Profitable Business Opportunities In Metaverse - Idea Usher
business in metaverse

Metaverse is a real-time online community that blends augmented and virtual worlds and interacts with business opportunities through the virtual economy. It provides a great environment for companies to test their ideas and prototypes. With the exciting developments happening, here are a few types of business ideas to implement in the metaverse for new opportunities.

evolution of metaverse

15 Best Business-Related Ideas In Metaverse

Numerous business opportunities exist in the metaverse. Here are the 15 most lucrative and incredible possibilities mentioned below:

1. Virtual events

Virtual events have exploded in popularity since the launch of the metaverse. It helps promote integrated virtual event solutions. Virtual event planners and organizers can create virtual events that seem like real ones. It will provide unparalleled metaverse experiences. 

One of the greatest examples is Fortnite, which exemplified the potential for successful event-based businesses to exist in the metaverse. Even celebrities like Ariana Grande and Travis Scott have performed in virtual concerts in Fortnite. 

Starting a metaverse virtual event management firm has several benefits, including accessibility. Anyone can buy virtual concert tickets irrespective of location, leading to a profit margin beyond imagination. Additionally, the metaverse business lets you gather audience data that you may use to advertise future events, evaluate audience behavior, and more.

2. Employee engagement

This next metaverse business concept will focus on employee engagement. Metaverse helps enterprises enable digitally enhanced workplaces. They may also utilize metaverse to engage and cooperate with workers to improve productivity and relationships. 

For employee engagement, large firms like Microsoft have also adopted the metaverse, named Microsoft Mesh, as it is the best platform for exceptional staff collaboration, and the outcomes are remarkable. Undoubtedly, the metaverse is becoming an efficient digital augmented workplace.

3. Entertainment streaming

Over the past five years, streaming movies and series have received much attention. First, Netflix was the only OTT platform streamed, but now we have HBO Max, Hulu, Amazon Prime, and more for the same purpose. 

In fact, gaming and streaming services, Xbox Game Pass, are also available and gaining popularity. As it turns out, these services appear to be metaverse-ready to provide shared virtual experiences. 

When discussing a successful business model, virtual reality arrangements must be considered. As a monetization scheme, you can charge people to play games and watch movies in VR environments. Since the metaverse is all about digital spaces, VR headsets are also gaining popularity and generating revenues.

4. E-learning

Online metaverse teaching may also be lucrative. Business owners are increasingly using metaverse’s augmented reality-enabled online education. This technology lets you provide real-world instruction instead of reading 500-page books and taking untidy notes. 

Since the COVID-19 pandemic, students have liked online education using zoom and other video call services. Even the education community promotes online education, which is growing in popularity.

5. Hosting

Virtual hosting is another great metaverse business idea, considering the current scenarios. Namecheap, a popular hosting company, discontinued serving Russia due to the Russia-Ukraine war. However, it is not a significant matter for internet users in Russia since they could have picked a local or another hosting service provider. 

However, it is vital for a decentralized hosting service to exist that gives its services around the year without any trouble. So you can consider a business to provide hosting in the metaverse, give infinite services to the people, and earn big profits.

6. Shopping experiences

You may also attempt metaverse retail business prospects, and retailers can benefit from metaverse-based immersive shopping. On top of that, the metaverse is a great place to debut innovative goods, services, and merchandise. You can get a digital avatar and enjoy shopping experiences at virtual malls in the metaverse. 

This can get you an experience close to real life where you may browse the store’s inventory. In fact, you can buy/sell items in the metaverse for your digital avatars to accessorize and dress them in. 

Metaverse shopping experience helps you determine if a pair of clothes fit you and pick the best from many virtually. In addition, the potential of retail businesses and the metaverse for retail business development provide a platform for creating, developing, and releasing novel and intricate goods and services.

7. Data service provider

Metaverse’s integrated platform may aggregate data service providers worldwide. It has also promoted innovation, feasible investment, and new business models for data-related enterprises, as it has the potential to offer the following:

  • Better mobile experience through efficient data transmission
  • Real-time GPS tracking
  • Better environment for natural data growth 
  • Precise acquisition of virtual reality
  • Pathfinding by supplied points within smart contracts

Additionally, metaverse allows automated geographic data collection that may benefit your business. Along with that, premium customers may benefit from augmented services and use their data for enhanced services like voice recording with recommendations based on old audio files.

