Data is a company’s most valuable asset. So, doing everything in your power to protect that asset is a given. But what if the threat you’re guarding your data against is known to cripple operations, tarnish reputations, and drain finances? And even worse, what if that threat is only getting more dangerous, thanks to a little thing called artificial intelligence (AI)?
Unfortunately, for many businesses, there’s nothing “what if” about this scenario. As many as 72% of businesses worldwide have experienced a ransomware attack at some point and know just how devastating the aftermath can be.
That’s why we tapped two cybersecurity experts to share their insights on ransomware, its evolution, and how businesses can protect themselves. Read on to hear what Tom Vazdar, the chair of the Enterprise Cybersecurity Master’s program at the Open Institute of Technology (OPIT), and Venicia Solomons, a seasoned cybersecurity architect, have to say on this topic in their “Cyber Threat Landscape 2024: Navigating New Risks” master class.
Ransomware: The Basics
Ransomware is nothing new. However, there are always new business owners who (luckily) haven’t encountered it yet. So, let’s cover the basics first.
Ransomware is a natural product of phishing, a human-centric cyber threat that relies on social engineering to deceive individuals into providing sensitive information or downloading malicious attachments. The latter is what ultimately triggers a ransomware infection. Tom describes the process like this:
You click on a malicious link.
Your device downloads the malware.
Your system is now infected, and somebody else is essentially in charge.
They encrypt your data and demand you pay ransom for the encryption key to get it back.
As mentioned, dealing with ransomware attacks and cyber criminals has become a daily reality for companies worldwide. What certainly doesn’t help companies is the fact that ransomware is now also offered as a service.
Ransomware as a Service
Just a few short years ago, cybercriminals needed sophisticated technical skills and tools to develop and deploy ransomware. Now, all they need is access to the dark web.
As Tom explains it, numerous cyber criminals on the dark web offer ransomware as a service, a malicious adaptation of the software as a service (SaaS) business model. So, you essentially pay them to deploy their ransomware on your behalf.
The most famous, or should we say infamous, among these threats is the LockBit model, which has wreaked havoc on thousands of companies worldwide. The issue is that LockBit ransomware attacks vary in tactics, techniques, and procedures. In other words, an organization must be prepared for virtually anything.
How Has AI Affected Ransomware?
Ransomware is dangerous on its own. But throw artificial intelligence into the mix, and you’ve got a massive threat on your hands.
AI has undoubtedly revolutionized the cybersecurity industry, for better or for worse. The “worse” part is that AI is making cyber threats smarter. Unfortunately, for organizations, this particularly applies to ransomware. According to a 2024 report by the U.K.’s top intelligence agency, ransomware stands to gain the most from AI.
How so?
Well, AI has the potential to create malware that circumvents current cybersecurity detection measures. After all, AI is trained using data. Give it malware data to analyze, and it will learn how to evade detection by traditional cybersecurity tools.
AI will also likely generate a surge of new cybercriminals as the barrier to entering into cybercrime decreases with AI-powered tools.
Of course, the more capable and experienced attackers will also benefit from AI. They will use it to identify system vulnerabilities, bypass security defenses, and craft more precise social engineering attacks.
How to Prevent Ransomware Attacks
Given how quickly ransomware is evolving, preventing attacks requires a multi-faceted approach that combines technology, education, and proactive measures. Tom and Venicia break down this approach.
1. Keep Your Systems Updated
When it comes to anything cybersecurity-related, this is the first crucial step. Keep all your systems and programs updated and patched if you want to stand any chance of protecting against known vulnerabilities.
Tom says that there’s a new vulnerability “basically each week,” so having a process in place to update regularly and patch systems is essential.
Venicia adds that something as simple as a basic software update can go a long way toward protecting your data from ransomware. This update will limit its ability to spread through your network, thus reducing the impact of the attack.
2. Invest in Quality Training
Having the most advanced protection systems in place will do you no good if you don’t have well-trained employees.
