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The Metaverse: Retail’s Next Frontier or a Technological Mirage?



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In the closing months of 2021, Meta CEO Mark Zuckerberg unveiled a compelling vision of a new technological era, replacing traditional social media with a concept named the Metaverse. He foretold of a 3D internet, a realm where work, retail, and societal interaction converge in a revolutionary way. Today, two years later, the reality is somewhat less inspiring: retailers are taking cautious, measured steps into this unexplored territory, testing the waters rather than diving headfirst.

What is the Metaverse?

In essence, the Metaverse is a manifestation of the internet in three dimensions. Its advocates, a mixture of tech enthusiasts and futurists, laud the transformative potential it holds for various sectors, including work, retail, and broader societal contexts.

The challenge, however, is that the Metaverse is still nebulous. Ask ten people for a definition – whether they’re on the street or in Meta’s offices – and you’ll likely receive ten different answers. It’s at an embryonic stage in the innovation curve, and it’s clear that the realization of this concept won’t happen overnight.

The Metaverse and Retail: A Slow Dance

In the face of a challenging retail landscape in Europe and North America, retailers must stay focused on their margins, workforces, and customers. The latter, in particular, are not yet fully conversant with the Metaverse. As it currently stands, it is an interesting concept rather than a fully-fledged reality with mass consumer appeal.

Interestingly, Gen Z shoppers, despite their digital nativism, are more inclined towards physical or omnichannel retail experiences. While they might not yet envision the Metaverse as a shopping platform, they are intrigued by its potential as an experiential destination, a starting point for their purchasing journey. Retailers could capitalize on this, using the Metaverse to showcase products and create unique, immersive experiences.

Ultimately, it’s the consumers who will shape the final form of the Metaverse and dictate how retail brands interact with this new space. Even though it’s too early to predict the exact impact of the Metaverse over the next decade, it’s apparent that digital spaces are set to become more immersive, with the Metaverse playing a significant role. Innovative retailers are already investing in technologies such as augmented reality, virtual showrooms, live shopping, 3D product views, and video shopping consultations.

The Evolution of E-commerce

E-commerce has, until recently, been a largely transactional experience, focused on streamlining and reducing friction. However, the prospect of a more immersive online shopping experience, rich with discovery, curation, and interaction, is where the Metaverse could truly shine in the long term.

For the Metaverse to become a reality, it must enhance physical life, making it better, cheaper, faster, and more connected. This mirrors what the internet has done for billions of people worldwide. Today, consumers crave convenience coupled with enjoyment, a combination the Metaverse could potentially deliver in the form of “shoppertainment” built on an enhanced customer experience.

According to Manhattan’s 2022 Omnichannel research report, 82 per cent of consumers surveyed across Europe and North America said they initiated their purchasing decisions online in some capacity. This statistic suggests that the Metaverse might not immediately become the next-generation shopping platform as Zuckerberg might hope, but rather a starting point for shopping journeys.

Opportunities and Risks in the Metaverse

Just like the internet over the past three decades, the Metaverse presents both opportunities and risks for retailers and consumers alike. Regardless of whether it materializes today or a decade from now, the keys to retail success remain the same: clear communication with customers across all channels and continuous innovation.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. and does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Terra Luna Classic’s Evolving Journey: Aiming to Anchor USTC at $1



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In the ever-shifting realm of digital currency, Terra Luna Classic takes another notable step. The community has given the green light to halt all processes involving creating and recreating their stablecoin, USTC. Their primary goal? Re-establish USTC’s parity with the dollar and reinvigorate LUNC, Terra Luna Classic’s foundational cryptocurrency. This decision not only bolsters USTC’s standing but also paves the way for big players like the crypto trading platform, Binance, to consider USTC disposal.

Proposal 11784, known as the “Halt USTC Production & Recreation,” caught the eyes and ears of many. A significant 55% endorsed the move, 38% declined, with the remainder opting for a neutral stance. Reaching this agreement wasn’t simple, especially given the myriad of voices involved. Bypassing the minimum approval mark, the community’s backing for this trajectory became evident.

Digging into the vote dynamics, it’s clear where allegiances lay. Out of 35 decision-makers, prominent entities like HappyCattyCrypto, DFLunc, 1maxfee, JESUSisLORD, StakeBin, and Lunanauts were supportive. Yet, it’s crucial to highlight that Allnodes, a dominant figure, didn’t share this enthusiasm. Although participation wasn’t at its peak, a dominant consensus emerged. With the proposal’s acceptance, platforms like Binance now can contemplate USTC disposal, as its creation processes cease. Another proposition even nudges Binance to dispose of a 50-50 split of USTC and LUNC.

However, despite these audacious moves, market indicators for both Terra Luna Classic and USTC signal turbulence. Amidst vital community updates, both digital assets witnessed downtrends. LUNC saw a modest 1% rise recently, settling at a value of $0.000057. Its 24-hour range fluctuated slightly from $0.0000566 to $0.0000582. Conversely, USTC’s performance dipped, declining 1% to a present value of $0.012. Furthermore, trade activities for USTC diminished by 36% within a day.

Whispers within the community suggest reservations about the efficacy of Terra Luna Classic’s development squad. Some speculate that they might not be adequately steering the platform, the communal treasury, or key updates.

The digital currency landscape is notoriously inconsistent, with shifts spurred by choices, market vibes, and tech developments. As Terra Luna Classic forges ahead with its initiatives, it’s uncertain how the landscape will adjust, particularly in relation to USTC’s valuation and ecosystem vitality.

Nevertheless, the essence of communal consensus can’t be overlooked. Terra Luna Classic, despite hurdles, showcases its dedication to stability and value with its USTC decision. As the crypto world morphs, the strategies of Terra Luna Classic will be under the lens of investors and aficionados. The future holds the answer to whether their endeavours align with the unpredictable ebb and flow of the crypto cosmos.

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