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Mexico opens The First Metaverse Shopping Mall

The first metaverse mall in Mexico will open with more than 80 brands, but it is anticipated to expand and house over 800 brands.

Photo by Alexander Schimmeck / Unsplash

The first metaverse mall in Mexico will open with more than 80 brands, but it is anticipated to expand and house over 800 brands.

Why would malls use the Metaverse?

In the metaverse, malls have several benefits. One of them is that they can accommodate whatever many shops the developers like. A Mexican businessman wanted to create Mexico's first metaverse mall with Island Shopping Mall. The mall was officially opened today, and users of mobile devices may access it by downloading an app from the AppStore or Google Play.

Users of both platforms may now download the shopping mall application to take advantage of an immersive experience through "an island paradise to have fun online," according to the local media site Cultura Empresarial. Through this new virtual world, users can make purchases online and earn coins and gems that can be redeemed for goods or coupons at several retail malls dotted across the island.

Big Brands Are Attracted

Eighty brands have currently received formal confirmation. With a dedicated hall designated for the "developing brands," they will be separated into categories. Leading companies Bath & Body Works, LA Colors, GOC, Biss, Golden, LA Girl, Momiji, Pai Pai, and Victoria's Secret are those whose mall debut has been officially announced. Some will have private or communal spaces.

The Savings Group Limited, a well-known British organization that specializes in discount coupons, has teamed with the Island Shopping Mall's creators, according to their statement, to integrate more than 879 brands, including Adidas, Nike, Puma, Bershka, Guess, Apple, Levi's, and many more. A few of these companies have already dabbled with the metaverse. Apple is building its hardware to offer the best possible metaverse experience, while Nike has established a successful commercial strategy centered on NFTs and the metaverse. Guess has also opened a metaverse store. (1)

The Metaverse And Mexico: A Bet On Digital Innovation

Mexicans have placed significant wagers on the metaverse. The "Metaverse Mexico Bootcamp" was held only a month ago. A team of specialists gave training on various metaverse business models while the event was going on, encouraging the use of cryptocurrencies. Additionally, they provided lectures and exhibitions that utilized augmented and virtual reality. According to Hellosafe's most recent research (2), Mexico has one of the largest metaverse markets in Latin America, with more than 13,000 investors who have invested in metaverse businesses.

Although the market value of most cryptocurrencies connected to crypto gaming projects, such as AXS from Axie Infinity or SAND from The Sandbox, has significantly decreased, Hellosafe forecasts a 670% increase in the metaverse market over the next eight years. Given that the analysis projects the worldwide market value of the metaverse to reach close to $650 billion this year, this rise would suggest an increase of more than $4,355 billion.