These employees must learn to recognize potential cyberattacks that could introduce malware into your organization’s system (e.g., phishing emails). Of course, the next step is to respond effectively to the attack. Though each organization has its own set of rules in place, the proper response typically involves disconnecting from the network and contacting IT support.
3. Implement Defensive Systems
Humans are undoubtedly the first line of defense against cyber threats. However, they can’t do it alone. That’s why implementing advanced Endpoint Detection and Response (EDR) solutions is crucial. Tom explains that these systems will help you identify and, more importantly, mitigate a threat on time.
However, he also adds that you must restrict user permissions within the system. This way, even if a single component is compromised, the ransomware won’t take down the entire network.
4. Implement Network Segmentation
As you can see, a huge part of mitigating ransomware attacks is ensuring they don’t affect the entire network. That’s where network segmentation can also help.
As Tom explains, with network segmentation, the malicious actor in control of your network won’t be able to do “lateral movements.” In other words, even if they do manage to penetrate your network, they won’t be able to spread within it.
So, network segmentation is a critical part of the multi-layer approach every organization should adopt when it comes to cybersecurity.
5. Collaborate With Others
Remember – you aren’t the only one experiencing cyberattacks. In Venicia’s words, “ransomware has a global impact.”
That’s why organizations in the private sector are constantly encouraged to “talk to each other,” as Tom puts it. Of course, there’s always the issue of confidentiality, but Tom explains that this, too, can be resolved with a “closed circle of trust.”
Also, organizations in the private and public sectors are encouraged to share relevant information with institutions such as the Financial Services Information Sharing and Analysis Center (FS-ISAC).
In Europe, there’s also something called The No More Ransom Project. This Europol initiative has existed for years, hosting decryption keys for different types of ransomware. It has helped numerous individuals and organizations decrypt their systems and avoid paying the ransom.
Of course, this won’t always be possible, as the attackers typically keep changing the encryption keys. However, anything that helps organizations avoid paying the ransom is worth trying.
Why?
Because paying the ransom often won’t solve any problems.
As Tom explains it, you’re dealing with criminals, after all. So, they will often double the ransom after you pay the initial amount, having realized that you have the money. Or, they’ll simply take the money and run without giving you the decryption keys.
So, ongoing threat intelligence sharing should be among the top priorities for an organization, as it allows them to evade the last-resort scenario of paying the ransom.
6. Invest in Backups and Disaster Recovery
According to Venicia, backups and disaster recovery have a massive role to play in combating ransomware. She says that the primary reason organizations choose to pay the ransom is because they don’t have any backups in place. In other words, they don’t have an alternative way to get their data back.
That’s precisely what Tom has experienced working with many small and medium-sized businesses.
He says that these businesses usually don’t have disaster recovery procedures and data backups because they find them to be too expensive. Other times, they’ll say they didn’t have the time to deal with these measures. But whatever the excuse may be, one thing’s for sure – having no backups leaves you vulnerable to losing your data permanently in a ransomware attack.
According to Tom and Venicia, here’s what an ideal proactive approach to cybersecurity would look like.
Step No. 1 – Have regularly scheduled backups and ensure they’re stored in different environments, including offline ones. Tom suggests the 3-2-1 data backup strategy – have three copies of your data on two different mediums (e.g., hard drives and DVDs) with one copy off-site (a different physical location).
Step No. 2 – Regularly test your backups to see whether they’re able to handle different scenarios.
Step No. 3 – Implement a disaster recovery plan that outlines the steps for different types of incidents. Of course, these incidents shouldn’t only cover ransomware. Earthquakes, floods, and even meteor strikes should be considered in your plan. The last part might seem silly to you. In fact, it also sounded silly to Tom and his colleagues. That is, at least, until a meteor struck Russia in 2013. So, you never know!
The Importance of Cybersecurity Specialists
Most of the strategies for combating ransomware require one thing – a skilled cybersecurity specialist to execute them. This is also what most companies lack, which is why they easily fall victim to cyberattacks.
