereby making the experience more game-like and encouraging users to stay involved with the Mallconomy ecosystem. Roadmap and Future Developments As part of their roadmap, Mallconomy plans to introduce land sales in metaverses where users can buy virtual spaces to run their stores while still operating them digitally. There is also an upcoming Launchpad feature that will democratize the investment process for metaverse projects hosted on this platform. What Other Brands Are Up To in the Metaverse Brands are jumping into the metaverse to create exciting shopping experiences. Here are some examples: Disney - Entertainment In 2022, Disney started selling "Golden Moments" NFTs with VeVe and is planning a virtual theme park. This lets fans enjoy Disney magic in a whole new way. Nike - Sports and Fashion Nike launched "Nikeland" in Roblox in 2021. Over 26 million visitors have explored, played games, and bought digital Nike items. Nike also sold digital sneakers as NFTs, making a big splash in the metaverse. Gucci - Luxury Gucci opened the "Gucci Garden" on Roblox in 2021. Here, users can explore a virtual Gucci store and buy digital items. This space gives a luxurious shopping experience online. The Metaverse Awaits The future of shopping is immersive, personal, and rewarding – it’s about stepping into the world. This is where you connect with communities who provide incentives for your involvement beyond buying items. This process driven largely thanks to AI systems makes retail shopping more enjoyable than ever before while creating additional touchpoints between brands and consumers. However, there is still much to explore within metaverse space that requires us to not only embrace but also further explore these unknown areas waiting for discovery. By doing so, we will redefine our understanding of shopping patterns and socializing habits when dealing with physical rather than digital outlets. From pixels to profits, let us start on a journey that will change forever how we see markets today!

From Pixels to Profits: The Impact of AI-Powered Metaverse Shopping on the Future of Commerce

পিক্সেল থেকে লাভ পর্যন্ত: বাণিজ্যের ভবিষ্যতের উপর এআই-চালিত মেটাভার্স শপিংয়ের প্রভাব

Von Pixeln zu Gewinnen: Die Auswirkungen des KI-gestützten Metaverse-Shoppings auf die Zukunft des Handels

De los píxeles a las ganancias: el impacto de las compras metaversas impulsadas por IA en el futuro del comercio

Des pixels aux profits : l'impact du shopping métaverse alimenté par l'IA sur l'avenir du commerce

पिक्सेल से मुनाफ़े तक: वाणिज्य के भविष्य पर AI-संचालित मेटावर्स शॉपिंग का प्रभाव

ピクセルから利益へ: AI を活用したメタバース ショッピングが商取引の未来に与える影響

픽셀에서 이익으로: AI 기반 메타버스 쇼핑이 미래 상거래에 미치는 영향

Dos pixels aos lucros: o impacto das compras no metaverso alimentadas por IA no futuro do comércio

От пикселей к прибыли: влияние покупок в метавселенной с использованием искусственного интеллекта на будущее коммерции

Piksellerden Kârlara: Yapay Zeka Destekli Metaverse Alışverişinin Ticaretin Geleceği Üzerindeki Etkisi

Từ điểm ảnh đến lợi nhuận: Tác động của việc mua sắm Metaverse được hỗ trợ bởi AI đối với tương lai của thương mại

从像素到利润：人工智能驱动的元宇宙购物对未来商业的影响

Stories, News & Mentions about MALLCONOMY

Mallconomy’s Stories on HackerNoon