Previously, we reported the metaverse expansion and appearance of whole new worlds and entire cities on the different Web3 platforms. The new meta-buildings are popping up, such as brand shops, fashion stores, offices, playgrounds, and even UAE's Ministry of Economy office. On top of that, more and more companies are creating their offices in the metaverse.
Recently, ArentFox Schiff, an American Law company located in Los Angeles, built their office in the metaverse. That is how the company became the first major US law firm to build and launch an office in this new virtual world.
ArentFox Schiff offers legal solutions "to achieve today's targets and anticipate tomorrow's problems". The main focus of the company is business-oriented legal counsel that helps their customers in order to achieve their commercial goals. Also, ArentFox Schiff is deeply rooted in government service and committed to the administration of justice. The company has clients in various fields. Their clients include Brooklyn Nets, Los Angeles Lakers, Diesel and Ferrari, Warner Bros, Discovery and many others.
The company ArentFox Schiff has always considered itself tech-friendly. On top of that, the Metaverse, Blockchain & Digital Assets team, among the largest in BigLaw, communicate with some world's top companies and help them create the strategies for Web3 adoption. For one, ArentFox Schiff was consulting PwC regarding becoming the first international professional services network to publicly enter the metaverse.
ArentFox Schiff Chairman Anthony V. Lupo, commented on the firm transition to the metaverse:
"The Metaverse stands to disrupt nearly every industry – fashion, sports, real estate, the list goes on – presenting immense possibilities and potential risks. ArentFox Schiff has been helping world-class brands in these sectors enter the metaverse, and now with our new office in Decentraland, we can call each other virtual neighbors."
ArentFox Schiff is located in the Luxury Fashion District in Decentraland.The office is designed by Voxel Architects, a Metaverse digital architecture studio dedicated to building virtual buildings. It has four floors featuring conference rooms and a private meeting space.
There has been a sharp decline in interest in the keyword "metaverse" in Google searches this year. However, while the excitement may be subsiding, companies are still interested in the virtual world.
In March 2022, companies either launched or revealed plans to build metaverse offices, which will be used for online meetings with international customers, improve working spaces, and optimize communication with users. While some employers may start experimenting with the metaverse, widespread adoption of such a virtual space with digital avatars will still need to wait at least a few more years.
Indeed, offices in the metaverse are not a new thing at all. Now we see how companies establish their offices on the different Web3 platforms. There are several benefits of doing this.
Land prices in the metaverse have been falling for weeks. Land prices in Otherside, the most popular metaverse project of recent times, have recently lost 15% of their value. Other metaverse plots with high market values are similarly declining in price. These include projects such as The Sandbox (SAND), Decentraland (MANA) and Axie Infinity (AXS).
This would be a good opportunity for companies who want to purchase land in the metaverse.
Large international brands, such as Walmart, recently entered the metaverse game to be closer to the younger generation, namely millennials and generation Z.
In the modern world, it is important for companies to declare their statement to their audience. Open-mindedness and sympathy for innovation can be good indicators for customers. In the case of ArentFox Schiff, that work with Web3 cases, transferring to the metaverse would be a logical decision to prove to potential customers that they are offering services related to Web3.
Some office ideas regarding the interior or location can never come true. The good news is that metaverse rent is way cheaper than real one. On top of that, any kind of wild ideas regarding how the office will look can be recreated in the metaverse. That will allow to create a unique place both for coworkers and to present the clients.
Since real estate in the metaverse is still a new thing that is hyped around, the companies can use this opportunity to draw the customers' attention and to brag before the competitors.
There is no guarantee that the money spent on the metaverse will bring high returns. Indeed, the metaverse office is a good feature, but it doesn't bring financial benefit directly. The companies should be considerate if they are willing to invest money in the metaverse land, which can quickly depreciate.
In order to justify the money spent on the metaverse office, the companies would have to determine the exact reason for such a purchase first. Is it a marketing movement, or is it just a fancy thing to buy, or maybe it is just excess irrelevant spending from the marketing budget?
You may be ready to buy the property in the metaverse, but your customers can not be adapted to such innovation yet. Perhaps the metaverse is an absolutely unknown word for your clients, and your target audience can be reached through different marketing channels.
So pick up that phone and call your friend, colleague or client to meet in person. It always creates stronger bonds.