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The metaverse, once a far-off idea, is now a growing space where businesses are thriving. With its mix of VR, AR, and blockchain, it offers exciting ways for entrepreneurs to connect with customers. The global metaverse market is expected to grow from $47.48 billion in 2023 to nearly $680 billion by 2030, with an annual growth rate of almost 48%. By 2026, 25% of people may spend at least an hour a day in the metaverse for work, shopping, or entertainment.
Starting a business in the metaverse isn’t just about setting up a virtual shop. It’s about creating new, interactive experiences that can engage customers in exciting ways. Whether it’s selling virtual products, hosting events, or offering digital services, the metaverse allows businesses to experiment with creative ideas that can’t be done in the real world. Big names like Nike and Adidas are already getting involved, offering virtual fashion and immersive branded experiences.
And it’s not just the giants—smaller businesses are jumping in, too, with the virtual goods market expected to top $500 billion by 2025. If you’re thinking about entering the metaverse, this guide will take you through everything you need to know, from understanding the technology to crafting a business strategy that stands out in this fast-evolving space.
Key Market Takeaways for Businesses in Metaverse
According to MarketsandMarkets, the Metaverse market is set to explode, growing from USD 83.9 billion in 2023 to a massive USD 1,303.4 billion by 2030, with a growth rate of 48.0%. This boom is driven by advances in 5G internet, making virtual experiences faster and more immersive. Technologies like AR, VR, and MR also play a big role in creating engaging, interactive experiences.
Source: MarketsandMarkets
The rise of digital economies, powered by cryptocurrencies and NFTs, is changing how people buy, sell, and own things in the Metaverse, opening up exciting new business opportunities.
Many businesses are already tapping into the Metaverse’s potential. In particular, the gaming industry has been leading the charge, creating immersive virtual worlds that attract large audiences. Platforms like Roblox and Minecraft show how gaming can not only be fun but also a social space where people can connect while companies profit from in-game purchases and virtual items. Additionally, big partnerships are emerging to take the Metaverse to the next level.
For example, Meta has teamed up with LG Electronics to combine their strengths in content and technology, aiming to enhance customer experiences with better XR (extended reality) devices. This collaboration is a great example of how traditional tech companies are coming together with newer digital platforms to drive innovation and growth.
developers, with combined 50000+ coding hours experience
Importance of Metaverse for Your Business
The metaverse is quickly becoming an essential platform for businesses, offering fresh and exciting ways to connect with customers and streamline operations. By creating virtual spaces, companies can break down geographical barriers and allow teams and clients from around the world to collaborate in real-time.
For example, businesses can host virtual meetings in shared environments, where participants can interact as if they were physically present. This not only boosts engagement but also improves productivity, especially in remote work situations.
Many big-name companies are already tapping into the metaverse’s potential. Nike, for example, made waves by selling virtual sneakers on platforms like Roblox, attracting a younger audience and earning over $1 billion in digital sales in 2021. Similarly, Gucci has entered the metaverse with exclusive digital products, growing its brand visibility and creating new revenue streams.
Even global artists like Travis Scott have embraced virtual spaces—his concert in Fortnite attracted 12 million fans, showing just how powerful these online worlds can be for reaching large audiences.
As more businesses explore these opportunities, it’s clear that the metaverse is more than just a trend. It’s a game-changing space that can transform customer experiences and redefine how companies operate across various industries.
Choosing the Right Metaverse Platform for Businesses
When considering opening a business in the metaverse, choosing the right platform is key to success. Here are some important factors to think about:
1. Easy Payment Options
The platform you choose should make payments simple. Ideally, it should offer an in-game currency that is easy to obtain and exchange. For example, Decentraland uses its native token, MANA, which allows users to buy virtual assets seamlessly, creating a smoother experience for both businesses and customers.
2. Accessibility
Accessibility is important for reaching a wide audience. Platforms that support various devices—like PCs and mobile phones—are ideal because they allow users to engage without needing special equipment like VR headsets. Roblox, for instance, can be accessed through multiple devices, helping brands reach more people than VR-only platforms.
4. Integrations
Look for platforms that offer integrations with tools like chatbots or Customer Relationship Management systems. This helps businesses manage customer interactions more efficiently. Platforms like ibentos provide these solutions, allowing you to create immersive experiences while also keeping track of customer data.
