Mexico has become the first in the world to launch a meta mall. Designed by a Mexican entrepreneur under the name Island Shopping Mall, the mall opened today and features 80 different brands. Some of those brands, which include notable names like Momiji, Pai Pai and Victoria’s Secret, will be looking to leverage the virtual experience.
Other confirmed names at launch include Bath & Body Works, LA Colors, GOC, Biso, Golden and LA Girl. In addition, reports also indicate that the metaverse mall entrepreneurs have announced partnerships with other brands. These include apparel heavyweights Adidas, Nike, Puma, Guess, Levi’s, Bershka and consumer electronics giant Apple.
Each confirmed brand on Island Shopping Mall will be divided into categories, with a special hall for the “emerging brands“. In addition, confirmed brands will operate in private or shared areas. In addition, the Metaverse developers plan to integrate up to 800 additional brands on the platform.
Mexican business island Metaverse accessible via devices running Android or iOS
Mexico’s new metaverse shopping mall is accessible via an app on mobile devices compatible with the App Store or Google Play. The local media Cultura Empiresarial reports that users will be able to access this immersive virtual experience by downloading the app. In addition to making online purchases, users who interact with the Mexican metaverse’s new shopping platform will also be able to earn gems and coins. These tokens will be redeemable for other benefits, including coupons or products, at several shopping locations scattered throughout the immersive world. To implement this feature, officials at Island Shopping Mall in Mexico said they partnered with “The Savings Group Limited“a British company specializing in discount coupons.
Some of the early participants in Island Shopping Mall are no strangers to the metaverse. For example, Apple is developing its own hardware to leverage the metaverse experience. For its part, Nike has also implemented a successful commercial non-fungible token (NFT) system and a broader metaverse strategy. In addition, denim clothing company Guess has also opened a metaverse store.
Crypto-currency popularity in Mexico is on the rise
The Island Mall reflects the exploding popularity of crypto-currencies and Web3 elements in Mexico. According to a recent report from comparison site Hellosafe, Mexico has the largest metaverse market in Latin America. In a time of economic uncertainty marked by rising inflation, more and more Mexicans are turning to digital currencies as a recourse to maximize earning opportunities. Currently, more than 13,000 investors have placed their money in metaverse businesses.
Last month, a metaverse-specific boot camp was held in the country, where participants were able to receive training on various related business models. These include the promotion and adoption of crypto-currencies, as well as lectures and exhibitions with augmented and virtual reality technologies.
According to Hellosafe, the metaverse market will grow by 670% over the next eight years. In addition, reports also indicate that the global metaverse market value will reach nearly $650 billion this year.