Business Opportunities in The Metaverse are real, even if the world is virtual. Investor and economic historian Raoul Pal describe the metaverse as the future state of the financial world, the internet, and cryptocurrency innovations. It is the ‘the new solar system,’ and all past and new technologies are hurtling together at lighting speed to converge in the Metaverse.
The founder of the Real Vision Group says that the metaverse is rising in response to the economic challenges that crystallized after the fall of the British Empire. The steady decline of the British empire, followed by the industrial and War era, created an inescapable debt chokehold on the global economy.
Workers now face new risks in the exponential age or Industry 4.0 that makes AI critical to industry and commerce. As AI begins to take over repetitive tasks in the job sector, the Metaverse will become a sunny spot supporting new virtual economies’ development.
Pal likens the ongoing metaverse development efforts to “discovering the Americas again or even a new Solar System .”He opines that, unlike the global economy that is heavily constrained by its GDP, the metaverse is a clean slate for individuals and businesses.
Users can create incomes in ecosystems free of physical constraints such as the current debt load, inflation, and low physical resource challenges. Businesses now have a priceless opportunity to build a low-cost, ultra-productive industrial system.
Gartner predicts that 25% of the global population will spend an hour of their day in the metaverse by 2026. These people will visit metaverses to shop, learn, work, entertain, and socialize. To this end, businesses replicating their physical worlds in virtual worlds will expand their business models pioneeringly.
Data show that by 2026, at least 30% of businesses will offer metaverse-oriented services and goods. While it is early to define metaverse business viability or success, savvy business managers embrace metaverse initiatives that help them explore, learn and position their business competitively. Below are a few examples of real and innovative business opportunities in the metaverse.
Business Opportunities in The Metaverse
Metaverse marketing
Epic Games offers the Unreal Engine 5 to all developers and content creators who want to create digital twins of their physical products. The Unreal engine is an on-ramp to the metaverse allowing physical production businesses to develop digital assets.
The development of digital assets will help businesses connect directly with their customers in these virtual environments. In addition, these digital assets are a unique marketing channel that introduces products to consumers in an exciting, memorable, and entertaining way.
To illustrate this point, in July 2021, Ferrari, in partnership with Epic Games, released the Ferrari 296 GTB hybrid supercar on Fortnite. Fortnite gamers could drive the fully licensed sports car’s digital twin and experience its real-world engine sounds through the Unreal Engine’s top-notch recording and simulation features.
Epic developed Ferrari 296 GTB gaming quests, allowing players to test their driving sports car driving skills in the metaverse environment. Gamers could, for instance, drive their Ferrari 296 GTB through a storm, test its maximum speed and partake of the Ferrari Time Trials. Epic also capitalized on this marketing opportunity by selling the Ferrari Bundle on the Item shop.
Skills and training development
Digital learning models in the metaverse could compress the time that learners need to acquire and develop new skills. Businesses can reproduce their training manuals, products, or machines in interactive 3-D form. AI could guide employees through immersive “how-to” guides. Conversely, VR and AR technology could allow worker avatars to learn in realistic and immersive “gameplay” scenarios, revolutionizing skills development programs.
A case in point is Medivis, an AR anatomy lab and virtual learning platform that leverages Microsoft’s HoloLens in medical students training partnerships. On the other hand, Ford Motor Company and Bosch are training electric vehicle maintenance technicians via the Oculus Quest headset.
Virtual world education has a larger visual demonstration capacity than traditional instructor training. As a result, it may work better for students that learn through visual cues, such as Autistic children.
Virtual Events
In April 2020, musician Travis Scott held his virtual concert on the Fortnite metaverse. His digital avatar audience numbered 12 million. Travis’s virtual stage was a dark platform set atop the game’s Sweaty Sands beach waters.
The concert’s visuals were so diverse that the musician could transform into a cyborg while Fortnite beamed the audience to Tron. The crowd was later submerged underwater during Scott’s “Highest in the Room” performance.
Before the end of the memorable virtual concert, players flew around the planet via psychedelic and rollercoaster effects only possible in virtual events.
The events sector is changing, and 57% of all event attendees have embraced online events. Furthermore, 30% of event planners are moving away from in-person meetings. It follows then that event planners can embrace the immersive metaverse event experience and achieve higher and more satisfactory attendance metrics.
Metaverse technology development
Morgan Stanley & Co. researchers advise businesses to invest in the metaverse through gaming, development of communication, and consumer tech products. The American multinational investment and financial services company estimates that global VR/AR spending will rise to $72.8 billion by 2024, from the 2020s $12 billion.
A digitally connected world will require digital infrastructure and cybersecurity solutions as well. The metaverse will also open up more opportunities in wireless connectivity solutions such as 5G mobile connectivity infrastructure.
Immersive shopping experiences
Apparel designers and retailers such as Ralph Lauren, Vans World, Nike, Gap, and Adidas are already making forays into the metaverse. For example, in 2021, in partnership with Roblox, Gucci held a hat, sunglasses, and handbag metaverse exhibition on Roblox.
The Gucci Garden Experience could transform players into neutral mannequins that could absorb various elements of the fashion house’s exhibition. Roblox users that went through the Garden experience would emerge as unique creations at the end of the journeys, reflecting their fashion taste.
Gamers could also shop virtual digital twins of Gucci items at the exhibition. A virtual Gucci purse digital twin sold at the event had a higher price tag than its physical counterpart. Tommy Hilfiger, on the other hand, in partnership with Roblox, introduced 2D and 3D virtual clothing collections that players can try out on their avatars.
Virtual worlds offer retailers immersive shopping experience opportunities absent in the current eCommerce ecosystem.
Business Opportunities in The Metaverse: To explore metaverse opportunities, businesses need to tread steadily and carefully. You can, for instance, kick off your metaverse business strategy by creating 2D applications of your services and goods for use in digital commerce. In addition, embrace metaverse components education and identify skills that will support a coherent metaverse strategy in your workforce.