The metaverse has the potential to revolutionise our business operations as well as our own lives.
In 2021 alone, internet searches for the term ‘metaverse’ increased by 7,200% and this figure is only set to increase. For businesses to keep up with the ever-changing digital landscape, knowing how to build your business in the Metaverse is crucial.
In this article, we’ll be looking at what the Metaverse is and how to build your business in it.
What is the Metaverse?
The Metaverse, also known as Web 3.0, is a digital space where virtual and physical realities are essentially spliced together. The result provides fully immersive experiences and interactions for its users.
It works by combining elements like augmented reality (AR), virtual reality (VR), blockchain technology, as well as social platforms to create a fully immersive experience.
While it does share some similarities with the internet, the key difference is that the Metaverse provides a persistent, shared space where users can create, collaborate, and engage in real-time.
Understanding the Landscape of the Metaverse
In the Metaverse, there’s actually an impressive number of economic opportunities for businesses to dive into. From virtual real estate to digital goods and services, the market size is growing incredibly diverse and growing very quickly.
Consumers are increasingly spending on virtual items, and the projected growth indicates significant potential for entrepreneurs. So, it’s important to understand the economic dynamics of the Metaverse in order to capitalise on its potential.
Starting to Build Your Metaverse Business
A lot goes into building your business in the Metaverse, but there are three main stages for kickstarting your Metaverse business.
These are:
- Identifying Opportunities
Before diving in, you’ll need to identify potential opportunities within the Metaverse. This might mean exploring various communities and niches to understand where your business can make the most impact.
For example, let’s say you’re a real estate agent considering entering the Metaverse market. You could start by exploring various virtual communities and platforms to understand where your brand can thrive. Things like virtual property development, virtual tours of real estate properties, or hosting virtual open houses might be good places to start.
By immersing yourself in these communities, you can find gaps and untapped markets that align with your expertise and offerings.
- Choosing the Right Platform
Next up, you’ll need to choose the right platform.
There are now a number of Metaverse platforms available – and choosing the right one is crucial. You’ll need to think about factors such as community size, development tools, and platform stability.
Decentraland, for example, could be a great choice for real estate agents and property businesses. This platform
offers extensive customisation options for creating virtual properties and immersive experiences.
The key is doing your own research to find out which platforms work best with your business offering.
- Building Your 3D Storefront
Once you’ve selected a platform, focus on creating a captivating 3D storefront. Customise your space to reflect your brand identity and provide an immersive experience for visitors. Pay attention to design elements, user navigation, and functionality to ensure a seamless shopping experience.
Once you’ve got a handle on these first stages, you can start thinking about how your business can start making you money.
Having your business in the Metaverse won’t be too useful if it’s not making you money. Let’s have a look at some great ways to monetise your Metaverse business.
Make the Most of Tokens and Blockchain
Blockchain technology plays a crucial role in the Metaverse – mainly because it offers monetisation opportunities.
Consider using tokens and non-fungible tokens (NFTs) to monetise your virtual assets. For example, you could create your own NFTs for virtual properties or unique architectural designs, allowing users to purchase and own exclusive digital real estate assets.
These NFTs could be sold through specialised online marketplaces or auction platforms, where the scarcity and uniqueness of each property drive demand and value.
Get Involved in Platform Governance
Becoming actively involved in platform governance can also offer monetisation opportunities in the Metaverse.
By contributing to platform development or participating in governance mechanisms such as voting or staking, you can earn rewards and influence the direction of the platform. For example, you might collaborate with other creators to propose new features or improvements to enhance the user experience and attract more customers to your virtual storefront.
Create an Engaging User Experience
One of the most important aspects of building your business in the Metaverse is making sure it’s worth exploring!
Here are five ways you can make your Metaverse experience more exciting and engaging for your customers.
Create an immersive environment related to your business: Create a virtual space that captivates users and immerses your users in unique and interactive experiences. Using things like advanced 3D graphics, dynamic lighting, and spatial audio to create a sense of presence and realism, makes users feel as if they’re truly part of the virtual world.
Make it easy to explore: Make sure that your users can easily navigate through virtual environments with intuitive controls and user interfaces. You want their experience to be easy and enjoyable, so provide clear guidance and instructions to help users understand how to interact with objects to enhance their overall experience.
Get personal: Tailor the user experience to individual preferences and behaviours. Dive into data analytics and machine learning algorithms to customise content, recommendations, and interactions based on user interests, past interactions, and demographics.
Focus on the social: Build community engagement by creating social interactions within virtual environments. Think about including features such as chat, voice communication, and multiplayer experiences to get people talking and interacting with each other.
Motivate and incentivise: Incorporate elements such as challenges, rewards, and achievements to make the user experience more enjoyable and motivating. Encourage them to explore, interact, and participate by offering incentives and recognition for their actions, too.
Conclusion
Building your business in the Metaverse takes time, but the results are well worth it.
As businesses strive to set themselves apart and enhance customer interactions, exploring the Metaverse presents a fantastic chance to innovate and connect with audiences in unique ways.
It’s clear that virtual environments are becoming increasingly integral to how we live, work, and interact. So, businesses that embrace this shift will be better positioned to thrive in today’s ever-evolving market.
