The metaverse is a blend between our physical world and one or more virtual ones. Every day, new people are embracing these 3D digital environments. This, in turn, is changing how we lay, work, and communicate with each other.
If you run a business or are a professional looking for new opportunities, you might be wondering about your company’s place in the metaverse. In this article, we will cover everything you need to know about how to enter the metaverse and make a profit. So, let’s dive right into it.
What is the Metaverse?
You’ve probably heard about the metaverse. This concept has gained traction in the last few years, in part due to large companies planning their expansion into it. For example, Facebook changed its name to meta in an effort to embrace this new technology. But what is precisely the metaverse, and what can it mean for business?
Some people consider this the next instance of the internet. That means a new generation of virtual spaces all connected to each other and where people can socialize, shop, play games, and work. In particular, when you enter the metaverse, what you do is use a virtual avatar or representation of yourself to explore digital worlds. A sort of hybrid experience between online gaming and the internet, but as we will soon see, one filled with business opportunities!
Can you Join the Metaverse Without VR?
Before we delve into how you can bring your business into the metaverse, we should cover a vital question many people ask when getting started with this technology: Do you actually need a virtual reality headset to join?
Luckily, the answer is quite straightforward: You don’t require VR to take advantage of opportunities the metaverse has to offer! By definition, when we talk about it, we mean any virtual space where you can interact with a computer-generated environment, so you can do this using a myriad of devices, such as your phone or a computer.
However, it’s worth noting that if you want to enjoy an enhanced experience, a virtual reality headset will help you feel more immersed and engaged.
Why is the Metaverse Good for Business?
The metaverse has immense potential to help innovative companies expand and grow. For example, many businesses are already using AR (Augmented Reality) and VR (Virtual Reality) to engage with customers in novel ways, such as selling digital goods and apparel people can use in the metaverse.
So, let’s look at what you need to consider (and acquire) if you want to add value to your company using these new technologies.
What Do You Need to Enter the Metaverse?
Joining virtual worlds is much easier than you probably think. Here are the main things you will need to enter the metaverse:
- A good internet connection: The first requirement (and possibly the most important one!) is a fast and stable internet connection. No matter what other equipment you have, if you can’t connect to the network efficiently, the content won’t be able to load correctly, and your interactions will be severy impeded.
- A decent computer: Although you can access a lot of the metaverse with your phone, a computer will give you a better experience overall. Of course, if you want to truly immerse yourself, you should consider a pair of VR goggles.
- A metaverse world: Once you have the connection and the device, you will need to choose a metaverse world. There are several available. Some popular entry points include Decentraland, Worldwide Webb, Cryptovoxels, and The Sandbox. Most of these will require you to create an account, but not all of them make this step mandatory.
- Cryptocurrencies (optional): If you want to do business in the metaverse, being buying or selling, you will typically need access to a crypto wallet and some cryptocurrency. Which ones will depend on the platform, but keep in mind these two things will be almost a must-have if you want to purchase or offer NFTs, products, or services.
Image alt: The Sandbox allows you to purchase land and sell assets in the metaverse. (source: Screenshot from website).
Is the Metaverse Free for Businesses?
As of today, the metaverse is not owned by a single company, so there is no subscription you need to pay to access most virtual worlds. However, if you want to do business with them, you will usually need to make some kind of purchase.
Apart from the hardware costs, in most cases, you will be required to buy digital ral estate. For example, metaverse games like The Sandbox and Decentraland are already offering land for sale - which, although it’s pixels on a screen, continues to rise in value. In the metaverse, property utility represents what you can do in a virtual space, and there are many models you can utilize to repay the costs.
The most common uses for metaverse land are as advertising space or for selling NFTs, such as tickets for concerts, virtual apparel, graphics, and more. As we mentioned above, you will also need to use cryptocurrencies to buy land or virtual goods.
How Can Businesses Enter the Metaverse?
There are a few things you can do to prepare your business for joining the metaverse. For instance, you can first use AR and VR to practice things you already do in your company. Just start small, but think big! And test often; you don’t want any surprises when you finally face your customers in the metaverse.
The best thing you can do is decide on a goal and launch something with a limited scope. You’re going to learn a lot of new things when you expand into the metaverse, so you want to make sure the technology is able to, first and foremost, solve the problem you need to address.
If you’re looking for inspiration, though, in the section below we will cover some business opportunity ideas you can use as a launching pad. Let’s take a look!
Business Opportunities in the Metaverse
Here are some examples and ideas to enter the metaverse and make a profit. We hope they inspire you to try this new technology!
- Virtual Events: The metaverse can take your event organizing to a new level. You can organize virtual performances and art galleries without having to worry about geographical barriers or audience numbers.
- Gaming: Many games like Fortnite are already dipping their toes in the metaverse. For instance, offering more immersive experiences and new spaces for users to interact with each other, make purchases, and explore worlds.
- NFT Sales and Services: Many artists are already selling NFTs online. In the metaverse, these same assets and their related services can be explained in detail and offered using galleries.
- Real Estate: As we mentioned, the metaverse has its own real estate market. Many established companies are offering virtual land, with new worlds joining each day. If you make the right choices early, you could make millions!
- Payment Systems: Most physical currencies won’t work in the metaverse, so if you want your business to thrive, you will need to switch to secure and reliable systems that can handle virtual transactions. This can mean using existing cryptos or creating new payment technologies.
- Virtual Shopping: Perhaps the biggest opportunities when wondering how to get into the metaverse are eCommerce and shopping applications. Anything you can sell in the real world can have a digital counterpart - from sneakers and T-Shirts to consulting services!
- Digital Learning: Lastly, the metaverse can help engage students and train professionals in multiple topics using 3D models, digital tours, and immersive experiences. You could launch your own metaverse educational apps and platforms to help students and professors improve learning.
If you’re looking for the perfect metaverse place to get started with your business, you should try PandaMR. This platform can help you become a pioneer in your industry and offer you unlimited opportunities to grow your business in new and innovative ways. PandaMR offers 3D offices and spaces to have a metaverse corporate presence and offers step-by-step guidance to help you find the perfect model for your company.