Top 5 metaverse moments you need to know about right now

This round: SXSW, a resurgence in crypto games and the fall of a big brand NFT program No. 5: JBL joins emerging Roblox movie trend This week, speaker brand JBL, along with social media agency GoSpooky, launched part one in a three-part film series shot in Roblox, characterizing a story that takes place in the brand’s virtual world. The series, dubbed “The JBL Land Movie,” follows Robuilds, a popular creator, as she falls from the sky into JBL’s world, where she encounters strangers and soundbytes to form her own, unique sound. The series is 23 minutes long and is meant to draw awareness to “JBL Land,” which launched last month. Short, self-made films are an emerging trend amongst Roblox developers. Robuilds has found success making her own movies, as have other creators such as DaPandaGirl, who generated hundreds of thousands of views for a film released around last Christmas. While brands have yet to fully tap into Roblox movies, the trend offers “high-reward propositions,” Anirudh Shiva, creative lead at GoSpooky, said in a press statement. No. 4: Honda brings extended reality to SXSW SXSW has been a tentpole event for metaverse and Web3 innovations over the past few years, and as the space has evolved, so has the festival with regards to the technology it showcases. At this year’s SXSW, which took place earlier this month in Austin, Texas on the heels of Apple’s Vision Pro launch, extended reality and spatial computing saw outsized interest. Honda led the pack with its Uni-One mobility device, which it paired with a VR experience on Meta’s Quest headset. The idea is that users don the headset and strap into the device, which moves around in sync with the game that is being played. “SXSW is a good opportunity to [present] our new experience because even in Japan SXSW is very famous, and it is good to know what we want to do [as a company] in the future, especially in the entertainment domain,” said Hirokazu Hara, VP of new business development at American Honda Motor Co. No. 3: Crypto video games are back? Crypto video games are seeing a resurgence, according to The New York Times. The number of players participating in so-called “play-to-earn” games, and the amount of generated crypto earnings, has spiked tremendously over the past few months, particularly in the Philippines, a global hub for such gaming. Pixels, a farming game, saw its player base grow tenfold between November and March, reaching up to 830,000 participants. Filipino individuals who work on land during the day are now farming virtual land at night as a way to earn supplemental income. Play-to-earn video games were one of the hallmarks of the crypto boom from several years ago, fueled by titles such as Axie Infinity, which became so popular in 2021 that local establishments began accepting its in-game currency, Smooth Love Potion (SLP), as real money, according to The Times. But as the crypto market began to slip, so did interest in such games, and the value of in-game currencies began to plummet. The resurgence in play-to-earn popularity is, in part, fueled by the resurgence in crypto assets, led by Bitcoin, which reached its all-time high in price earlier this month. Crypto gaming companies that sprung up a few years ago are also pushing the space forward today. No. 2: Brands continue to descend on Apple Vision Pro Apple launched its Vision Pro headset less than two months ago, and it has attracted significant interest from brands across categories. The device hit stores with experiences from big media companies, such as Disney and Paramount, but retailers quickly developed their own applications. E.l.f. and J.Crew are two such brands, each offering spatial environments where users can explore 3D objects and participate in activities. One potential problem was the use of NFTs, a technology that, instead of improving the rewards experience for users, may have only soured it, said Martha Bennett, VP and principal analyst at Forrester. Another issue is a low ceiling for ROI, especially for a brand like Starbucks that is used to bringing in heaps of cash. One estimate put Odyssey’s total revenue generation since launch at around $250,000, according to research conducted by Alex Baghdjian, co-founder and chief strategy officer at ad agency Funday. Then there’s the issue of the thousands of disgruntled Odyssey members, who remain unclear about the future value of their assets. Some are wondering whether their efforts over the past 15 months have been a waste of time. “The way this ended, all the points and utility we built up collecting Stamps feels for naught,” Lily Snyder, a freelance emerging tech writer and member of Odyssey, told Ad Age. This month, online shoe seller StockX launched an immersive shopping experience featuring 3D models of popular releases, as well as user-generated content from customers. Tequila brand Don Julio debuted its own app that hinges on placing users inside the brand’s origin story. As the Vision Pro gets into more people’s hands, more brands are expected to jump in, such as Gucci, which recently teased an immersive film experience coming to the headset next month. No. 1: Starbucks cancels NFT loyalty program After 15 months of testing an NFT-based loyalty program dubbed Odyssey, Starbucks has called it quits, announcing last week that the platform will sunset by the end of the month. While the move came as a surprise, it reflects recurring issues with Web3-powered loyalty programs that brands have yet to figure out. One potential problem was the use of NFTs, a technology that, instead of improving the rewards experience for users, may have only soured it, said Martha Bennett, VP and principal analyst at Forrester. Another issue is a low ceiling for ROI, especially for a brand like Starbucks that is used to bringing in heaps of cash. One estimate put Odyssey’s total revenue generation since launch at around $250,000, according to research conducted by Alex Baghdjian, co-founder and chief strategy officer at ad agency Funday. Then there’s the issue of the thousands of disgruntled Odyssey members, who remain unclear about the future value of their assets. Some are wondering whether their efforts over the past 15 months have been a waste of time. “The way this ended, all the points and utility we built up collecting Stamps feels for naught,” Lily Snyder, a freelance emerging tech writer and member of Odyssey, told Ad Age.

Top 5 metaverse moments you need to know about right now

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