8. Gaming business

Gaming is an alternative for metaverse business startups, and it’s a novel idea. Statistics suggest the video game industry will be valued at $268.81 billion by 2025

For instance, PUBG is a real-world game that made the world crazy with its concept and aesthetics, making players feel like they were in the game. It allowed players to strategize with friends and co-players to play with or against each other and communicate. This game created unmatched hype. 

Now imagine if players could play PUBG in VR. They’ll have a physical sensation for every action they take in-game. They can communicate in person. And this is when the wonder of VR shines through. The metaverse will go berserk when a game like PUBG or the game itself arrives on the platform. 

So indeed, with a thrilling game concept gaming industry will boom like never before, even in virtual reality. As an innovative business idea in the metaverse, you may create a metaverse-first game of curiosity and excitement.

9. Social media platforms

Decentralized social media networks provide another metaverse economic possibility. These social media sites allow users to search for persons without worrying about their accounts or pages being removed. No one controls a decentralized digital world; this is one of the greatest benefits. 

You can create the metaverse’s first decentralized social media network, as this business concept is new. However, it can not be guaranteed now if the decentralized social media network will lack or if it will work, but this is an amazing metaverse business opportunity.

10. Marketing

Advertising is the next metaverse business possibility. You can promote your or clients’ products in the metaverse through marketing. Additionally, VR may help advertise forthcoming movies, dramas, web series, and more since it makes advertising more powerful and immersive. 

Virtual reality, augmented reality, interactive programming, interface design, and digital cinematography can leverage photographic experiences in the metaverse. This method lets global advertisers cooperate on innovative advertising for brand exposure and promotion. 

Blockchain technology enables the rental of billboards in the metaverse by marketers. Commercials in the metaverse will be effective and deliver results faster, more efficiently, and at a lower cost than traditional methods.

11. NFTs sales services

The sale of NFTs (Non-Fungible Tokens) is probably the best-known business model in the metaverse. The format is typical that collectors purchase NFTs, and well-known artists’ works are sold at auction. The artists may open a metaverse exhibition and sell their NFTs to individuals who want 3-D representations of their famous works.

12. Real estate leasing business

The rental, buying, and selling of virtual properties largely drive metaverse growth. This entails providing builders with accurate transaction data and leasing the full metaspace. Doctors giving onsite medical services through mobile terminals, home lease brokers, and remote work using Al technology stand to make substantial sums of money owing to the widespread use of metaverse technology.

13. Metaverse hardware

In order to enter the metaverse, you’ll need a virtual reality device, headset and additional gaming peripherals. Shortly, this sector will grow rapidly. The potential for making lighter, more stylish headsets and manufacturing them is huge. More advanced haptic suits will soon make it possible to experience a heightened sense of touch in the metaverse. In fact, one day soon, contact lenses will grant you entry into the online universe. 

14. Organization services

When the metaverse becomes commonplace, businesses may try to shift their supplementary operations there. However, they will need assistance to do so, which might call for assistance in making the transition to metaverse-based extracurricular activities.

There can be a service provider who helps in creating a cricket playground in the metaverse. So you can start a company to assist other businesses and organizations in expanding their operations and entertainment offerings into the virtual world of the metaverse.

15. Marathon

Organizing a marathon in the metaverse may allow you to collect entry fees from users. This can be a promising concept as marathons are held worldwide, and not everyone can participate. However, holding a VR marathon can offer you an amazing business opportunity. People who have always desired to run in a marathon can compete in a simulated environment while being monitored and regulated in the real world. They will get a complete marathon experience and might do it again, boosting your business.

Metaverse Market Analysis 

Emergen Research predicts the global metaverse would reach $1.607 trillion in 2030 with a 43.4% CAGR. The graph below shows the investors outlook towards the metaverse and prediction of consumer’s use case for 2026.

