Mexico Opens First Metaverse Shopping Mall in the World

UTC by Tolu Ajiboye · 3 min read
Mexico Opens First Metaverse Shopping Mall in the World
Photo: Unsplash

Mexico has been very receptive to crypto and Web3 and will now see the first-ever metaverse shopping mall launched to the general public.

The country of Mexico has become the first in the world to launch a metaverse shopping mall. Conceived by a Mexican entrepreneur as Island Shopping Mall, the mall opened today showcasing 80 different brands. Some of these 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 are Bath & Body Works, LA Colors, GOC, Biso, Golden, and LA Girl. Furthermore, reports also state that the entrepreneurs of the metaverse mall announced partnerships with other brands. These include apparel heavyweights AdidasNike, Puma, Guess, Levi’s, Bershka, and consumer electronics giant Apple.

Each confirmed brand on the Island Shopping Mall will be divided into categories with a special hall for “emerging brands”. In addition, the confirmed brands will operate in either private or communal areas. Furthermore, developers of the metaverse initiative look to onboard up to 800 more brands onto the platform.

Mexico Metaverse Shopping Island Accessible via Android or iOS-enabled Devices

The new Mexican metaverse shopping mall is accessible via an app on App Store or Google Play-supported mobile devices. Local media outlet Cultura Empiresarial states that users will access this immersive virtual experience by downloading the app. In addition to shopping online, users who interact with the newly-established Mexico metaverse shopping platform will also be able to earn gems and coins. These tokens can reportedly be exchanged for other perks, including discount coupons or products, at several shopping locations dispersed throughout the immersive world. To enable this feature, the people behind Mexico’s Island Shopping Mall said they partnered with “The Savings Group Limited,” a British company specializing in discount coupons.

Some of the first entrants into Island Shopping Mall are no strangers to the metaverse. For instance, Apple is developing its own hardware to leverage the metaverse experience. Meanwhile, Nike also currently has a successful commercial non-fungible token (NFT) scheme and broader metaverse strategy. In addition, denimwear company Guess has also opened a metaverse store.

Mexico Crypto Popularity on The Fast Rise

The Island Shopping Mall reflects Mexico’s exploding popularity of crypto and Web3 elements. According to a recent report from comparison website Hellosafe, Mexico has the largest metaverse market in Latin America. In a period of economic uncertainty marked by rising inflation, more Mexicans are turning to digital currencies as a recourse, to maximize earnings opportunities. Currently, more than 13,000 investors have their money invested in metaverse companies.

Last month, a metaverse-specific boot camp took place in the country where attendees were privy to training on various related business models. These include the promotion and adoption of crypto, as well as lectures and exhibitions with augmented and virtual reality technology.

According to Hellosafe, the metaverse market will increase by 670% over the next eight years. Furthermore, reports also state that the metaverse’s global market value will hit nearly $650 billion this year.

Blockchain News, Cryptocurrency news, News, Technology News, Virtual Reality & Augmented Reality News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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