Netflix Enters Decentraland

Releasing a recreation of a maze from its most recent Ryan Gosling movie, “The Gray Man,” Netflix has entered the Decentraland metaverse. The goal is to complete the maze as quickly as possible using knowledge from the film in order to win digital wearables from the film.

The announcement by the streaming giant reflects a broader trend in which brands enter the metaverse in search of new ways to engage with customers and generate revenue. Netflix will most likely track the success of this initiative in the hopes of generating high levels of consumer engagement with future films.

Netflix is joining companies like Dolce & Gabanna and Tommy Hilfiger who participated in Decentralands Metaverse Fashion Week. Financial Institutions like Fidelity and J.P. Morgan Chase have also begun building in Decentraland while other traditional firms, like Roblox and Tesla, have chosen to build in Sandbox. 

These metaverses allow users to purchase virtual land, trade the land and also build experiences that can be gated by a pay-wall. Land and property can be rented for passive income and right now they are used for brands to build experiences and an identity in the Web3 space. 

NFTs, alongside the metaverse, are disrupting traditional businesses as we know it.

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