Business prospective by the companies who invested in the metaverse as of March 2022.
Estimated metaverse use case among consumers and businesses worldwide in 2026.

How Can Businesses Benefit From Metaverse Opportunities?

1. Access to a global audience

Decentralized technology, like virtual avatars, NFTs, spaces for offices, concerts, etc., eases the realistic experience of connecting with the audience.

2. Better connection between business and customer

The decentralized world allows companies to connect, communicate and participate in an entirely new way to get expected results for their business.

3. More engagement

Through eCommerce features, payment methods, cryptocurrency-powered digital economy, opportunities to trade NFTs, and data security.

4. Lower expenses

The metaverse can help small businesses cut expenses by eliminating physical infrastructure. It is important for organizations to decrease overhead costs to survive and make a profit and minimize expenditures; it can be done. 

The metaverse offers global connectivity like the internet and delivers an immersive experience. Organizations may meet their clients, suppliers, and stakeholders online without traveling or lobbying, saving transportation expenses. Metaverse allows everyone to plan and attend meetings online without investing in office repairs, equipment, and upkeep. 

5. Better adaptability

Small enterprises can experiment with new business structures and tactics because of the metaverse’s greater adaptability.

6. Establish better process building and team collaboration

Online meetings and distant cooperation are the new realities we have all come to terms with. Although we weren’t given much choice, we found that these methods were just as productive as meeting in person. The metaverse may provide a means to further improve business operations. Instead of resembling a Zoom call, your meeting will seem more like a traditional get-together. 

7. Introduce innovative forms of advertising

Metaverse will likely usher in novel techniques for delivering brand stories and promoting products. One of the most persuasive ways to increase your brand’s recognition and popularity is by using intriguing stories. 

Stories resonate with audiences and convey far more information about a company’s ethics and culture than simple phrases. How much more interesting and engaging would your brand’s narrative be if you told it using virtual reality and other metaverse technologies? Over time, storytelling will evolve into “story living,” in which people aren’t just observers but full cast members with agency over the plot and outcome.

opportunities in metaverse

8. Showcase and sell your products

Many companies are already providing augmented reality experiences, such as trying on clothes or spectacles, visualizing new furniture placement, or receiving a virtual makeover complete with new hair and cosmetics. Similar but improved experiences will be attainable in the metaverse. 

With the availability of commercial real estate, you may open a shop in the metaverse and let customers try out your products. Virtual apparel and accessories are still popular among consumers, and this trend is only growing in the game industry. Just think about what may happen if the metaverse grows and expands.

9. Discover opportunities for virtual events

It’s not unusual to have a conference or live concert online and in person. Getting further knowledge should not be hindered because many individuals cannot afford to travel to attend a professional conference or lecture. 

A conference in the metaverse, as opposed to a basic Zoom or Google Meet broadcast, may be a full-fledged VR experience, complete with proper chances for networking and engagement, rather than simply another video in a small window with comments under it. 

It’s possible that seeing a favorite band or musician perform live online won’t measure up to the hype. Virtual reality (VR) and the metaverse have the potential to greatly improve the immersion and sense of presence for viewers. Museums and art galleries may make the transition, too.

10. Easier access

Most people call the metaverse “phygital,” indicating it will connect the digital and physical worlds. We anticipate that the design of virtual workplaces will mirror that of traditional workplaces. What good will it do for businesses? 

Virtual offices allow clients to avoid long commutes. They may get services quickly at the virtual office after arranging an appointment. Therefore, organizations should consider entering the metaverse after it is completely constituted. Real estate companies benefit greatly from the metaverse and have their customers go to various locales to evaluate offerings. 

With metaverse, potential buyers are not required to see the offerings in person before making a purchase. With metaverse technologies like virtual and augmented reality, they can take product tours from home and invest accordingly. 

11. Increased revenue

This is an apparent observation that sums up several of the advantages discussed in the essay. Organizations may save expenses on things like replacing broken office furniture and updating outdated technology with the aid of the metaverse. 

