Latin America will get a taste of lifestyle in the metaverse as the Island Shopping Mall launched on October 28th, focusing on the Mexican market. The outfit brands itself as Mexico’s first Metaverse shopping adventure, and it will draw upon the developer’s imagination to feature an infinite number of stores. Upon its launch on October 28th, the Island Shopping Mall is live on the Apple AppStore and Google Play Store. Users can quickly enter the metaverse shopping experience through their mobile devices.
Local media house Cultura Empresarial covered the story. According to them, Android and iOS users can now install the Island Shopping Mall app for an immersive lifestyle adventure through what they describe as an island paradise. Metaverse shoppers can purchase items online from numerous stores and outlets across the island. For making purchases in the Island Shopping Mall, shoppers can earn rewards in the form of coins and gems, which they can trade for products or discount coupons.
Presently, over eighty brands have confirmed their presence in the metaverse mall. For easier access, all brands will be split up into different categories, with a particular portion earmarked for emerging brands. These brands include Momiji, Victoria’s Secret, Bath & Body Works, Golden, Bissú, LA Colors, Pai Pai, LA Girl, and GOC. While some brands have spaces all to themselves, others will receive allocations of shared spaces, as several hundreds of brands are expected to join progressively.
The team behind the Island Shopping Mall has also partnered with the leading British discount coupon outfit, The Savings Group Limited. The deal will help integrate over eight hundred brands, including famous footwear makers Adidas, Nike, and Puma, and others like Levi’s, Guess, Bershka, and Apple.
Notably, some of the anticipated brands have already launched metaverse-focused endeavors. Nike is the biggest winner, with their Metaverse and NFT products minting millions of dollars in revenue. Guess has a store in the metaverse, while Apple is developing hardware for creating an immersive virtual experience. Their advent into the Latin American metaverse market does not sound surprising.
Mexico is steadily tilting towards the Metaverse, with several recent endeavors in the virtual space. The just-concluded Metaverse Mexico Bootcamp featured several experts and industry leaders who spoke on topics and business models revolving around the Metaverse, cryptocurrency adoption, and AR & VR technology. A recent report by Hellosafe revealed that the metaverse market in Mexico has over 13,000 investors pumping funds into metaverse-focused companies, making it one of Latin America’s most significant.
With a projected growth of over 670% in the next eight years, the worldwide metaverse industry is expected to grow in leaps and bounds. Key indicators show that despite the drop in market capitalization of some of the biggest metaverse products and the discouragement from Meta’s money pit metaverse project, interest in the virtual world has not waned. The Island Shopping Mall is the first Metaverse shopping mall in Mexico, and it will not be the last.