Lowe’s has been at the forefront of building in the real world for more than 100 years, so it’s no surprise the home improvement giant is pioneering the way for other retailers by joining the metaverse. Lowe’s recently announced it would make available 500 assets for free on its own metaverse hub, ‘Open Builder.’ Using this new virtual platform technology will help customers use these assets to visualize Lowe’s products in their own virtual spaces and perhaps inspire some real-world purchases as well.
Analysts see a significant breakthrough coming for the metaverse. By 2026, a quarter of consumers are expected to spend at least one hour per day in the metaverse, according to consulting and research firm Gartner estimates. Morgan Stanley estimates the total market for advertising and e-commerce opportunities to be worth as much as $8.3 trillion in the metaverse, with $697 billion in home and home-related spending. The firm gave walking through “home renovation plans” as an example.
“We’ve been at the forefront of building since the beginning, and the metaverse is in a pivotal stage of development,” Marisa Thalberg, Lowe’s chief brand and marketing officer explained. “It’s only natural that we would be interested in working alongside and in service of the emerging community of builders creating this new world, with the democratization of possibility in mind. At the same time, we are also very clear on our reason for being – to make homes better for all by helping our customers to create real-world value in their homes, in their jobs, and in their communities. This will continue to be our North Star in the metaverse.”