Lego Plans to Step into Metaverse
A partnership deal has been broken between the companies of LEGO and Epic Games. The objective of the partnership is for unearthing potential lying in Metaverse by Lego.
Lego needs no introduction as it is a Danish toy company that produces connectable plastic bricks that can be turned into an infrastructure.
The Danish toy company has acknowledged the potential that it can seek in Metaverse. The seeking is required by Lego mainly because the toy company wants to develop and expand its recognition in the digital market.
The ultimate aim is to attract and engage with potential buyers from the digital markets.
Lego’s newly drawn business strategy aims at promoting the company’s business in a market that it never stepped into before.
It was felt Lego that it lacked digital recognition amongst online communities and hence exponential growth is missing.
An Initiative for Targeting Online Consumers
As regards the initiative of Lego, the company’s CEO, Niels Christiansen spoke about the future plans.
He explained that the Lego Company had come a long way but in its journey, it never targeted online consumers. He informed that the priority agenda for Lego now is to develop its presence in the online digital market.
He further pointed out that with decades of experience, Lego has learned how to bring consumers into the physical stores.
He further stressed that when Lego took to the big screen, it successfully brought movie-goers into cinema theaters.
Christiansen insisted that the same level of feedback would be required for Lego to achieve its objective by stepping into Metaverse.
He hoped that Lego would be able to attract the audience digitally as it did for physical stores and cinemas.
Lego’s Phenomenal Growth and Groundbreaking Growth In 2022
The company holds the year 2022 in high regard as it was the year when the company’s business thrived phenomenally.
Even in the past year of 2021, Lego saw exceptional growth yet the growth of 2021 was not as exponential as in 2022.
In 2022, the toy manufacturing company boosted its sales by a further 12% from its past sales in 2021.
The company also made groundbreaking sales in 2021 and 2022, particularly in the markets of Europe as well as the US.
Even the customer base of Lego had substantially increased by more than 12% since 2021, claimed Christiansen.
Lego’s Newly Formed Interest in Metaverse
Lego is keen on joining the digital place mainly for the purposes of seeking exponential growth in multi-industries, including Metaverse.
However, in recent times, even the Metaverse industry giants have taken a break and slowly moving away from the digital arena.
For instance, Microsoft, which is the main proponent of Metaverse, has reduced its efforts made for exploring the virtual world.
Despite this, Lego is showing interest in the virtual world and has in fact diverted its attention and focus toward providing digital spaces.
The company is eager to set foot into a new space and explore the virtual worlds that are now commonly known as Metaverse.
Partnership with Epic Games
In the month of April 2022, Lego poured investment into Epic Games in association with electric product manufacturing giant, Sony. Approximately $2 Billion was invested into Epic Games by Lego.
It is said that Lego’s investment in Epic Games is for the purpose of exploring the virtual world of Metaverse. It wants to gain a strong lead in the particular space so it can take full advantage of the technology.
Christiansen stated that Epic Games would help Lego enter space and then providing for virtual platforms exclusively for Lego.
Epic Games is determined to offer all the help it can offer Lego, so the company can navigate the metaverse with ease.
With Epic Games’ support, Lego will know which direction to look and how to interact with the technology to gain the most out of it.
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