3. Platform Traffic
A platform with high user traffic can significantly increase your brand’s visibility. The Sandbox, known for its active community and strong user engagement, is one such platform where businesses can connect with a larger audience. Major brands like Gucci have already used The Sandbox to create virtual experiences and boost their exposure.
Did you know that….
The fashion retailer Forever 21 teamed up with Roblox to create the Forever 21 Shop City, an interactive virtual space where players can customize stores, manage inventory, and earn points. This collaboration has been a huge hit, with over 260,000 visits and the exclusive Forever Beanie digital item projected to sell 1.5 million units in just one year!
This shows the growing demand for digital fashion and how virtual environments are becoming an effective way for brands to test and showcase new products.
Steps for Opening Your Business in Metaverse
Here are the steps for opening your business in the metaverse,
Step 1: Understanding the Metaverse Landscape
Businesses must familiarize themselves with the metaverse’s ecosystem. This involves studying its platforms, such as Decentraland, Roblox, or The Sandbox, to understand their audience, features, and potential for business integration.
Step 2: Defining Business Objectives
It is essential to establish clear goals. Companies should determine whether their aim is brand awareness, direct sales, customer engagement, or offering services. Each goal will guide the strategy and platform selection.
Step 3: Choosing the Right Platform
The choice of platform is critical. Factors such as the target audience, scalability, and technical capabilities of platforms like Horizon Worlds or VRChat should align with the business’s needs and objectives.
Step 4: Securing Virtual Real Estate
Businesses often start by purchasing or leasing virtual spaces. This space serves as the foundation for creating virtual stores, event venues, or brand experience hubs.
Step 5: Designing an Immersive Experience
A visually appealing and interactive virtual presence is vital. Companies can use 3D modeling tools and game engines like Unity or Unreal Engine to design engaging environments that captivate users.
Step 6: Developing Blockchain Integration
Integrating blockchain solutions ensures secure transactions and ownership of digital assets like NFTs. This step is essential for businesses planning to sell virtual goods or provide token-based services.
Step 7: Leveraging Virtual Commerce
Virtual commerce involves creating a seamless shopping experience. Businesses can incorporate features such as virtual product try-ons, digital goods marketplaces, and cryptocurrency payment gateways.
Step 8: Marketing and Community Building
Engaging with the metaverse community is crucial. Hosting virtual events, partnering with influencers, and utilizing social media can drive traffic and build brand loyalty in the digital realm.
Step 9: Ensuring Scalability and Security
As the business grows, scalability becomes a priority. Companies must invest in robust servers, optimize user experiences, and implement cybersecurity measures to protect user data and transactions.
Cost of Opening a Business in Metaverse
| Category | Description | Cost Range |
| 1. Research and Strategy | – Market Research: Understand audience, competitors, and the metaverse landscape. | $1,000 – $5,000 |
| – Platform Selection: Evaluate platforms like Decentraland, The Sandbox, Horizon Worlds. | ||
| – Brand Strategy: Develop a strategy for your metaverse presence. | ||
| 2. Virtual World Development | – Land Purchase: Buy virtual land on a metaverse platform. | $3,000 – $15,000 |
| – 3D Modeling and Design: Create basic avatars, objects, and environments. | ||
| – World Building: Basic virtual space, simplified terrain, and interactive elements. | ||
| 3. App Development | – Core Functionality: Basic features like user authentication, chat, and virtual currency. | $10,000 – $40,000 |
| – Cross-Platform Compatibility: Ensure the app works on at least one major platform (VR, AR, mobile, or web). | ||
| 4. Testing and Quality Assurance | – Functional Testing: Ensure features work as intended. | $2,000 – $5,000 |
| – Performance Testing: Optimize for smooth user experience. | ||
| – Security Testing: Basic security checks to ensure safety. | ||
| 5. UI/UX Design | – Intuitive Interface: Design a simple, user-friendly interface. | $4,000 – $10,000 |
| – Immersive Experience: Develop an engaging virtual world experience, within a limited scope. | ||
| – Aesthetics: Focus on clean, functional visuals with less emphasis on complex design elements. |
Total Estimated Cost: $10,000 – $100,000
Variable Factors Affecting the Cost of Opening a Business in Metaverse
Starting a business in the metaverse can be an exciting opportunity, but it also comes with its challenges. It requires thoughtful planning and a decent investment. The cost of entering this virtual space depends on several factors,
- Platform Selection: The choice of metaverse platform can significantly impact the cost. Some platforms may charge higher fees for land purchases, transaction fees, or platform usage.
