Creating Real Value in a Virtual world with Alec Lazarescu - Step into the Metaverse podcast: EP27

What do you think that brands need to do to become successful in the metaverse? I think it's important that they understand the existing norms of whatever world they're going into. They work with creators that already have a fan base there, have built some sort of notoriety, and I think unless they're already a luxury brands, it would kind of be a mistake for them to jump in and decide that I'm going to make these very expensive NFTs out of nowhere just because I've seen other people do it. I think the model that's worked well in the real world, whether it's kind of a Toyota coming to the US and then leading on quality and then coming out with Lexus or even like smartphones, Samsung and others, starting from commodity phones to then flagship phones, I think that's the right way to do it. You don't just jump in and say, hey, I have a rare item. Why doesn't everyone give me all the money? You have to build your reputation and learn the local culture.