Chances are that you already have heard about the Metaverse and what it is before looking for some job opportunities in the business sector that may arise there. Just as a reminder, the Metaverse is a virtual place that will be accessible via various VR and AR gadgets. In it, we will be able to interact with the whole environment and all the users that are “plugged” into it at that moment. 

Instead of being owned by a single company, the Metaverse is going to be a decentralized environment. That will make it perfect for business opportunities that will contribute toward building its independent virtual economy. Also, its whole ecosystem will be powered by digital currencies and non-fungible tokens, aka NFTs.

Suppose we would like to find out more about “Business opportunities in the Metaverse”. In that case, we should definitely take a look at all of the different technologies that are being used for its creation and expansion. We are speaking of technologies like IoT, spatial technologies, AR, AR cloud, head-mounted displays, and VR. According to the tech experts, we are headed toward the new internet evolution, and everyone can use this opportunity to start or join a Metaverse business. This will be similar to the revolution of e-commerce that occurred with the mass adoption of web 2.0 and the internet. 

What is Possible with the Metaverse in Business?

All these technologies are making the Metaverse a kind of a new iteration of the internet. That is why many people are starting to wonder about all the possibilities that will arise regarding business opportunities in this virtual world. No other technology trend has a hype that is as nearly big as the one of the Metaverse. Currently, many tech giants are presenting themselves as Metaverse-based companies, while others are building their own Metaverse platforms that are going to assist the expected mass adoption of the Metaverse. Below, we are going to tell you about the current most promising activities in this whole new virtual space.   

• Purchasing digital land and digital real estate
• Development of virtual “homes” and shops
• Buying digital collectibles, assets, and digital art as NFTs
• Selling courses and virtual lesions in a virtual classroom for immersive learning experiences
• Shopping in virtual malls and other virtual stores
• Creation of 3D avatars that people are going to use to navigate through the Metaverse
• Buying and selling items, artifacts, outfits, and accessories for the 3D avatars 
• Hosting virtual social experiences
• Engaging with other users through interaction with their avatars for business communications, services, sales, and so on

The businesses that will be operating in the Metaverse should be looking forward to contributing to the interoperability, decentralization, and collaboration of all Metaverse entities. So, everyone trying to build a business there should create a strategic model that will be specially designed to serve these purposes. Now, let’s explore the business-wise possibilities that got our attention. 

Top 3 promising business opportunities in the Metaverse

We are guessing that the most frequent question that might have crossed your mind is: How to create a business in this shared virtual environment called Metaverse! Well, first of all, you should try to exploit the biggest opportunities. In order to do that, you will have to start a business that is going to offer potential use cases for its users. Luckily for you, we have done the hard task, and we are presenting you with the top 5 business opportunities that you should look at if you are serious about starting a business in the Metaverse. 

E-commerce and shopping in the Metaverse

We are going to start with the E-commerce opportunities. It is expected that shopping in the Metaverse is going to be a big branch of its ecosystem. That’s why businesses should look towards the e-commerce sector as a good Metaverse investment. The platform itself is ideal for purchasing various items, products, and clothes. For instance, many popular brands like Nike, Balenciaga, Louis Vuitton, Zara, and Alibaba are already in the Metaverse, trying to attract new possible customers. Nike even started selling virtual shoes, but with each pair, you will also receive a physical replica of it. 

As we have already told you, the Metaverse users use avatars to walk, explore and engage with other users. Because the Metaverse is an immersive platform where people will spend lots of their free time (or even work there), people are expected to spend money to improve their avatars’ visual appearance. 

Instead of going to a land-based store, you will just put your head-mounted VR display, and you will be able to instantly “teleport” to any of the stores there. The store is going to look like a real physical store, with the difference that you will be in it with your avatar. Then, you can take a look at all of the products that that particular store has to offer, and just by clicking on any of them, you will be able to see how your avatar will look with it. You can buy sneakers, clothes, accessories, items, and even virtual pets that will follow you on your Metaverse journey. 

The greatest advantage of Metaverse e-commerce is exactly the fact that you won’t be losing your precious time going to some stores, and also, you will instantly know if a pair of sneakers will fit your avatar or won’t. However, this is not everything that the Metaverse is offering in terms of shopping. Some of the businesses there are also going to sell things that are not wearable in the virtual world, but instead are some kind of product with real-world use. Since your avatar is going to be connected with you as a person, the system will know your physical address, and you will be able to buy/order any product that you can find! 

Because many people will be wearing avatars that look exactly like them, as the technologies will improve, we might even be able to buy real clothes without worrying if they will fit us or not. So, it is easy to predict that the Metaverse shops will be much more visited than real-world stores since there is no limit on how many users can be in a single Metaverse shop simultaneously.

Virtual Events

Ever since the very beginning of the human race, we have been inclined to stay in groups and engage with others. Today, during this modern digital era in which we are living, we are spending some of our time and money in order to visit certain events of all kinds. We are speaking of car shows, art exhibitions, music concerts, sports events, etc. In the Metaverse, you could also attend all of these events. With our current technologies, virtual event planners can easily create events where all attendees will feel like there are physically present in real-time. 

Let’s take a look at what happened within the virtual world of the popular game Fortnite. Ariana Grande and Travis Scott have already held a virtual performance “in front” of huge audiences. For example, in April 2020, almost 12 million fans were attending the virtual concert led by Travis Scott, who was wearing his digital avatar. 

The advantages that come with virtual events are that there are no limitations on how many people can attend a single event, and there will be no geographical restrictions. It means that millions of people from all over the world can attend any event in the Metaverse. Of course, we will have to pay for the entry, as we have to do in the physical world that we live in. 

Immersive Learning Experiences

Next, we want to tell you about the business opportunities in the educational sector of the Metaverse. It doesn’t matter which kind of education we are speaking of, the Metaverse can be of great assistance in creating immersive learning environments.

If you are asking yourself: “How can we use the Metaverse for the improvement of our education?”, just keep in mind that by using VR headsets, we will be able to jump into some virtual learning environment immediately. For example, Einstein (his avatar), that will be operated by an AI, can be your kids’ physics teacher. Also, real people can work as teachers in the Metaverse, where the participants can be either students or just a group of people that sign-up for that certain course. 

On top of that, we should add that even the military of some countries started thinking about business opportunities. For instance, they are working on a Synthetic Training Environment, a technology that is based on AR and has the possibility to offer an engaging, realistic training experience. In addition, the British Army is working on an XR technology that will be used to facilitate virtual military training scenarios. So, it is easy to foresee that there will be whole areas in the Metaverse that will be used by soldiers, pilots, and other similar professions.  

Final Words

As you can see, the Metaverse is the perfect place for starting various businesses. To create a profitable business, you should have a good team, be creative, and determined to succeed. Of course, there are some challenges that every business should be aware of, but we will cover them in another article.