Mexico’s metaverse shopping mall already has 80 brands on board

As brands continue to enter Web3, Mexico has built the first shopping mall in the metaverse. The “Island Shopping Mall” was created by Mexican entrepreneur Gonzalo I. Suarez with the goal of housing as many shops as possible. 

The virtual mall allows online purchases, and visitors can collect coins and gems to redeem them for discounts and real-life items. Brands opening virtual stores in the Island Shopping Mall include Momiji, Pai Pai, Victoria’s Secret, Bath & Body Works, GOC, Bissú, Golden, LA Girl, and LA Colors. 

However, Island’s developers said they partnered with a British company that creates coupons, “The Savings Group Limited.” Through the collaboration, as many as 879 brands, such as Adidas, Nike, Puma, Berskha, Guess, Apple, Levi’s, and could join the metaverse mall.

“It’s a real pride to present this new concept of digital commerce,” said Suarez. 

The businessman has been working on the idea since 2012 and hopes that the virtual shopping center will become the most downloaded application in the country and expand throughout Latin America. Users can already access the mall from mobile devices via an app through AppStore or Google Play. 

The metaverse shopping mall reflects Mexico’s interest in Web3. As per the report by Hellosafe, in 2022, more than 13,000 investors in Mexico bought shares of companies creating businesses in the metaverse. The document also suggests that 61% of Mexicans are familiar with the term “metaverse.” This month, Mexico set regulations for advertising in the metaverse.

The country will be one of the first in Latin America to launch CBDC (central bank digital currencies). On top of that, the country’s senator, Indira Kempis, suggested making Bitcoin legal tender.