What Are The REAL Business Opportunities of the Metaverse? (Part 1)
This is gonna be an exciting read as we’ll dive into the real business opportunities in the Metaverse space.
With all of these new developments going on in the Metaverse space, there’s no clear leader at this point but many businesses are starting their journey by building or leveraging on Metaverse platforms!
The exciting part is Metaverse will revolutionize the way we live, work, learn, play and socialize. This will provide enormous opportunities for businesses large and small.
Today, I’ll be sharing 5 business opportunities in this blog post and 5 more in the next blog post.
Business Opportunity #1: Gaming
This is one of the best metaverse business ideas. If you want to start a metaverse business today, gaming can be your choice.
The metaverse is a revolutionary idea that will revolutionize how we play video games and interact with our favorite characters. As technology advances, so do gaming platforms; this means business opportunities for those who can imagine them!
According to Statista, video gaming is expected to be a $268.81B industry by the end of 2025. People spend billions of dollars on gaming.
Games evolve into platforms where different users and individual companies can create and benefit from content outside the core product.
The Metaverse is a place where gamers can immerse themselves in unique experiences. Therefore, companies will be able to benefit as well by creating their own spin on an already established idea or theme--this way they'll stand apart from the competition!
Here’s what you can do…
a. Build games
You can build amazing games that people get addicted to and want a sense of reality in the metaverse.
b. Create and Sell Non-fungible tokens
You could sell your non-fungible tokens in other people's games too! This is how everything will be connected and decentralized.
While the metaverse concept is still in its early stages, it’s a good idea to get starters on your plans to develop games for the metaverse.
Is your company ready for gaming in the Metaverse?
If not, you have other business opportunities options…
Business Opportunity #2: Virtual Events
As virtual events have become increasingly popular in the last two years, there's no better way to make participants feel like they're at an event than using immersive Metaverse experiences.
This provides great opportunities for virtual event planners to host events such as seminars, exhibitions, concerts, etc.
Fortnite is one of the most well-known examples of business opportunities in the metaverse with virtual events. A recent performance by musician Travis Scott and Ariana Grande gathered fans from all over online for this "virtual" show!
As a result, businesses might use the metaverse to reap the benefits of increased audience involvement in virtual events.
Business Opportunity #3: Education
The metaverse is an immersive digital environment that can provide more engaging and memorable learning experiences than the traditional classroom.
Medical education, higher education, military applications, and various other fields could benefit from more immersive learning experiences..
Instead of telling their stories through passive exhibits or static pictures, virtual reality (VR), and augmented reality (AR), learning professionals create highly interactive journeys that engage learners on an emotional level.
These experiences allow users to interact with content in ways they would never be able otherwise -- whether it is by having conversations about what we learn at school, practicing surgery before going into real life as doctors do so professionally every day, etc.
PwC found that learners trained with VR were up to 275% more confident to act on what they learned after training—a 40% improvement over in-person classroom learning, and a 35% improvement over eLearning.
Business Opportunity #4: Advertising
Metaverse offers an exciting new way to advertise by allowing companies all over planet earth to create advertisements.
Augmented Reality, Virtual Reality, and other advertising mediums are perfect for creating advertisements that target audiences.
VR forms provide a fully immersive experience which makes it more engaging than traditional print or digital ads because you feel like your in the ad!
Metaverse Cryptovoxels billboards are charged at the rate of one ETH per week. Using this strategy, people worldwide can work together to create advertisements.
Companies can experiment with advertising packages and rent out billboards in the Metaverse using blockchain technology to deliver results faster, more efficiently, and at a lower cost than traditional models.
Note: If you’re not into the business of advertising, you can leverage on C21 Metaverse City platform to advertise your products and services. Connect with us if this interests you.
Business Opportunity #5: Entertainment Streaming
If you’re into the entertainment business, this opportunity will interest you.
The metaverse, an immersive virtual reality environment where people can watch films and play games together could be an effective business model for movie streaming services.
Netflix now competes with other streaming services such as Amazon, Hulu, and HBO Max.
Google Stadia is gaining traction as a gaming subscription service but might enable more communal experiences.
Before the Metaverse can take off, many factors have to fall into place, and VR headsets will have to become mainstream.
With these 5 business opportunities, you can start to think about what you can do for your business.
It’s all up to you.
What you can do today for your industry will be able to do tomorrow in the metaverse.
But the thing is to get ready for it.
See you in the next blog post as I’ll cover the other 5 business opportunities!
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