By having your business positioned in the Metaverse, you’ll be able to tap into a new audience market and virtually interact, socialise and engage with your customers.
Summary: Navigating the Metaverse for Business Success
The Metaverse, or Web 3.0, merges virtual and physical realities, offering immersive experiences.
Economic opportunities in the Metaverse range from virtual real estate to digital goods and services.
Kickstart your Metaverse business by identifying opportunities, choosing the right platform, and building a 3D storefront.
Monetize your Metaverse business through tokens/NFTs, platform governance, and creating an engaging user experience.
Businesses embracing the Metaverse can innovate, connect with audiences, and thrive in an evolving market.
FAQs
Is Samsung in the Metaverse?
Yes. In January 2022, Samsung launched its 837X, a virtual world modelled on the physical 837 centre in New York City. Within the space, guests can explore the range of experiences available with Samsung tech. They can complete quests, follow the news, and even partake in Samsung’s commitment to sustainability. Samsung 837X launched in Decentraland, a Metaverse powered by blockchain.
Do I need a VR headset for metaverse?
You don’t need a headset to enter the Metaverse. While headsets definitely make for the best VR experiences, you don’t need one to enter Metaverse worlds. All you really need is a computer with VR capabilities and you’re good to go.
Can I use the Metaverse on my laptop?
Yes, you can access some Metaverse platforms using your laptop, such as Decentraland. Other platforms may require VR headsets, VR goggles, AR glasses, or AR goggles for access.
Does Google have a metaverse?
While Google’s been a bit slower than Meta and Apple to launch itself into the Metaverse, it has been working behind the scenes. With its pervasiveness across search and maps, and its strengths in AI, it’s undeniable Google will become a key player in the Metaverse.
Is Apple in the metaverse?
Apple’s been slower to enter the Metaverse than other tech giants, and while this might look like they’re falling behind Apple is backed by a strong app and developer network. This puts them in better stead to enter the Metaverse with a strong product base and marketing approach.
Does Amazon have a Metaverse?
Amazon is reportedly getting ready to unleash its Amazon Meta World. In September 2022, it showcased its VR business in five different cities. We can therefore presume that Amazon will be readying the release of XR glasses, XR headsets or XR goggles within the next twelve months.
What technology is used in Metaverse?
The Metaverse is powered by a number of technologies. These include Blockchain, which decentralises the Metaverse and develops use cases, AR and VR technologies for immersive experiences, Artificial Intelligence, which allows for avatar creation and computer control, 3D reconstruction, which includes the creation of digital twins and photorealism, and IoT, which streamlines data management, integration, and simulations.
What equipment is needed for Metaverse?
Before you join the Metaverse, you’ll need gear. This includes a robust PC or smartphone, a VR headset to access the Metaverse and reduce distractions, VR gloves to take your sensory experience even further, AR glasses to merge the real and the digital, and AR wristbands to trigger virtual movements in XR.
Does Google have a metaverse?
While Google’s been a bit slower than Meta and Apple to launch itself into the Metaverse, it has been working behind the scenes. With its pervasiveness across search and maps, and its strengths in AI, it’s undeniable Google will become a key player in the Metaverse.
What is XR?
Extended Reality encompasses all forms of digital experiences including virtual reality (a complete digital world), augmented reality (digital objects placed into the real world) and mixed reality (which builds on AR by including 3D touch and olfactory technology). XR is a term used to refer to any sort of technology-created reality.
How can businesses use Extended Reality (XR) technologies?
Augmented Reality (AR) can be used by businesses to effectively connect colleagues across the world for meetings to optimise collaboration across teams and with employees in different countries. XR can also be used as a tool during training and onboarding to promote engagement and enhance employees’ takeaways.
What can XR be used for?
Extended Reality can be used across many fields for life-changing purposes. Mixed Reality can be used in the medical field to practise and hone operation skills and improve results for patients. XR could also have a significant impact on improving safety and design in architecture and construction.
What is XR vs VR?
Virtual Reality (VR) is a type of digital world accessed through headsets, which places you inside a digitally-created space. This is often used in gaming. There are other kinds of digital experiences too, and all of these fall under the umbrella term ‘Extended Reality’ (XR).
What's the difference between XR and AR?
Augmented Reality (AR) allows a user to see digital items incorporated into their view of the real world. This could include seeing a product you’re considering buying placed on the table in front of you. Extended Reality is the term that groups all kinds of digital experiences together, including AR.
What is an example of Extended Reality?
One of the most widely known examples of Extended Reality is the use of filters, which place items like hats into your images. These can be utilised for marketing purposes to increase engagement and awareness of a brand and improve its ability to be quickly shared.
How do you make money on metaverse?
There are many ways to make money on metaverse, including buying virtual land and selling it on, or through gaming, which rewards you for completing different levels. On a larger scale, real-life artists performing concerts through Metaverse can draw large crowds and is a viable profit-making opportunity.
What is metaverse example?
One example of the metaverse is Second Life, a virtual world where users can design their own avatars and use the platform to interact and converse with other users. At its peak in the 2000s, it hosted millions of users who devoted hours to the game each day.
