Polygon, the Ethereum scaling solution that helps users onboard Web3, yesterday announced a partnership with NFTically to launch COMEARTH, which it says is the world’s first e-commerce metaverse. COMEARTH aims to become what the company hopes to become the “Amazon.com of Web3” by enabling companies to build immersive storefronts in the metaverse.
For many buyers and consumers, Web3 and the Metaverse are vaguely futuristic concepts that are only just beginning to catch their attention. While there’s so much hype surrounding the transition to Web3 that WAX Studios’ David Kim describes as “a new digital frontier powered by blockchain and accessible via decentralized applications (dapps),” we’re barely scratching the surface. Although Kim noted that Web3 offers verifiable digital ownership and access to new financial tools, that’s not all Web3 has to offer.
Web3’s use cases also extend to e-commerce, retail, and digital marketing. Business leaders understand the need for a personalized experience. It can be the difference between a customer who goes all the way to the purchase and one who abandons mid-journey. Personalized experiences on the Web2 can be a struggle, with a Gartner report finding that 63% of digital marketeers struggle to offer personalized experiences. This is a problem Web3 is helping to solve, and several companies are racing for ownership of the newly minted space.
Marketing leaders can use Web3 to better understand consumer demand and preferences as it provides relevant customer data and helps digital marketers improve their targeting and provide more personalized services. This is NFTically’s way of entering the corporate space.
Founded by Toshendra Sharma, who is also CEO, NFTically is a white-label, no-code NFT company that enables content creators to launch their own NFT shop or marketplace under their domain name. Additionally, users can buy and sell their non-fungible tokens (NFTs) on the platform.
NFTically has a vision to become a full-stack Web3 Software-as-a-Service (SaaS) provider, which the company says offers top-of-the-line services to provide users with end-to-end compliance and help them set up their own White label NFT stores.
Since its inception, NFTically has established multiple partnerships with market leaders such as Zee Studios, AltiusDAO, and BollyCoin to help brands harness the power of NFTs.
Bloomberg Intelligence reports that the Metaverse market is on track to approach $800 billion in 2024. That’s a compound annual growth rate (CAGR) of more than 13%, compared to a market of less than $500 billion in 2020. COMEARTH is NFTically’s attempt to bring commerce to the Metaverse.
The approach to building is simple: COMEARTH allows landowners to set up their Metaverse ventures in just minutes, armed with a comprehensive set of DIY tools. This includes Fiat on Ramps and APIs connecting to major web2 commerce platforms to help businesses sell effortlessly via Salesforce, Shopify, OpenKart, Magenta, WooCommerce and others.
According to Sharma, COMEARTH offers the opportunity to open a storefront in the Metaverse for all types of direct-to-customer (D2C) deals. Organizations and individuals planning to open their businesses in the Metaverse could use this platform. All they have to do is buy land in the metaverse and build whatever they want on it.
Like other NFTically initiatives, COMEARTH is the spiritual work of collaboration. Backed by investors including Polygon co-founders Sandeep Nailwal and Jaynti Kanani, and Coinbase Chief Product Officer Surojit Chatterjee, COMEARTH is a virtual planet on eight continents where corporations can acquire virtual land in the form of NFTs in the metaverse that governed by smart contracts deployed on the Polygon blockchain.
Brian Trunzo, Metaverse Lead at Polygon Studios, said in the company’s press release, “Polygon Studios is excited to welcome COMEARTH to the ecosystem as a valued partner. Their easy-to-use and powerful suite of tools brings brands and rights holders closer to their audiences – a key aspect to facilitating broader Web3 adoption.”
Vie for space in the new world
Sprout predicts that over 67% of marketing leaders plan to invest at least a quarter of their budget in metaverse tactics over the next 12 months. COMEARTH, although newly launched, already has several companies and groups vying to venture into space.
The Blockchain Council is the first to announce plans to build COMEARTH. The group will launch a ‘metaversity’ to provide Web3 education through live and recorded open training sessions, events and seminars hosted in the virtual world. The Metaversum space has also been awarded by Digital Fashion Week NYC, which intends to launch an immersive virtual store to showcase digital clothing from various luxury brands.
COMEARTH enables easy 2D to 3D conversion and enables the conversion of Web2 e-commerce product images into Metaverse-compatible interactive 3D models at the click of a button. According to the press release, businesses can also gain actionable analytical insights into their country’s traffic and access lead generation tools.
Other blockchain-based Web3 games and Metaverse projects along with Polygon Studios are Decentraland, Sandbox, Opensea, Somnium Space and Decentral Games.
VentureBeat’s mission is intended to be a digital marketplace for technical decision makers to acquire knowledge about transformative enterprise technology and to conduct transactions. Learn more about membership.