That’s why programs like the Enterprise Cybersecurity Master’s program at OPIT are essential for the future of cybersecurity. This program helps train the next generation of cybersecurity professionals to defend organizations against the so-called “Ransomware Armageddon” and any other cyber threat that might emerge.
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From the same author
Read the articleDuring the Open Institute of Technology’s (OPIT’s) 2025 Graduation Day, we conducted interviews with many recent graduates to understand why they chose OPIT, how they felt about the course, and what advice they might give to others considering studying at OPIT.
Karina is an experienced FinTech professional who is an experienced integration manager, ERP specialist, and business analyst. She was interested in learning AI applications to expand her career possibilities, and she chose OPIT’s MSc in Applied Data Science & AI.
In the interview, Karina discussed why she chose OPIT over other courses of study, the main challenges she faced when completing the course while working full-time, and the kind of support she received from OPIT and other students.
Why Study at OPIT?
Karina explained that she was interested in enhancing her AI skills to take advantage of a major emerging technology in the FinTech field. She said that she was looking for a course that was affordable and that she could manage alongside her current demanding job. Karina noted that she did not have the luxury to take time off to become a full-time student.
She was principally looking at courses in the United States and the United Kingdom. She found that comprehensive courses were expensive, costing upwards of $50,000, and did not always offer flexible study options. Meanwhile, flexible courses that she could complete while working offered excellent individual modules, but didn’t always add up to a coherent whole. This was something that set OPIT apart.
Karina admits that she was initially skeptical when she encountered OPIT because, at the time, it was still very new. OPIT only started offering courses in September 2023, so 2025 was the first cohort of graduates.
Nevertheless, Karina was interested in OPIT’s affordable study options and the flexibility of fully remote learning and part-time options. She said that when she looked into the course, she realized that it aligned very closely with what she was looking for.
In particular, Karina noted that she was always wary of further study because of the level of mathematics required in most computer science courses. She appreciated that OPIT’s course focused on understanding the underlying core principles and the potential applications, rather than the fine programming and mathematical details. This made the course more applicable to her professional life.
OPIT’s MSc in Applied Data Science & AI
The course Karina took was OPIT’s MSc in Applied Data Science & AI. It is a three- to four-term course (13 weeks), which can take between one and two years to complete, depending on the pace you choose and whether you choose the 90 or 120 ECTS option. As well as part-time, there are also regular and fast-track options.
The course is fully online and completed in English, with an accessible tuition fee of €2,250 per term, which is €6,750 for the 90 ECTS course and €9,000 for the 120 ECTS course. Payment plans are available as are scholarships, and discounts are available if you pay the full amount upfront.
It matches foundational tech modules with business application modules to build a strong foundation. It then ends with a term-long research project culminating in a thesis. Internships with industry partners are encouraged and facilitated by OPIT, or professionals can work on projects within their own companies.
Entry requirements include a bachelor’s degree or equivalency in any field, including non-tech fields, and English proficiency to a B2 level.
Faculty members include Pierluigi Casale, a former Data Science and AI Innovation Officer for the European Parliament and Principal Data Scientist at TomTom; Paco Awissi, former VP at PSL Group and an instructor at McGill University; and Marzi Bakhshandeh, a Senior Product Manager at ING.
Challenges and Support
Karina shared that her biggest challenge while studying at OPIT was time management and juggling the heavy learning schedule with her hectic job. She admitted that when balancing the two, there were times when her social life suffered, but it was doable. The key to her success was organization, time management, and the support of the rest of the cohort.
According to Karina, the cohort WhatsApp group was often a lifeline that helped keep her focused and optimistic during challenging times. Sharing challenges with others in the same boat and seeing the example of her peers often helped.
