The metaverse is still in an early development stage, but this doesn’t mean there aren’t already plenty of business opportunities for companies and creators to explore. One of the advantages of this upcoming virtual society is the chance for several worlds to create new experiences and deepen and expand social connections. This article will explore some profitable metaverse opportunities and how your business can benefit from them.
What are Business Opportunities in Metaverse?
The concept of a "metaverse for business" has been in development since the inception of this new universal and immersive virtual world. Everyone wants to take advantage of the benefits provided by the metaverse by constructing 3D environments where businesses can train, recruit, run events, and interact with consumers and clients. However, because it's still early days for this technology, you might be wondering how businesses can thrive in the metaverse.
The metaverse exists in real time, it is persistent, and it is shared. And although no single company or vendor will have complete control of it, many businesses are already adapting it to meet their needs - just like they have done with the Internet. So, let’s delve deeper into a few new opportunities in the metaverse and how you can join in and make your own mark.
What Companies are in the Metaverse?
The metaverse is the perfect space for business because it features an independent virtual economy; typically, through the use of NFTs (or Non-Fungible Tokens) and digital currencies. These have opened the door for multiple companies to explore new business ideas, taking at the same time advantage of prominent technologies such as the Internet of Things, Artificial Intelligence, and Augmented and Virtual Reality.
There are several notable activities that can support new business opportunities in the metaverse. For instance:
- Shopping: Retail stores and immersive e-commerce malls, one-of-a-kind products and exclusive promos.
- Digital art: Including assets and collectibles as NFTs.
- User interaction: Customer support, employee onboarding, sales, and general business communications.
- Virtual education: Immersive learning experiences and digital classrooms.
- Social experiences: Events, workshops, concerts, fairs, etc.
How Much Does it Cost to Develop in the Metaverse?
With more companies entering the metaverse, it's natural to wonder how much it truly costs to develop a business within it. Brands entering this virtual world know that being early means early adopters can engage with their products in new and exciting ways - and remain loyal for longer. This is why many large companies have already invested in metaverse services that are actively driving its expansion.
Investing in its infrastructure is the first critical step to exploring profitable metaverse opportunities. The second is to purchase digital assets. Because many projects are still in their early stages, it's hard to say how much it costs to develop a metaverse presence. A small plot of land in Sandbox can cost as much as 6 ETH, while Decentralanand has real state starting at 14 ETH. On average, a 1x1 area in the metaverse costs at least $30,000. However, you will also need tokens or virtual currency to trade.
How to Start a Business in the Metaverse
If you’re looking to start a business in the metaverse, it’s always a good idea to have an awareness of the associated costs. To translate your brand into a virtual experience, make sure you research the different metaverse spaces. Choose the ones that offer land or tokens, and decide how much you want to invest.
The Best Business Ideas in Metaverse: 5 Profitable Metaverse Opportunities
The type of business you want to develop will determine what kind of platform and assets you will want to purchase. Below, you will find a few good metaverse business ideas to serve as inspiration, including a few examples of successful applicaitons.
- Immersive Learning Experiences
The metaverse is an ideal place to develop immersive and engaging learning experiences. For example, you can improve medical education, provide higher education opportunities, or focus on military applications.
One of the biggest advantages of using the metaverse to create these learning experiences is that, most of the times, you are not required to build the infrastructure. It already exists in the virtual world that is the metaverse. By using VR rooms and digital headwear, you can overlap digital information with real-world experience and help students engage in new experiences. Immersive learning experiences are also incredibly flexible, so it’ll be easier to keep up with new practices and theories.
Here are some examples of metaverse immersive learning businesses:
- Novartis trained life-saving lab skills using multiplayer VR simulations.
- Verizon created digital experiences for staff to deal with high-stress robbery scenarios.
- Retail and Fashion
The fashion industry is another excellent venue for a metaverse business. Again, its potential is enormous; you can, for instance, create virtual shopping experiences and introduce new lines and items to see whether they generate interest.
Running a fashion boutique in the metaverse offers several benefits. The main one is the ability for customers to use avatars to try items like clothes and accessories just like they would in the real world. If they are wondering whether two pieces go together, all they need to do is test their virtual counterparts and see how they fit.
You can run a retail or fashion business in the metaverse by offering real products or limit your company to selling digital assets. For example, avatar outfits, hairstyles, and accessories that can be used in the metaverse worlds themselves.
Here are some examples of metaverse retail and fashion businesses:
- Nike and Rtfkt sold their “Cryptokick” sneakers as NFTs.
- Gucci made a limited Garden Space for Roblox players.
Another great business opportunity in the metaverse is advertising. AR and VR platforms, in particular, offer immersive experiences that can actually make ads much more engaging and compelling. These can include not just images displayed on a virtual plot of land but also digital cinematography, interface design, and interactive programming.
If you want to advertise in the metaverse, you can typically rent billboards. Many of these are charged in ETH or other cryptocurrencies. The result is, usually, quicker, more effective adverts that cost a fraction of those in the physical world. The metaverse is still new, so if you’re considering a business based on advertising, make sure you adopt a test-and-learn mindset and remain open to experiments. Define your marketing goals, identify the platforms that provide the best opportunities for your brand, and design experiences that are appealing to your potential audience.
Here are some examples of metaverse advertising businesses:
- NASCAR partnered with Badimo to add branded vehicles to the Roblox game for a ten-day event.
- Deliveroo deployed virtual drivers to make Animal Crossing deliveries.
- Football club Real Madrid sold smart tickets to matches through NFTs.
- Social Media
In a way, the metaverse is the next iteration of the Internet and also of social media. One of its main benefits for this type of business is that users can connect with each other in a much more immersive way. With AR and VR technology by its side, the metaverse can actually become the closest thing we have to real-life social encounters.
Suppose you want to develop a social media business in the metaverse. In that case, you will find self-contained virtual communities the ideal ecosystem to promote products or create new groups of interested people. It's no coincidence that major technology companies are investing in their own metaverses!
Here are some examples of metaverse social media businesses:
- Facebook changed its name to Meta to create and promote immersive social experiences in the metaverse.
- The PlayStation Home platform allows users to interact and socialize in a virtual 3D world.
- Virtual Events
Many events are already taking place in the metaverse. From trade fairs to art exhibitions, workshops, and concerts, famous artists and professionals worldwide have turned to virtual worlds to create immersive experiences you can enjoy no matter where you are.
The most significant advantage of running an event in the metaverse is the technology's accessibility. Anyone can grab a ticket to attend, growing the potential audience to anyone with an internet connection. Even better, they can feel like attendees are actually present at the event (particularly if it's using avatars to create a digital presence).
Running events in the metaverse doesn't just increase audience participation; it is also the perfect opportunity to gather critical data and use it to create even better experiences.
Here are some examples of metaverse virtual event businesses:
- Snoop Dogg made his “The House I Built” video that takes place entirely within the metaverse.
- Both Travis Scott and Ariana Grande have given performances in virtually-held Fortnite concerts.
How to Start a Metaverse Business with PandaMR
The metaverse will give businesses a tremendous chance to transform how they interact with customers and promote and distribute products and services. The question is no whether the new technologies will drastically affect the way we do business, but how your company can take advantage of the best metaverse opportunities to grow and expand.
PandaMR is introducing a new era of 3D. With community-built spaces and multiple metaworld experiences, the platform allows you to create an avatar and explore everything this virtual world has to offer. Join our community today and start creating opportunities in the metaverse!