“Rather than being a viewer and merely watching a brand’s assets on social media, Charles & Keith’s virtual land encourages interaction, where users can play and earn NFTs,” said Keith Wong, cofounder and COO of Charles & Keith, in a written response. “We’re also able to express our campaign concepts with the built-in space and consequently increase brand awareness by reaching out to a wider audience through the intermingling of fashion and tech.
Borget shrugs off the downturn, and says adoption of the metaverse is still “very active and ongoing.” Daily unique active wallet addresses only show the number of users logging in the Sandbox to make a transaction, but not users who simply play games and join events like virtual concerts, he explains.
Meanwhile, the company is planning to launch the metaverse game on smartphones next year. The move is set to allow the Sandbox to take a slice of the mobile gaming market which, according to research firm Newzoo, accounted for half of the wider gaming industry’s $183 billion overall revenue last year.Borget’s ambition to build an open metaverse where anyone can become a creator and monetize their own creations is prompted by his own experience.
“Despite the success, it came out with frustration. Most of the engaged creators were leaving over time despite all the social fame and recognition we gave them,” Borget recalls. “We found that the reason was a lack of monetization, a lack of sharing with the creators a portion of the revenue that they brought as contributing to the game.”