The OPIT Cohort
OPIT has a wide and varied cohort with over 300 students studying remotely from 78 countries around the world. Around 80% of OPIT’s students are already working professionals who are currently employed at top companies in a variety of industries. This includes global tech firms such as Accenture, Cisco, and Broadcom, FinTech companies like UBS, PwC, Deloitte, and the First Bank of Nigeria, and innovative startups and enterprises like Dynatrace, Leonardo, and the Pharo Foundation.
Study Methods
This cohort meets in OPIT’s online classrooms, powered by the Canvas Learning Management System (LMS). One of the world’s leading teaching and learning software, it acts as a virtual hub for all of OPIT’s academic activities, including live lectures and discussion boards. OPIT also uses the same portal to conduct continuous assessments and prepare students before final exams.
If you want to collaborate with other students, there is a collaboration tab where you can set up workrooms, and also an official Slack platform. Students tend to use WhatsApp for other informal communications.
If students need additional support, they can book an appointment with the course coordinator through Canvas to get advice on managing their workload and balancing their commitments. Students also get access to experienced career advisor Mike McCulloch, who can provide expert guidance.
A Supportive Environment
These services and resources create a supportive environment for OPIT students, which Karina says helped her throughout her course of study. Karina suggests organization and leaning into help from the community are the best ways to succeed when studying with OPIT.
Read the articleIn April 2025, Professor Francesco Derchi from the Open Institute of Technology (OPIT) and Chair of OPIT’s Digital Business programs entered the online classroom to talk about the current state of the Metaverse and what companies can do to engage with this technological shift. As an expert in digital marketing, he is well-placed to talk about how brands can leverage the Metaverse to further company goals.
Current State of the Metaverse
Francesco started by exploring what the Metaverse is and the rocky history of its development. Although many associate the term Metaverse with Mark Zuckerberg’s 2021 announcement of Meta’s pivot toward a virtual immersive experience co-created by users, the concept actually existed long before. In his 1992 novel Snow Crash, author Neal Stephenson described a very similar concept, with people using avatars to seamlessly step out of the real world and into a highly connected virtual world.
Zuckerberg’s announcement was not even the start of real Metaverse-like experiences. Released in 2003, Second Life is a virtual world in which multiple users come together and engage through avatars. Participation in Second Life peaked at about one million active users in 2007. Similarly, Minecraft, released in 2011, is a virtual world where users can explore and build, and it offers multiplayer options.
What set Zuckerberg’s vision apart from these earlier iterations is that he imagined a much broader virtual world, with almost limitless creation and interaction possibilities. However, this proved much more difficult in practice.
Both Meta and Microsoft started investing significantly in the Metaverse at around the same time, with Microsoft completing its acquisition of Activision Blizzard – a gaming company that creates virtual world games such as World of Warcraft – in 2023 and working with Epic Games to bring Fortnite to their Xbox cloud gaming platform.
But limited adoption of new Metaverse technology saw both Meta and Microsoft announce major layoffs and cutbacks on their Metaverse investments.
Open Garden Metaverse
One of the major issues for the big Metaverse vision is that it requires an open-garden Metaverse. Matthew Ball defined this kind of Metaverse in his 2022 book:
“A massively scaled and interoperable network of real-time rendered 3D virtual worlds that can be experienced synchronously and persistently by an effectively unlimited number of users with an individual sense of presence, and with continuity of data, such as identity, history, entitlements, objects, communication, and payments.”
This vision requires an open Metaverse, a virtual world beyond any single company’s walled garden that allows interaction across platforms. With the current technology and state of the market, this is believed to be at least 10 years away.
With that in mind, Zuckerberg and Meta have pivoted away from expanding their Metaverse towards delivering devices such as AI glasses with augmented reality capabilities and virtual reality headsets.
Nevertheless, the Metaverse is still expanding today, but within walled garden contexts. Francesco pointed to Pokémon Go and Roblox as examples of Metaverse-esque words with enormous engagement and popularity.
Brands Engaging with the Metaverse: Nike Case Study
What does that mean for brands? Should they ignore the Metaverse until it becomes a more realistic proposition, or should they be establishing their Meta presence now?
