What is the Metaverse and What Business Opportunities Does it Offer?
A popular new business opportunity is creating a virtual company in the metaverse, but it's so new that most people aren't even sure what it is, let alone spend money there.
But many businesses want to be the first to venture into the metaverse, and there are already many tech companies that have settled into this space.
Traditional companies like law firms, financial corporations and art galleries are moving into the metaverse and grabbing valuable “real estate” to provide virtual services to a new generation of companies.
So what exactly is a metaverse and what are the available business opportunities?
A simplified definition of the metaverse
Without getting too much into the technical aspects, the metaverse is mostly synonymous with “cyberspace,” but at the same time it’s more specific than that. When we think of cyberspace, we think of the nebulous technological space where the Internet lives.
Metaverse is a virtual world that exists in cyberspace and is accessed through technologies such as virtual reality, augmented reality, specific online video games such as parts of Fortnite (via computers or game consoles), and smartphones.
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More importantly, there will be an entire digital economy that only exists in the metaverse where goods will be bought, sold and traded. Eventually, the digital items you buy in the metaverse will be interoperable, meaning they can be used on any platform.
So if you purchase a virtual shirt in the metaverse, your avatar will be able to wear it in any virtual space on any platform. Currently, if you purchase a digital item on one platform, you’ll only be able to use it on that platform, but the idea is to be able to take your digital items with you wherever you go.
Essentially, the metaverse will eventually be a replica of real life. If you buy a pair of shoes at the mall, for example, you’re not limited to wearing them only at that mall. You can wear them to the movies, to a sporting event, or to work. And clothes are just one example of something you can buy in this space.
There are also cars, artwork, houses, land, and just about anything else you can imagine. The metaverse is currently in its infancy, but in a few years the companies building it believe it will be a fully functional community.
Business opportunities
Because the metaverse is so new, the business opportunities are truly endless. If you can imagine it, there’s probably a tech company that can help you make it happen. You can now purchase NFTs (non-fungible tokens) in the metaverse in the form of artwork, videos, virtual pets, music, game objects, and more. And this field is just beginning to develop. Some experts think NFTs will be more collectible than baseball cards in the mid-1900s. That in itself is a significant achievement.
The other opportunity for companies to tap into the money-making aspect of the metaverse is through advertising. You can purchase advertising space (e.g. in the form of virtual billboards or banners) or you can purchase land and build a structure on that land that allows you to market your business in real life.
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Once your building is complete, you can hold virtual events there, including seminars, concerts, trade fairs, and other interactive experiences that showcase your products or services in real life.
Be creative
The key to leveraging the potential business opportunities in the metaverse is creativity. Anything is possible right now, and you have the chance to do something first before any of your competitors think of it. For example, the first bank fraud law firm to build an office in the metaverse seeks to be a resource for people who need advice about their legal rights.
This company isn’t selling anything, so to speak, at least in the metaverse, but it is using this virtual world to provide a service to new clients in the real world. Maybe the company will eventually add some legal NFTs to their offerings that can provide another revenue stream to their portfolio.
Conclusion
Just think how amazing it would have been in the 1970s to be one of the first companies in your industry to take advantage of this then little known technology called the Internet. Such advantages don’t come along very often. If you’re looking for a new way to advertise your company or want to do something cutting-edge that will get the news outlets talking, the metaverse is waiting for you.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
