Metaverse possessions and products: The new digital consumerism

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  Quantumrun Foresight
• August 8, 2022

Insight summary

Virtual worlds are expanding rapidly, offering unique experiences and opportunities for users and businesses alike. The metaverse, a network of these virtual spaces, is growing in prominence, fueled by advancements in virtual reality (VR) and the rise of non-fungible tokens (NFTs), which allow for secure, unique ownership of digital assets. This digital evolution is shaping new marketplaces, influencing industries like fashion and gaming, and redefining concepts of ownership and identity in the digital age.

Metaverse possessions and products context

The metaverse—a term used to describe the collective, constant layer of connected virtual worlds—is envisioned as an interface connecting all online virtual environments, as well as with augmented reality (AR) enhanced versions of the physical world. This connectivity has dramatically contributed to the growth of NFTs during the early 2020s; NFTs are unique digital proofs of ownership/certificates of authentication for digital media—be it digital art, tweets, memes, music, videos, and more. The growth of NFTs establishes new forms of digital ownership and enables possessions in the metaverse that will take on infinitely diverse and complex forms.

These NFTs are also helping to lay the groundwork for an emerging virtual marketplace or economy native to a global metaverse, one where users can buy and sell digital products and possessions. Metaverse-associated commerce is a rapidly growing industry and one that offers enormous opportunities to pioneering influencers and businesses operating in this niche. 

A second key driver that will fuel the metaverse’s growth is the rise of VR. As VR technology becomes more advanced and affordable by the late 2020s, it will become common for people to spend increasing amounts of time in virtual worlds by the mid-2030s. This shift in media consumption will provide a vast potential audience for businesses starting to invest in building their digital presence in the metaverse. Likewise, the more time people spend in digital worlds, they will likely want to invest real money on digital possessions that enhance their online experiences.

Disruptive impact

One of the critical features of NFTs is that they allow users to own virtual assets and products securely but anonymously. In the metaverse, users can own virtual land, vehicles, and other assets without filling up volumes of paperwork or providing detailed requirements. This ease of commerce opens up endless possibilities for new digital-first businesses.

For example, imagine buying a virtual car in the metaverse; an NFT can represent ownership of the car, meaning the buyer is the only person who can legally “drive” or sell the vehicle. The specific token code would also prevent others from stealing or duplicating the car. NFTs can also represent digital identity, meaning users can have their unique avatar minted on the blockchain. This avatar can potentially be transferred from one metaverse environment to another and represents a user’s identity across the global metaverse, thereby adding to the future convenience and security of the system.

Digital fashion is another industry that is benefitting from the virtual metaverse marketplace. Luxury brands like Louis Vuitton and Burberry have created NFT versions of their apparel that can be purchased through crypto wallets. These initiatives have included creating digital runways and digital-exclusive designs. In March 2022, Decentraland hosted a Metaverse Fashion Week, where brands sold digital and real-life versions of their new collections. Additionally, video game companies have actively supported the metaverse fashion industry by releasing high-value collectibles—like accessories, skins, and garments—for avatars operating within these companies’ respective game-oriented metaverse environments.

Implications of metaverse possessions and products

Wider implications of metaverse possessions and products may include: 

• Digital possessions being used as collateral for loans processed in the metaverse. As financial institutions mature their operations in the metaverse, such digital possessions will also become collateral for real-world assets.


• More secure methods of acquiring digital real estate, reducing the risk of property fraud, including coerced cancellation, unauthorized selling, false promises, and even delays in turnover.


• Tech firms deepening their investments into metaverse technologies, combining the power of VR, social media, and crypto components. NFTs will become further integrated into the wider collection of Web 3.0 (blockchain-enabled) technologies.


• The video game industry earning ever more revenues from sales of customized avatars, accessories, and properties, as well as novel collaborations with real-life brands.


• Digital fashion brands competing with real-life counterparts in terms of price points but having the freedom to conceptualize more outlandish designs.


• Governments establishing pervasive legislation governing the sale and ownership of digital goods within the metaverse.


• Social authority, popularity, and perceived wealth increasingly becoming linked to a person’s digital possessions in the metaverse.


• Yet another factor contributing to the divide between the haves and have-nots as populations in developing nations may not have the same opportunities to access the metaverse, let alone purchase metaverse possessions.

Questions to consider

• Do you own any NFTs? If yes, what aspect of NFTs drew you to invest in them?


• What are the other possible benefits and challenges of owning items in the metaverse?