Companies like Gucci have seen their bottom lines improve as a result of the rise in demand for digital bags that cost more than their physical counterparts. This resulted from a collaboration with Roblox, a virtual concert-hosting game platform. 

Finally, businesses may expand their revenue streams by purchasing property to build virtual offices and leasing out space to outside investors and companies. Increasing numbers of people are purchasing plots of land in the metaverse, intending to construct their own metaverse on a variety of networks.

12. Introduction of new payment methods

The vision for the metaverse is to create a virtual environment where people can do everything they can in the real world. There must be a method of payment in place to cover costs once this goal is reached. Virtual goods may be purchased using tokens on a variety of sites. NFTs issued by others can be exchanged for merchandise, too. These tokens may be used by businesses to pay for certain services in a virtual, safe, and transparent economy made possible by blockchain technology.

13. Efficient operation

Can you picture a world without traffic? A world where you may report to work from home, obtain orders from the manager or supervisor, and work? To put it simply, it is the metaverse. The number of tardy workers using fabricated reasons to avoid showing up to work will decrease in such an imaginative universe. 

Unlike the existing remote work framework, where only calls and videos are available, employers can monitor employees easily. All employees’ stated time spent working can be recorded digitally.

Lastly, businesses will be able to provide superior service to their clients owing to the metaverse. When they need assistance, they won’t have to wait in line or travel far to get it. In addition, these businesses have a streamlined method of getting in touch with their customers.

14. Easier sourcing of talents 

Employers might benefit from the metaverse’s immersive nature when attracting talent, particularly from other countries. In order to make money and stay afloat, businesses require creative problem solvers. Companies hiring in the future of the metaverse won’t have to worry about finding a suitable location for interviews. 

The hiring process mimics the actual world in that it allows candidates to showcase their abilities. This “out of this world” technology will be well worth the wait. There are benefits for businesses in this intricate and inventive environment and some challenges. While it’s encouraging to see certain companies and brands adopting it, not everything is peachy. It raises serious questions that must be answered before widespread use.

Features That Metaverse Offer To Businesses

1. Real-time persistence

When discussing the metaverse, real-time persistence refers to the use of virtual reality to create unique and lengthy metaverse experiences. These activities include watching movies, splaying video games, and interacting with others. Meeting such needs head-on is a major characteristic of the newly developed metaverse. However, this time at a more advanced digital level.

2. Interoperability

It’s about the environment, not traits. The ability to transcend a monolithic virtual ecosystem and create a more coherent one is what we mean by “interoperability of metaverse.” When we talk about the environment, we’re referring to the technology and software that facilitate the exchange of digital assets. 

The ultimate goal of interoperability is to make distinguishing between the real and the virtual worlds difficult. As a result of interoperability, several metaverse, their economies, assets, or different activities, such as the growth of enterprises and commerce, can continue. Thus, this function aids in developing interconnected projects, metaverse, and assets that may be relocated somewhere for the freshly minted metaverse system’s seamless operation.

3. Digital metaverse avatars

People frequently use individualized digital avatars as a means of self-representation. Since the 1980s, they have been in use everywhere computers are present. This is, therefore, not a completely radical concept. Avatars in the metaverse are now augmented using VR technology. 

As far as customization or realism goes, they may be as good as the technology permits. More specifically, 3D metaverse avatars may allow users to have a virtual presence at meetings and other social activities. In most cases, they let users participate in any activity in three dimensions, virtually, within the metaverse.

4. Metaverse home space

Living spaces are also essential. It’s about a place in the metaverse where one could be able to build their ideal house. However, the interior decorations differ from our previous concept of property. Non-Fungible Tokens (NFT) in this scenario are digitally designed and selected to verify ownership of 3D objects. Metaverse dwellings will allow us to conceptualize and create digital products, amass digital resources, and host digital visitors. It also includes places to work, play, and relax as a key component.

5. Teleporting

Absolutely incredible, but is this at all feasible? As the cutting edge of future technology, it hopes to make teleportation a practical reality in the not-too-distant future. Augmented reality is what powers this functionality, along with near-reality encounters. 

