What exactly is the Metaverse? In late 2021, echoes of this question may be heard all over the Internet. Although the word had been coined years before, its popularity skyrocketed in October of that year. What’s the reason? Mark Zuckerberg made the news during the annual Connect conference. Facebook subsequently changed its name to Meta and focused on this new notion. So, how is the concept going now, and are there any metaverse business ideas to consider? Before we get into the meat of this post, let’s go through the definition of a metaverse.
The Metaverse Explained
The term “metaverse” has two meanings. A multiplayer platform, game, or application is often called one. These metaverses typically have a currency and an economy. Furthermore, users can construct and enhance their elements and surroundings. Most of them use immersive technologies such as virtual reality (VR).
These are referred to as metaverse platforms in this article. Roblox, Decentraland, Sandbox, Bloktopia, Minecraft, and, to a lesser extent, Fortnite are examples of metaverse platforms.
The other implication is that these platforms generate an ecosystem or network. Or, more accurately, are expected to be created in the future. They will presumably naturally interweave and join with one another, much as websites are connected by the world wide web, forming what we call the Internet. Let’s have a look at some metaverse development business concepts.
Branded Areas in the Metaverse
Creating a branded place is a smart first step if you want your company to enter the Metaverse. Although you are not required to begin in this manner, it provides a solid foundation for all subsequent company activity. You can build it in an existing metaverse or construct your dedicated virtual environment with the help of a metaverse development business like ours.
Why is a branded area one of the most innovative metaverse business concepts? It’s a fantastic foundation for:
- Hosting virtual events.
- Connecting with clients.
- Meeting and collaborating with partners.
- Immersive shopping experiences.
- Employee onboarding and training.
- Branded gaming experiences.
Furthermore, its mere existence might draw media attention and raise brand awareness. People who have never met the brand but are active on the metaverse platform where it is present may become interested if it provides some value. Consider a gaming experience.
Where can you create a branded environment? You can use existing metaverse platforms such as Roblox, Altspace, and Decentraland, or you can construct your own. Most businesses choose to leverage existing metaverses for practical reasons. Let’s see how some put their metaverse business notion into action.
Case Studies in the Metaverse
Hyundai designed an interactive experience in Roblox to teach people about their new vehicles. The experience was created to market the brand and its products to a younger demographic. The business value was that it allowed individuals to test drive the cars before purchasing them and also allowed Hyundai to show off its new automobiles to a larger audience.
The Atari-branded location in Decentraland is a fantastic example of a superb metaverse business idea and profitable virtual world branded space. Atari used its well-known name and logo to create a visually appealing and dynamic area filled with games and other activities for customers to enjoy. As a result, a thriving branded virtual world was created, which aided in increasing the visibility of the Atari brand and driving consumers to their products.
Let’s dig a little more into the first thing you can do in branded spaces: virtual host events. It’s similar to typical brand events, except you can have an unlimited number of attendees, and they don’t have to drive anywhere, making the experience more environmentally friendly. It’s also less difficult and expensive than hosting an entire event in person. Virtual worlds have their own limitations, yet they are free of many of the physical world’s constraints. You can, for example, construct floating structures!
So, how does a metaverse development company fit into this picture? Although virtual events take less effort, some preparation is still required. When you have a virtual collection debut, you must design the catwalk, arrange the venue, and generate 3D models of the garments. This is something that a team of engineers and artists does for metaverses. Let’s have a look at another of our metaverse business concepts.
People enjoy the ability to customize their digital avatars and spaces on metaverse platforms and games. Many firms take advantage of this by developing virtual analogs for their physical products. Nike, for example, produced the Nikeland Roblox experience. Users can try on virtual clothes and accessories, purchase them, and use them in activities such as dodgeball. Nickel is said to have been visited by at least 7 million people.
Companies, however, are not confined to wearables and collectibles. Usable goods and things, such as in-game cars, are also a good concept. For example, suppose a consumer drives a Ford automobile in their preferred Metaverse. In that case, they will likely form an emotional attachment to the brand and be more likely to purchase the vehicle in real Life. You can also profit from the in-game car.
The Function of NFTs
NFTs are not used in all metaverses. Roblox, for example, does not. However, if your target platform supports the technology, it makes sense to use it. NFTs (Non-Fungible Tokens) are cryptographic proof of digital asset ownership as a refresher. They are kept on the blockchain and can contain smart contracts.
What does this signify in terms of business? If customers purchase something as an NFT, they can conceivably use it in several metaverses. This attribute will be more valuable when we have something resembling a metaverse network. Second, if you sell an NFT in a virtual shop, you may also sell the actual product because it can contain a smart contract. This leads us to the next metaverse business concept.
An Immersive Shopping Experience
So, in addition to selling virtual items, you can sell tangible objects in the Metaverse. What is the point of selling your articles in the Metaverse? People are spending an increasing amount of time there. A store in a shopping center normally gets more customers than a store in a rural area. Similarly, a store in the Metaverse has the potential to attract millions of customers every day.
Metaverse venues can also be used for virtual showcases. Even if your product is more expensive, you can use metaverses to present it in VR. This covers costly items like real estate, automobiles, yachts, or industrial apparatus.
Virtual Reality (VR) Collaboration
The final of our metaverse business ideas is to provide a venue for people inside and outside your firm to gather and collaborate. You can use a dedicated virtual space or one of the current platforms, such as Horizon Workrooms or Altspace.
Designers, product managers, engineers, and developers from a company can collaborate in the Metaverse, depending on the industry. They may construct mock-ups and prototypes of things utilizing virtual reality without needing any materials or physical space. Furthermore, they can collaborate even if they are thousands of kilometers apart, making remote work more accessible.
A virtual office, on the other hand, can be used to meet clients and business partners without requiring anyone to travel vast distances. And while doing it, why not give them virtual tours of your production lines and facilities? All of this makes it much easier to scale your firm overseas.
Make Yourself the Face of the Digital Revolution
The Metaverse is still in its early stages but rapidly expanding. And corporations are taking note. So, if you want to be ahead of the curve, think about how you might be a part of this exciting future now.
We advise you to create a branded place within an existing metaverse. Our Metaverse consulting services will help you. You might even make your platform. In any case, you will almost certainly require the assistance of a metaverse development business at some point. We can create an immersive and engaging experience from the start or assist you in constructing one.
If you want to learn more about the potential and other metaverse company concepts, we’d be pleased to meet for a free 60-minute consultation. Let’s get started on your Metaverse together!