- Virtual Asset Creation: Developing high-quality 3D models, textures, and animations for virtual assets can be expensive, especially if outsourcing to specialized studios.
- User Experience Design: Creating immersive and engaging user experiences requires expertise in user interface and user experience design, which can add to the cost.
- Blockchain Integration: Implementing blockchain technology for secure transactions and digital asset ownership can increase development complexity and costs.
Top 5 Companies Who Have Moved to Metaverse
The metaverse is quickly changing the game, offering businesses new ways to connect with customers and grow their brands in virtual spaces. As more companies dive in, they’re seeing the huge potential of these immersive environments. Here are five businesses that are leading the way in the metaverse and shaping what’s to come.
1. Meta Platforms (formerly Facebook)
Meta has been a trailblazer in the metaverse world ever since it rebranded in 2021. They’ve invested over $10 billion to create a social and immersive experience through their Horizon platform, which allows users to socialize, collaborate, and explore virtual worlds. With their purchase of Oculus in 2014, Meta paved the way for VR to expand beyond gaming into education, business, and social networking, all within the metaverse.
2. Epic Games
Known for the wildly popular game Fortnite, Epic Games has turned its focus to the metaverse by creating even more immersive experiences. The company raised $2 billion to further develop its Unreal Engine, the powerful tech that helps bring virtual worlds to life. Epic has also hosted massive virtual events, including concerts and in-game experiences, attracting millions of users and showing just how interactive and engaging the metaverse can be.
3. Roblox Corporation
When it comes to user-generated content and gaming, Roblox is leading the way in the metaverse. The platform lets users create and share their own games, turning it into a dynamic community of developers and players. Roblox went public in 2021 with a valuation of over $40 billion, which shows just how much influence it has in the virtual space. Big brands like Nike have partnered with Roblox to create interactive, virtual experiences that engage millions of users.
4. Nike
Nike is taking its brand into the metaverse in a big way. One of its standout projects is Nikeland, a virtual world inside Roblox where users can explore, play games, and even purchase digital Nike gear. This move into virtual goods allows Nike to engage with a new generation of customers while tapping into fresh revenue streams from virtual sneakers, clothing, and accessories.
5. Adidas
Adidas has made a successful shift from traditional online retail to the metaverse with strategic partnerships with platforms like Sandbox and Roblox. In late 2021, they launched their first NFT collection, “Into the Metaverse,” which sold out in just minutes, bringing in over $22 million in sales. On top of that, Adidas invested in 144 plots of virtual land in The Sandbox for over 400 ETH (about $1.7 million), marking their strong presence in the metaverse.
Conclusion
I believe opening a business in the Metaverse offers a unique opportunity to tap into a growing digital economy. With a virtual presence, companies can reach a global audience, lower costs, and provide immersive experiences that engage customers in new ways.
By establishing themselves in the Metaverse, businesses can unlock new revenue streams through digital products and services. Embracing this space early can help companies to stay ahead of trends and gain a competitive edge as the Metaverse continues to grow.
Looking to Open a Business in Metaverse?
At Idea Usher, we bring over 500,000 hours of coding expertise to help you navigate the Metaverse. Whether you’re looking to create a virtual retail store, an engaging event space, or a dynamic collaborative workspace, we’ll guide you every step of the way. From concept to execution, our team is here to turn your ideas into immersive, innovative experiences. Let’s work together to transform your business and take it to the next level in the Metaverse!
FAQs
Q1: How to open a business in the metaverse?
A1: To start a business in the metaverse, choose a platform (like Decentraland or Roblox), buy virtual land, and create your space. Design your virtual store or experience, and set up payment systems, often using cryptocurrency, to sell digital goods or services.
Q2: How much does it cost for businesses to enter the metaverse?
A2: Costs vary depending on the platform and business model. Setting up a virtual storefront can range from a few hundred to several thousand dollars, covering land purchase, design, and any development needed. Ongoing costs include marketing and virtual events.
Q3: How will business work in the metaverse?
A3: Businesses in the metaverse will sell virtual products, services, or experiences. Customers interact with avatars in digital spaces, and transactions are usually made with cryptocurrency. It’s a virtual version of real-world commerce but with more interactive and immersive elements.
Q4: How will the metaverse impact future business strategy?
A4: The metaverse will offer new ways to engage customers, create digital products, and expand brands globally. It encourages businesses to adopt new tech, offering more immersive experiences and innovative marketing, which could reshape future business models.
