With the metaverse speculated to be worth between $8 trillion and $13 trillion by 2030, it continues to gain steam. It seeks to revamp the World Wide Web through blockchain technology by incorporating concepts like decentralization and token economics.
By creating an exceptional shopping experience in the metaverse, Agora SAS prompts a new frontier in this field, according to Oscar Bellei (pictured), co-founder and chief executive officer of Agora. Therefore, the Agoraverse, an e-commerce metaverse and a Web 3.0 shopping center where you may buy both digital and physical goods, recreates a brand’s theme, aesthetic storytelling, or an NFT project in a virtual setting.
“So Agoraverse really is a way to create those online storefront environments, virtual environments that are really much inspired by video games in their usage and kind of how the experience goes forward,” Bellei pointed out. “We believe that there is a real use case for shopping-centric metaverse experiences and to actually make the metaverse a bit more than a buzzword than that.”
Bellei spoke with theCUBE industry analyst John Furrier at Monaco Crypto Summit, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed how Agora is creating a worthwhile shopping experience in the metaverse. (* Disclosure below.)
Tailor-made metaverse solutions
Agora’s metaverse business model is tailor-made to meet enterprises’ needs, according to Bellei. Furthermore, Agora designs shops on a case-by-case basis.
“We are very much a B2B type of service, where we can create custom kind of tailor-made virtual environments for brands, where we dedicate our team to building those environments,” he stated. “We’re also developing a tool that will allow anybody to develop their own shop themselves.”
With the metaverse offering huge business opportunities, Agora replicates a real-life store for an event in this ecosystem so that it is accessible to more attendees. Non-fungible tokens also act as ideal revenue streams, according to Bellei.
“The event aspect is super important, and we want those meta shops to be places where a brand can organize an event,” he pointed out. “Let’s say they want to make the entrance paid; they can do an NFT for that if they want, and then the user has to connect the NFT to access the event with an idea. That’s how we leverage blockchain.”
Since Agora’s objective is to create worthwhile experiences in the metaverse, it selected the Solana blockchain based on its scalability and environmental friendliness, according to Bellei. Therefore, dealing with the ecological side of things is crucial.
“It’s also part of why we’re choosing an ecosystem such as Solana as a starter,” he noted. “It’s not limited to only Solana, but Solana is known as a blockchain that is very much ecological. Inclined transactions are less polluting. Often the experience is more important than the product.”
Here’s the complete video interview, part of SiliconANGLE’s and theCUBE’s coverage of Monaco Crypto Summit event:
(* Disclosure: TheCUBE is a paid media partner for the Monaco Crypto Summit event. Neither DigitalBits, the sponsor of theCUBE’s event coverage, nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)