Teleportation makes it possible to travel to faraway places, such as museums or art galleries. We can use a teleporting tool or gadget with a 360-degree camera, as the technological state of the art suggests. Here, we use digital portals to teleport to other locales and get a fully immersive, three-dimensional experience at each stop. 

Users who have been subjected to severe societal constraints due to pandemics or other events will benefit greatly from this. It’s a great chance to make money by encouraging clients to keep traveling and seeing the world’s landmarks.

6. Privacy and safety

As we wait for the metaverse to fully emerge, questions about data sharing and privacy are at the forefront. Metaverse connectivity necessitates a codified framework for protecting individual identities. Meanwhile, the goal of the metaverse is to make users fully responsible for and in charge of their own personal information and data. One of the best things about the metaverse is that its users will have absolute freedom.

7. Virtual goods and markets

Naturally, virtual commodities will be within the expanding metaverse of virtual reality. This is changing the way we communicate, shop, and live. With the use of immersive metaverse technology, companies are able to ship digital goods and open their own virtual stores, banks, galleries, malls, and so on. This allowed businesses to maintain a 3D presence for their customers and employees.

8. Natural interfaces

The basic objective of natural interfaces is to improve the most natural and straightforward interaction possible. Voice recognition and hand-eye coordination are two examples. Natural interfaces are predicted to significantly impact UX/UI as they become more widely used in the metaverse. The trick is to allow for interaction on a level never before seen and to do so not just for visual objects/assets but for genuine virtual touching in the same way or better than ever before.

Technologies Of The Metaverse

To accelerate their metaverse development, businesses are encouraged to take advantage of cutting-edge technology. Combinations of virtual assets, gadgets, and heightened safety constitute technologies for the metaverse. That gives rise to the one-of-a-kind processes that characterize human interaction.

The core technologies of the metaverse are:

1. VR/AR

Virtual and augmented reality systems will be standard equipment in the metaverse. These innovations are meant to foster a setting that facilitates enhanced virtual communication and teamwork. They provide support in the development and production of authentic encounters. Therefore, with AR, people may have virtual items that are physically present in their surroundings. Meanwhile, virtual reality (VR) allows for more detailed, immersive 3D visuals.

2. 3D Modeling

Increased realism and a more immersive experience are only two ways in which this function might benefit the design of assets and objects. In this sense, real-world items can take on a metaverse-like existence. The next iteration of digital twins, a clever technology on the upswing, will most likely be 3D models. In the case of 3D modeling, however, it will be about more than just copying existing content; it will be about making something entirely new and original within the metaverse.

3. NFT

When talking about NFT, it is important to note that it is also a part of the metaverse. Non-fungible tokens are what are known as certificates that confirm ownership of digital assets that are present on the blockchain. Some of these assets may be used to buy and sell real estate, while others can be used to promote and sell digital items. NFT will store digital personas and digital property separately as valuable intellectual property. There is the possibility of selling or transferring ownership within the metaverse.

4. Blockchain

Blockchain powers and maintains the virtual world environment. Digital ownership, value transfer, governance, accessibility, and interoperability are all made possible with the help of decentralized technologies. Furthermore, it facilitates the use of NFTs to safeguard digital property and real estate. Safer and more transparent blockchain-powered metaverse ecosystems will create optimal circumstances for investment and development.

Fundamentals Before Beginning A Metaverse Business

Follow the steps below if you’re wondering how to start a business in the metaverse:

Step 1: Make a “customer persona” as the first step

You need to figure out who your target audience is. A customer’s demographics, purchasing power, hobbies, tastes, etc., are all components of a “persona.” Finding the best approach to communicating with your clientele will be much easier with this information in hand. It’s been shown that incorporating elements of popular culture that your target audience is interested in (in this case, sports games) into your online business will increase sales.

Step 2: Understand the virtual space

Many companies have yet to fully embrace digital currency and virtual reality. Find out as much as possible about the various metaverse platforms and the benefits they provide by doing some thorough study. Different blockchains support different virtual worlds; Ethereum underpins Decentraland and Sandbox, for instance, while Cardano powers the Pavia metaverse. 

