Retail Technology Show review - Tinie Tempah talks up the metaverse and NFT2
The metaverse is not something retailers can afford to ignore, the rapper and angel investor Tinie Tempah says, calling it an “incredible opportunity” for businesses to find new customers and revenue.
The British musician said retailers and brands who do not get involved or invest in the metaverse now will look like those who missed out on the beginning of the dot.com wave or the rise of Facebook.
The metaverse is still loosely defined, but is expected to be a series of digital worlds that people can jump into, either by using virtual reality goggles or simply through their computer, where they will be able to meet friends in digital form as well as conduct work meetings, go shopping, attend concerts and visit art galleries.
The term jumped in prominence after Mark Zuckerberg announced that he was changing the name of his company from Facebook to Meta last year to reflect his ambition to build the infrastructure necessary for a functioning metaverse, predicting that it will be “the successor to the mobile internet”.
Tempah, speaking at Retail Technology Show in London, said: “There are going to be several metaverses in the same way there are several solar systems. There are going to be lots different brands, retailers and individuals who create their own metaverses.”
He added that users in the metaverse will be able to buy products that will enable them to have both digital and physical versions of the item.
“You’ll be able to purchase a Samsung product that will allow you to access something in the offline world, so there is an incredible opportunity for retailers.”
Tempah commented: “I understand that it is still so new and all of the pieces of the puzzle are still getting put together but I would say just like the dot.com wave or the beginning of the Facebook, this is definitely not something you want to ignore, because it is not going to go away guys. The metaverse is here to stay.”
A number of big brands have begun to show an interest in this space, with Nike recently acquiring RTFKT Studios, a British startup that creates only virtual trainers and clothing but which sell for thousands of pounds.
Retailers and brands such as Coca-Cola and the auction house Sotheby’s have also begun buying virtual real estate in Decentraland, a digital world that already has a district for shopping, fashion, arts, gambling and even work conferences.
Tempah, whose number one hits in the UK include Pass Out and Written in the Stars, said the metaverse will tie in with the growing popularity of non-fungible tokens (NFTs).
He acquired a piece of NFT art from a popular collection called bored Ape Club for 2,000 and within nine months people were offering him 350,000 for it. “I have never seen a return like that, and for me it’s only this disruptive crypto space where this can happen.”
British fashion brands such as boohoo and Pretty Little Thing have launched their own NFT collections, joining a number of businesses around the world who are starting to invest in this space.
Tempah was speaking alongside Sam Jones, Chief Executive and Founder of Gener8, a free to use web browser that lets users earn from their data or browse in complete privacy.
Tempah was one of the first investors in Gener8 after seeing Jones make a pitch on the Dragon’s Den TV show in April last year.
Jones said people will all be able to earn money or rewards from brands using their data online in the future.
“What I'm believing is that in the near future, we all use an app on our phone or browser on our computer, which empowers us to passively control and earn from our data. I think that is absolutely coming,” Jones observed.
