Quick take:
- Lowe’s has launched a project visualization service in the metaverse.
- The US retail giant will debut its metaverse hub with 500 assets available for free.
- Customers will be able to use the metaverse assets to visualize building projects.
US home improvement company Lowe’s has launched its metaverse campaign with a visualization hub in the metaverse. The retail giant announced its metaverse-based product on Tuesday, which comes bundled with 500 free assets. Customers will be able to use the metaverse assets to visualize building projects in the immersive 3D virtual space.
Lowe’s is joining a growing list of US companies that have leapt into the metaverse craze. While luxury fashion brands were quick to jump on the bandwagon, traditional retailers like McDonald’s have also shown a deliberate interest to get involved.
Commenting on the decision to launch the metaverse hub, Lowe’s executive Seemantini Godbole said the company was responding to “a huge appetite from our customers to use emerging technology.”
Lowe’s is taking a different approach to the metaverse. Built on Web3 technology, the metaverse is mainly seen as an experiential and entertainment space for blockchain gaming companies and other event and entertainment service providers.
However, Lowe’s is offering 500 free downloadable assets, including items such as desks and chairs, which customers can use to explore various design models in the immersive 3D space.
“It’s all emerging, and it’s all up for exploration,” Lowe’s executive vice president and chief brand and marketing officer Marisa Thalberg told CNBC. Lowe’s metaverse hub is not restricted to one metaverse platform, she said, adding “[It is] a kind of an agnostic and kind of democratized approach.”
Lowe’s is not looking to introduce immersive experiences in a bid to monetize its hub like other brands that have managed to create an extra line of revenue despite the nascent state of the industry.
“Our goal really is to take this new frontier and help people use their imaginations and help them make their virtual spaces as exciting and inspirational and enjoyable as their real-world spaces. And that’s the only benefit we seek to obtain at this point,” Thalberg said.
The metaverse is seen as a huge opportunity for the future with a recent report by McKinsey and Company predicting it could reach $5 trillion in market value by 2030. Other reports have also given high figures with Citi’s $13 trillion projection topping the list.
Therefore, while Lowe’s may be admitting to seeking the single benefit of offering its customers an opportunity to explore the creativity in the metaverse, that may not be the only long-term goal given that all the digital assets offered for free are based on real-world products sold by the company.
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