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What the retail industry learned about Web3 and the metaverse in 2022

Retial Brerw

We might be in a crypto winter heading into the holidays, but the last 12 months have seen retail’s courtship of Web3 morph into something more…serious. Brands ranging from Nike to LVMH have demonstrated their belief in and commitment to this next era of the internet, and they aren’t showing signs of slowing as 2022 draws to a close.

Part of retail’s desire to join the elite group of early Web3 adopters likely stems from the industry’s still-painful memories of being late to social media, and its struggle to create online experiences that are as engaging as their brick-and-mortar offerings, Olga Dogadkina, co-founder and CEO of VR platform Emperia, said.

“It really makes sense for an industry that has been struggling…when it comes to digital channels versus the beauty of their physical channels,” she told Retail Brew. “That’s why there’s this kind of natural appeal.”

The technology hasn’t reached peak usability, but that’s not stopping brands from placing their bets that Web3 is coming for retail—in 2023 and beyond. And the rapid movement in this space means the last 12 months have been packed with learnings and improvements as the retail world finds its Web3 legs.