January 2, 2023
By Murtuza Merchant
Samsung has announced a $35 million investment in metaverse initiatives focused on Latin America as part of its efforts to connect with younger consumers.
Latin America has seen significant growth in the use of Web3 technologies, with over 10% of people in Argentina using cryptocurrencies.
Samsung’s efforts to enter the metaverse are motivated by its desire to connect with young people across Latin America.
The company recently unveiled the $35 million initiative to invest in metaverse experiences aimed at the Latin American market, as part of its efforts to capitalize on the growth of Web3 in the region.
Samsung’s efforts to enter the metaverse are motivated by a corporate objective to connect with young people, including Generation Z and Generation Alpha, who are becoming increasingly prevalent on metaverse platforms.
There are currently over 400 million users on these platforms, with 51% of them reportedly being 13 years old or younger.
By reaching its potential customers early, Samsung hopes to influence their perceptions of the brand.
To integrate itself into the Web3 community, Samsung has launched several initiatives. In October, the company unveiled House of SAM in Decentraland, where players can interact with Samsung products, play games, and unlock prizes.
This represents a new channel for metaverse marketing. In August, Samsung also made a metaverse experience available for Fortnite, where players can interact with Samsung products and enjoy Easter egg-filled gameplay in the Smartcity.
These initiatives are part of Samsung’s efforts to expand its metaverse marketing efforts and reach young consumers.
Samsung has had a successful year, including the launch of its Space Tycoon metaverse experience for Roblox. In this experience, players can extract resources and use them to create Samsung products, or get creative and transform their favorite products into something unexpected.
The company is also bringing institutional backing to Latin America-focused metaverse projects as part of its efforts to reach potential customers and engage with them before making a purchase. These efforts represent a bold strategy to enter the metaverse and shape the future of immersive marketing.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptos.