Spatial: The metaverse embracing Web3 opportunities early on
Metaverse can go beyond Web2 and Web3
Business opportunities in Web3 for metaverse platforms
Just like the integration between consumer-facing fintech companies and cryptocurrencies since 2020, when many big fintech companies like PayPal and Venmo, offered products/services related to cryptocurrencies, I believe we are at the start of a similar trend for metaverse platforms, where companies are adopting Web3-related strategies to achieve product enhancement, acquisition of new customers, an increase of user engagement, and monetization of existing customers.
A closer look at Spatial: The early adopter of NFT in the metaverse
Spatial is the metaverse platform I have followed closely since 2021. It is one of the first metaverse platforms that have transformed business models by allowing users to upload their NFTs and integrate digital wallets. Compared with lots of Web3 metaverse companies and NFT projects that have been established in recent years, Spatial.io has been in the space since 2016 focusing on 3D collaboration with a seasoned team owning experiences in gaming and 3D development. Overall, Spatial offers core functions in virtual social, meetings, and virtual art exhibitions, supporting multiple devices including AR glasses, VR headsets, smartphones, and web browsers.
There are lots of reviews, guidance, and videos on the complete product set out there, hence this article will focus on the team’s strategy and products related to Web3.
NFT gallery – Showcase your NFT arts in the metaverse
Spatial first mentioned NFTs on their official blog in May 2021, also the time when many “blue chips” NFTs like BAYC experienced exponential growth and NFT arts started gaining traction from people beyond cryptocurrencies. The announcement mentioned the support of artists by holding virtual galleries listing NFT arts. Spatial held a series of events with NFT artists/ exchanges like $WHALE and SuperRare.
Thereafter, the platform has incorporated many functions convenient for NFT enthusiasts and Web3 communities, including “Auto Gallery” which allows users to quickly upload NFTs to the embedded frames in the gallery from Metamask wallets and log-in function through Metamask.
Currently, users can create their own virtual galleries with curated templates, where both 2D and 3D assets can be showcased. The full features of NFT gallery spaces can be found here. Worth noting is that these NFT galleries can not only be supported in web browsers where most of the current Web3-native metaverse/gamefi projects offer but also in VR headsets.
Metaverse real estate – NFT spaces (not lands)
In November 2021, Spatial announced the world’s first “interactive environment” NFT drop on SupeRare, making it stand out from standard metaverse real estate sale of “lands” which are normally empty spaces that require buyers to afford extra costs to “build” architectures. The NFT space on Spatial emphasizes its built-in utility: users can hold virtual meetings/events in avatars and showcase presentations.
“In Spatial people can purchase spaces, not land, these are intricately designed 3D rooms that have utility. You can buy a gallery to hang your NFT art, or an auditorium to stage virtual events, the possibilities are endless.” — Spatial Team
Spatial has also tapped into the creator economy by helping selected artists in issuing designed environments in NFT and selling on OpenSea. Hence, while users can get access to some public spaces to socialize and the metaverse “home” in VR, they can also purchase designed environments.
Partnership in Web3 metaverse
Spatial has also extended its partnership with a few companies related to Web3, especially in NFT spaces and avatar verticals. In June this year, it worked with NFT marketplace targeting luxury brands Exclusible in launching NFT spaces in the design of luxury penthouses where users can decorate with their own NFTs and hold virtual events. According to the official announcement, 38% of the buyers are consultancies, brands, and agencies.
On the avatar side, Spatial has worked with Ready Player Me, a cross-game avatar company supporting more than 2000 metaverse platforms, including Web3 metaverse platform Somnium Space, to launch a full-body avatar in replace of the previous half-body one. The partnership creates accessibility for user experience on Spatial and opens the room for more customization in digital fashion.
Several high-profile NFT collections and companies have also held virtual exhibitions on Spatial such as Boss Beauties. It has also opened a virtual exhibition with NFT marketplace OpenSea.
On the blockchain side, Spatial has partnered with Polygon in supporting Polygon-based NFTs, reflecting the emerging multi-chain ecosystem in NFTs.
Implication: Metaverse is beyond Web2 and Web3
The term Web2.5 has emerged to describe this trend of the integration between the two worlds. For example, Meta has started allowing certain creators to post NFTs on Facebook and Instagram. The trend has also appeared in brands aiming to capture the rising client base related to the metaverse.
While the terms Web2, Web2.5, and Web3 help us clarify different types and stages of technology companies, we believe that metaverse can’t be simply categorized in these ways as a holistic virtual experience requires multiple tech components. Metaverse platforms like Spatial can let more users see the potential in Web3 and offer Web3 communities quality virtual spaces. In the following articles, we will continue doing deep-dives on different metaverse platforms making a difference.
If you want to see more of their products and dive into the metaverse, please visit their website: https://spatial.io/
Interesting, thank you for writing about this!
Maybe a question I still keep coming back to: how is this different from Second Life on VR? I can understand that NFTs and the others might make it different, because those are more recent inventions, but so were digital goods when Second Life became a thing.