Francesco used Nike’s successful approach to Meta engagement to show how brands can leverage the Metaverse today.
He pointed out that this was a strategic move from Nike to protect their brand. As a cultural phenomenon, people will naturally bring their affinity with Nike into the virtual space with them. If Nike doesn’t constantly monitor that presence, they can lose control of it. Rather than see this as a threat, Nike identified it as an opportunity. As people engage more online, their virtual appearance can become even more important than their physical appearance. Therefore, there is a space for Nike to occupy in this virtual world as a cultural icon.
Nike chose an ad hoc approach, going to users where they are and providing experiences within popular existing platforms.
As more than 1.5 million people play Fortnite every day, Nike started there, first selling a variety of virtual shoes that users can buy to kit out their avatars.
Roblox similarly has around 380 million monthly active users, so Nike entered the space and created NIKELAND, a purpose-built virtual area that offers a unique brand experience in the virtual world. For example, during NBA All-Star Week, LeBron James visited NIKELAND, where he coached and engaged with players. During the FIFA World Cup, NIKELAND let users claim two free soccer jerseys to show support for their favorite teams. According to statistics published at the end of 2023, in less than two years, NIKELAND had more than 34.9 million visitors, with over 13.4 billion hours of engagement and $185 million in NFT (non-fungible tokens or unique digital assets) sales.
Final Thoughts
Francesco concluded by discussing that while Nike has been successful in the Metaverse, this is not necessarily a success that will be simple for smaller brands to replicate. Nike was successful in the virtual world because they are a cultural phenomenon, and the Metaverse is a combination of technology and culture.
Therefore, brands today must decide how to engage with the current state of the Metaverse and prepare for its potential future expansion. Because existing Metaverses are walled gardens, brands also need to decide which Metaverses warrant investment or whether it is worth creating their own dedicated platforms. This all comes down to an appetite for risk.
Facing these types of challenges comes down to understanding the business potential of new technologies and making decisions based on risk and opportunity. OPIT’s BSc in Digital Business and MSc in Digital Business and Innovation help develop these skills, with Francesco also serving as program chair.
-
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Related posts
During the Open Institute of Technology’s (OPIT’s) 2025 Graduation Day, we conducted interviews with many recent graduates to understand why they chose OPIT, how they felt about the course, and what advice they might give to others considering studying at OPIT.
Karina is an experienced FinTech professional who is an experienced integration manager, ERP specialist, and business analyst. She was interested in learning AI applications to expand her career possibilities, and she chose OPIT’s MSc in Applied Data Science & AI.
In the interview, Karina discussed why she chose OPIT over other courses of study, the main challenges she faced when completing the course while working full-time, and the kind of support she received from OPIT and other students.
Why Study at OPIT?
Karina explained that she was interested in enhancing her AI skills to take advantage of a major emerging technology in the FinTech field. She said that she was looking for a course that was affordable and that she could manage alongside her current demanding job. Karina noted that she did not have the luxury to take time off to become a full-time student.
She was principally looking at courses in the United States and the United Kingdom. She found that comprehensive courses were expensive, costing upwards of $50,000, and did not always offer flexible study options. Meanwhile, flexible courses that she could complete while working offered excellent individual modules, but didn’t always add up to a coherent whole. This was something that set OPIT apart.
Karina admits that she was initially skeptical when she encountered OPIT because, at the time, it was still very new. OPIT only started offering courses in September 2023, so 2025 was the first cohort of graduates.
Nevertheless, Karina was interested in OPIT’s affordable study options and the flexibility of fully remote learning and part-time options. She said that when she looked into the course, she realized that it aligned very closely with what she was looking for.
In particular, Karina noted that she was always wary of further study because of the level of mathematics required in most computer science courses. She appreciated that OPIT’s course focused on understanding the underlying core principles and the potential applications, rather than the fine programming and mathematical details. This made the course more applicable to her professional life.
