According to Justin Hochberg, CEO of Virtual Brand Group (VBG), a company that builds virtual worlds, the Metaverse offers businesses the potential to grow and take advantage of new opportunities in the field of commerce.
He said that in the Metaverse, companies have the chance to reach new audiences, generate new sources of income, and introduce new products and styles.
Virtual Brand Group is a company that helps global businesses to expand their presence in virtual worlds. It has worked with companies such as Forever 21, The Voice program, and Mattel’s Barbie.
According to Hochberg, the company focuses on creating new ways for brands to connect with customers and on generating revenue. Though he did not specify how much revenue the company has generated, he stated that VBG makes a substantial amount of money through virtual goods sales.
Virtual Brand Group sells virtual goods that fall into different categories, such as token-based marketplaces, sponsorships with brands, and rewards programs. He also said that the company plans to introduce a rewards program in a popular entertainment program called “The Voice”.
Hochberg stated that the company’s expertise covers a wide range of these virtual goods and services. He also noted that the Metaverse offers companies with limited budgets the opportunity to gain a foothold in the market.
According to Hochberg, the online gaming platform Roblox started offering virtual goods, and in partnership with VBG, it helped revive the retail presence of Forever 21 and salvage the business. He also mentioned that VBG also partnered with Barbie.
Hochberg added that the company’s strategy is to approach brands, find something that they are familiar with, and then expand on it. He said that this kind of partnership opens up new opportunities.