Business Opportunities in the Metaverse
The hot new business opportunity is establishing a virtual company in the Metaverse, but it’s so new that most people aren’t even sure what that is, much less actually shopping there. But, many businesses want to be the first to set up shop in the Metaverse and there are many tech companies already there. Traditional companies like law firms, financial corporations, and art galleries are moving into the Metaverse and snapping up valuable “property” to provide virtual services to a new generation of companies. So, what exactly IS the Metaverse, and what are the business opportunities available?
A Simplified Definition of the Metaverse
Without getting too technical, the Metaverse is mostly synonymous with “cyberspace,” but at the same time, it’s more specific than that. When we think about cyberspace, we think about the nebulous technological space where the Internet lives. The Metaverse is a virtual world that exists in cyberspace and is accessed through technologies such as virtual reality, augmented reality, specific online video games like parts of Fortnite (through PCs or gaming consoles), and smartphones.
More importantly, there will be an entire digital economy that exists solely in the Metaverse, where goods will be bought, sold, and traded. Eventually, the digital items you buy in the Metaverse will be interoperable, which means they can be used on any platform. So, if you buy a virtual shirt in the Metaverse, your avatar will be able to wear it in any virtual space on any platform. Right now, if you buy a digital item using one platform, you’ll only be able to use it on that platform, but the idea is to allow you to take your digital items with you wherever you go.
Essentially, the Metaverse will eventually be a replica of real life. If you buy a pair of shoes at the mall, for example, you aren’t restricted to just wearing them at that mall. You can wear them to the movie theater or to a sporting event or to work. And clothes are just one example of something you can buy in the Metaverse. There are also cars, artwork, houses, land, and just about anything else you can imagine. Currently, the Metaverse is in its infancy, but within a few years, the companies that are building it believe it will be a fully functional community.
Because the Metaverse is so new, the business opportunities are really endless. If you can dream it, there’s probably a technology company that can help you make it happen. Already, you can buy NFTs (non-fungible tokens) in the Metaverse in the form of artwork, video clips, virtual pets, music, gaming objects, and more. And these are just starting to take off. Some experts believe that NFTs will be more collectible than baseball cards were in the mid-1900s. That’s saying a lot.
The other main way right now that businesses can tap into the money-making aspect of the Metaverse is through advertising. You can purchase advertising space in the Metaverse (perhaps in the form of virtual billboards or banners) or you can purchase land and build a structure on that land that allows you to market your real-life business. Once your building is complete, you can hold virtual events there, including seminars, concerts, trade fairs, and other interactive experiences that showcase your products or services in real life.
The key to taking advantage of potential business opportunities in the Metaverse is creativity. Right now, anything is possible and you have the chance to do something first before any of your competitors think of it. For instance, the first personal injury law firm to build an office in the Metaverse is striving to be a resource for people who need advice about their legal rights. This company isn’t selling anything, so to speak, at least in the Metaverse, but it’s using this virtual world to provide a service that will translate to new clients in the real world. Maybe the company will eventually add some legal NFTs to their Metaverse offerings, which can provide another revenue stream to their portfolio.
Just think how incredible it would have been in the 1970s to be one of the first companies in your industry to take advantage of this little-known technology called the Internet. The ability to get in on the ground floor of these opportunities doesn’t come along very often. If you’re looking for a new way to market your company or want to do something cutting-edge that will get the news outlets talking, the Metaverse is waiting.