As 2021 came to a close, opinions of the Metaverse were caught between people thinking it was going to be a quick generational fad and others thinking it would be the new internet, the game-changer that would propel us to the next level of technological advancement. Today, the Metaverse question is practically answered. Its impact has been predicted across a wide array of industries and consumers are expecting it to deliver a mass disruption to companies, governments, and individuals.
Mirroring what the internet was back in the 1990s, a survey provided by Wunderman Thompson shows that 74% of the world’s population currently has heard of the Metaverse, however, only 15% can explain what it is with clarity. It goes without saying that this new sensation will slowly wiggle its way into the society's mainstream in the coming years.
Its impact on industry
Without question, every industry across the map is going to be impacted by the blooming metaverse. Those in the diamond sector should definitely perk their ears and take note that advertising, retail, B2B, Fashion and beauty are amongst the top-rated sectors to be affected. While this new reality won’t wipe out the way things are currently done in the foreseeable future, it will be a huge addition to it and something no one should miss out on. In fact, one might recommend getting in on it early.
People diving into the metaverse will live through their customizable avatars. Dressing them up in the latest and most unique fashions is already a priority for users and big brands have wasted no time getting involved. Sketchers, Nike and Forever 21 are just a few big names amongst the many that are setting up a virtual shop in Decentraland.
According to Nike, in the five months since opening Nikeland, their virtual retailer, seven million people have already visited. Jack Donahoe, Nike’s chief executive and president explained how he’s getting customers engaged with the products. He stated, “During NBA All-Star Week, LeBron James visited Nikeland on Roblox to inspire its community towards physical movement in play. On the Nikeland court, LeBron coached and engaged with players, and participants were rewarded for physical gameplay with the ability to unlock virtual products. We plan to continue driving energy there with virtual products like LeBron 19 styles special to Roblox.”
Given the importance of fashion and presentation in the metaverse, the question is still lingering about when we’re going to see a jewelry retailer enter Decentraland.
Diamonds in the metaverse?-
According to MarketWatch, “analysts at Morgan Stanley say there’s scope for luxury goods makers to sell virtually as they do physically—and say the market could be as large as $57 billion by 2030.”
With numbers like that, it isn’t a matter of when diamonds are going to enter the metaverse, but how they're going to enter. Jewelry isn’t just collectable by nature and perfect for collaborations, but it has more brand loyalty than any clothing brand one can imagine. That said, it’s perfect for the metaverse. With jewelry being widely collected in reality, it's easy to imagine NFT diamonds following that same trend with gem enthusiasts. However, that really is just the brink of jewelry’s virtual worth.
In a virtual world ran by self-expression through an avatar that can be decked out in anything one desires, the idea of diamonds having zero presence would be unthinkable. Gems aren’t just accessories that help put together an outfit, but they’re a symbol. Diamonds say so much about the person that's wearing them, as they produce an air of glam, elegance and point out one's relationship status. In simple terms, the metaverse is supposed to be our future. How seriously could we take the metaverse if we're unable to deck out our avatars with jewelry?
Sarine in the virtual world
With diamonds being an inevitable absolute in the growing metaverse, one has to wonder where Sarine fits into the picture. Being already a giant in the world of diamond technology and data-driven traceability solutions, there is no doubt that this new virtual world will only lead to diamond transparency and traceability on a whole new level.
The Sarine cloud holds the data of millions upon millions of diamonds belonging to our clients. If they so please, we can no doubt provide those diamond owners with a one of a kind and fully tradeable NFT of their real-world diamond. No virtual avatar would be complete without a virtual representation of the gem they treasure most, right?
Consider our Diamond Journey™ reports. They’re already gracing diamond retailers with brand differentiation and giving customers unparalleled sales floor experiences in the real world. How much further on a diamond’s journey will virtual reality allow us to take our customers? Quite frankly, its still too early to tell, but one can rest assure that the minds behind Sarine are planning out something that will reimagine diamonds in the metaverse and impact the industry as a whole.