Customers must pay substantial ‘gas’ (transaction) costs on the Ethereum Blockchain to mint their NFTs. This might be an impediment to spending a lot of money; therefore, looking into alternative channels could be beneficial. Each system has its own virtual currency, which can be traded for fiat cash at various cryptocurrency exchanges.

Step 3: Establish separate outlets for advertising

Numerous companies have already begun investigating other methods of advertising. Businesses in the metaverse will have a formidable challenge in marketing their virtual worlds: raising public awareness. It will require a comprehensive content marketing plan to successfully sell a firm in the metaverse and reach its target demographics. Make sure you have a solid online profile before venturing into the metaverse.

Step 4: Set off on your digital adventure

A company’s entry plan into the metaverse will determine the initial actions it must take. If your organization wants to make money off of the creation and sale of digital assets, one option is to list on a secondary market like Opensea. However, there are several requirements to meet if you want to build a Nikeland-style virtual world for your consumers.

Choose a development platform for your virtual world before setting up your virtual space. There is a sizable user population on platforms like Roblox, Sandbox, and Decentraland, making them great candidates for hosting your virtual world.

The next step is to invest in some real estate on the platform. Property may be acquired either through the platform itself (at auctions or elsewhere) or through a secondary market where it is offered for sale by other property owners.

Get to work creating your universe. You may begin customizing your surroundings to interact with your users on any platform because of the availability of development tools. Experiences are what the metaverse is about. Customers are more likely to participate in activities if you make your establishment entertaining to visit.

How Can Businesses Find the Right Metaverse Platform?

When deciding on a platform, metaverse businesses must take into account a variety of factors. Some potential factors includes following:

  • Payment convenience: The platform must be simple to acquire and trade in-game cash.
  • Accessibility: Will only virtual reality (VR) users be able to utilize the service? Most people do not yet have virtual reality hardware; therefore, expanding accessibility to platforms where consumers may access content via a computer, mobile phone, or tablet will increase visibility and reach.
  • Platform traffic: Earlier, it was claimed that the Sandbox has a sizable and active user base. If you want to attract a large audience, you should use well-known channels of communication.
  • Integrations: For business owners to effectively manage customer data and provide quality customer support, the platforms in question should also be compatible with chatbots and customer relationship management systems (CRMs).

Conclusion

So, there you have it: some of the most creative and lucrative business options in the metaverse. These are all viable options for any business owner, investor, or entrepreneur. Be well-prepared before diving headfirst into a metaverse business venture. The new platform features cutting-edge technology, but it may be challenging to learn. You may get in contact with Idea Usher if you want to start your business using of this cutting-edge technology. We will assist you in setting up your firm and managing the development process to spare you from having to deal with any difficulty.

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FAQ

How to begin with metaverse business?

You can begin with understanding the metaverse, discovering the ideal platform, boosting your online visibility, targeting the intended audience, engaging marketing campaigns, focusing on experience first, learning about cryptocurrency, and staying flexible.

Is the metaverse only a VR?

One of the numerous technologies that the word “metaverse” is intended to include is virtual reality (VR). Metaverse refers to any other technology replicating or improving real-world experiences with technology. Another example is augmented reality (AR), where the real environment is seen with a technological overlay.

How can I enter the metaverse?

Obtaining everything you require to enter the metaverse is easy. The platform you’re using, and the kind of experience you want to have will determine what’s on your list. You will require an avatar, which you will generate when you join the community, regardless of the metaverse you select.

Is there any cost to accessing the metaverse?

The metaverse is an open universe. However, you will need to spend virtual currency, which you can get by using real-world currency, to access some of its features. The metaverse you are in determines the virtual currency required. You can purchase real estate and various other amenities with virtual money.

What technology powers the metaverse, and what will it be?

In 10 years, when the metaverse must be at its peak, we cannot predict which new technological solutions will be available, but shortly, these will undoubtedly include:

  • Augmented reality
  • Virtual reality
  • AR+VR: Mixed reality
  • Cloud
  • 5G and eventually 6G
  • Blockchain and cryptocurrency
  • IoT
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