OPIT’s MSc in Applied Data Science & AI
The course Karina took was OPIT’s MSc in Applied Data Science & AI. It is a three- to four-term course (13 weeks), which can take between one and two years to complete, depending on the pace you choose and whether you choose the 90 or 120 ECTS option. As well as part-time, there are also regular and fast-track options.
The course is fully online and completed in English, with an accessible tuition fee of €2,250 per term, which is €6,750 for the 90 ECTS course and €9,000 for the 120 ECTS course. Payment plans are available as are scholarships, and discounts are available if you pay the full amount upfront.
It matches foundational tech modules with business application modules to build a strong foundation. It then ends with a term-long research project culminating in a thesis. Internships with industry partners are encouraged and facilitated by OPIT, or professionals can work on projects within their own companies.
Entry requirements include a bachelor’s degree or equivalency in any field, including non-tech fields, and English proficiency to a B2 level.
Faculty members include Pierluigi Casale, a former Data Science and AI Innovation Officer for the European Parliament and Principal Data Scientist at TomTom; Paco Awissi, former VP at PSL Group and an instructor at McGill University; and Marzi Bakhshandeh, a Senior Product Manager at ING.
Challenges and Support
Karina shared that her biggest challenge while studying at OPIT was time management and juggling the heavy learning schedule with her hectic job. She admitted that when balancing the two, there were times when her social life suffered, but it was doable. The key to her success was organization, time management, and the support of the rest of the cohort.
According to Karina, the cohort WhatsApp group was often a lifeline that helped keep her focused and optimistic during challenging times. Sharing challenges with others in the same boat and seeing the example of her peers often helped.
The OPIT Cohort
OPIT has a wide and varied cohort with over 300 students studying remotely from 78 countries around the world. Around 80% of OPIT’s students are already working professionals who are currently employed at top companies in a variety of industries. This includes global tech firms such as Accenture, Cisco, and Broadcom, FinTech companies like UBS, PwC, Deloitte, and the First Bank of Nigeria, and innovative startups and enterprises like Dynatrace, Leonardo, and the Pharo Foundation.
Study Methods
This cohort meets in OPIT’s online classrooms, powered by the Canvas Learning Management System (LMS). One of the world’s leading teaching and learning software, it acts as a virtual hub for all of OPIT’s academic activities, including live lectures and discussion boards. OPIT also uses the same portal to conduct continuous assessments and prepare students before final exams.
If you want to collaborate with other students, there is a collaboration tab where you can set up workrooms, and also an official Slack platform. Students tend to use WhatsApp for other informal communications.
If students need additional support, they can book an appointment with the course coordinator through Canvas to get advice on managing their workload and balancing their commitments. Students also get access to experienced career advisor Mike McCulloch, who can provide expert guidance.
A Supportive Environment
These services and resources create a supportive environment for OPIT students, which Karina says helped her throughout her course of study. Karina suggests organization and leaning into help from the community are the best ways to succeed when studying with OPIT.
In April 2025, Professor Francesco Derchi from the Open Institute of Technology (OPIT) and Chair of OPIT’s Digital Business programs entered the online classroom to talk about the current state of the Metaverse and what companies can do to engage with this technological shift. As an expert in digital marketing, he is well-placed to talk about how brands can leverage the Metaverse to further company goals.
Current State of the Metaverse
Francesco started by exploring what the Metaverse is and the rocky history of its development. Although many associate the term Metaverse with Mark Zuckerberg’s 2021 announcement of Meta’s pivot toward a virtual immersive experience co-created by users, the concept actually existed long before. In his 1992 novel Snow Crash, author Neal Stephenson described a very similar concept, with people using avatars to seamlessly step out of the real world and into a highly connected virtual world.
Zuckerberg’s announcement was not even the start of real Metaverse-like experiences. Released in 2003, Second Life is a virtual world in which multiple users come together and engage through avatars. Participation in Second Life peaked at about one million active users in 2007. Similarly, Minecraft, released in 2011, is a virtual world where users can explore and build, and it offers multiplayer options.
What set Zuckerberg’s vision apart from these earlier iterations is that he imagined a much broader virtual world, with almost limitless creation and interaction possibilities. However, this proved much more difficult in practice.
Both Meta and Microsoft started investing significantly in the Metaverse at around the same time, with Microsoft completing its acquisition of Activision Blizzard – a gaming company that creates virtual world games such as World of Warcraft – in 2023 and working with Epic Games to bring Fortnite to their Xbox cloud gaming platform.
But limited adoption of new Metaverse technology saw both Meta and Microsoft announce major layoffs and cutbacks on their Metaverse investments.
Open Garden Metaverse
One of the major issues for the big Metaverse vision is that it requires an open-garden Metaverse. Matthew Ball defined this kind of Metaverse in his 2022 book:
“A massively scaled and interoperable network of real-time rendered 3D virtual worlds that can be experienced synchronously and persistently by an effectively unlimited number of users with an individual sense of presence, and with continuity of data, such as identity, history, entitlements, objects, communication, and payments.”
This vision requires an open Metaverse, a virtual world beyond any single company’s walled garden that allows interaction across platforms. With the current technology and state of the market, this is believed to be at least 10 years away.
With that in mind, Zuckerberg and Meta have pivoted away from expanding their Metaverse towards delivering devices such as AI glasses with augmented reality capabilities and virtual reality headsets.
Nevertheless, the Metaverse is still expanding today, but within walled garden contexts. Francesco pointed to Pokémon Go and Roblox as examples of Metaverse-esque words with enormous engagement and popularity.
Brands Engaging with the Metaverse: Nike Case Study
What does that mean for brands? Should they ignore the Metaverse until it becomes a more realistic proposition, or should they be establishing their Meta presence now?
Francesco used Nike’s successful approach to Meta engagement to show how brands can leverage the Metaverse today.
He pointed out that this was a strategic move from Nike to protect their brand. As a cultural phenomenon, people will naturally bring their affinity with Nike into the virtual space with them. If Nike doesn’t constantly monitor that presence, they can lose control of it. Rather than see this as a threat, Nike identified it as an opportunity. As people engage more online, their virtual appearance can become even more important than their physical appearance. Therefore, there is a space for Nike to occupy in this virtual world as a cultural icon.
Nike chose an ad hoc approach, going to users where they are and providing experiences within popular existing platforms.
As more than 1.5 million people play Fortnite every day, Nike started there, first selling a variety of virtual shoes that users can buy to kit out their avatars.
Roblox similarly has around 380 million monthly active users, so Nike entered the space and created NIKELAND, a purpose-built virtual area that offers a unique brand experience in the virtual world. For example, during NBA All-Star Week, LeBron James visited NIKELAND, where he coached and engaged with players. During the FIFA World Cup, NIKELAND let users claim two free soccer jerseys to show support for their favorite teams. According to statistics published at the end of 2023, in less than two years, NIKELAND had more than 34.9 million visitors, with over 13.4 billion hours of engagement and $185 million in NFT (non-fungible tokens or unique digital assets) sales.
Final Thoughts
Francesco concluded by discussing that while Nike has been successful in the Metaverse, this is not necessarily a success that will be simple for smaller brands to replicate. Nike was successful in the virtual world because they are a cultural phenomenon, and the Metaverse is a combination of technology and culture.
Therefore, brands today must decide how to engage with the current state of the Metaverse and prepare for its potential future expansion. Because existing Metaverses are walled gardens, brands also need to decide which Metaverses warrant investment or whether it is worth creating their own dedicated platforms. This all comes down to an appetite for risk.
Facing these types of challenges comes down to understanding the business potential of new technologies and making decisions based on risk and opportunity. OPIT’s BSc in Digital Business and MSc in Digital Business and Innovation help develop these skills, with Francesco also serving as program chair.
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