For many years, we’ve been talking about the potential of the metaverse – a virtual world that mirrors and extends our own, where we can interact with others and digital objects in real-time. So what are the metaverse business opportunities and how do you utilise them?
While the technology is still in its early days, more and more businesses are starting to explore the possibilities of the metaverse. And with good reason: businesses have endless opportunities to reach new markets and make money in the virtual world.
In Dubai, for example, there is already a strong community of entrepreneurs and businesses exploring and taking advantage of the $30 trillion market.
But what exactly is the metaverse? Why is it so important, and how can business owners like you make money in the virtual world?
Let’s explore the answers to your questions in this ultimate guide to the best metaverse business opportunities.
The metaverse is a collective virtual space created by the convergence of virtually enhanced physical reality and physically persistent virtual space. It’s accessed through technologies like augmented reality (AR), virtual reality (VR), and mixed reality (MR).
In short, it’s a parallel virtual world built on top of the internet that exists alongside our physical world. In the metaverse, people can interact with each other and digital objects in real-time as if they are in the same physical space.
It’s an immersive, 3D environment that’s constantly evolving and expanding. But the metaverse is much more than just a 3D version of the internet. It’s a new way of thinking about the digital world, where the physical and virtual worlds are blended.
Some characteristics of the metaverse are:
- Decentralised. No one company or organisation controls the metaverse. Instead, it’s a decentralised network of many virtual worlds that are all connected.
- Persistent. The metaverse is always on and always available. It doesn’t reset like some video games – any changes made in the metaverse are permanent.
- Immersive. Virtual spaces are designed to be immersive experiences where you feel like you are in another place. This is achieved through technologies like virtual reality and augmented reality.
- Social. Unlike most social media platforms, which are asynchronous (meaning you can post something, but your friends might not see it for hours or even days), the metaverse is a social platform where people can interact with each other in real-time.
- Programmable. The metaverse is programmable, meaning that developers can build custom applications and experiences within the metaverse.
As mentioned, the metaverse comprises many different virtual worlds, all connected. Think of it like a giant web; each world is a website, and you can move from one to another seamlessly.
Each world in the metaverse will be designed for a specific purpose. Some will be designed for socialising or shopping, others for work or gaming, and others for a combination of these purposes.
The key difference between the metaverse and other virtual worlds is that the metaverse will be built on open standards. Anyone can create their own world within the metaverse and connect it to other worlds.
The difference between augmented reality (AR) and virtual reality (VR): how can it reused for metaverse business opportunities?
Before diving into how businesses can make money in the metaverse, it’s important to understand the difference between augmented reality (AR) and virtual reality (VR).
Both AR and VR are technologies that allow us to experience digital content in a more immersive way. But they work in different ways.
Augmented reality (AR) adds digital elements to our real-world environment. This means you can simultaneously see the real world and digital content.
AR is often used for gaming but has many other potential applications. For example, you might use AR to view a 3D model of a product in your living room before you buy it.
On the other hand, virtual reality (VR) replaces our real-world environment with a completely digital one. This can be a computer-generated world or a real-world environment that has been captured and digitised.
For example, when you put on a VR headset, you might be transported to a virtual world that looks and feels just like the real world. Or you might be able to explore a computer-generated world that doesn’t exist in reality.
VR is often used for entertainment but has many potential applications in other areas, such as education, training, and healthcare.
According to Gartner, 25 percent of people will spend a minimum of one hour per day in the metaverse by 2026 – not just for social media or entertainment, but also for work, shopping, and education.
This is a huge opportunity for businesses to connect with their customers more effectively and personally. Think about it this way: today, businesses operate in the physical and online worlds. But in the future, they will also operate in the virtual world.
Currently, there are several companies like Facebook, Google, and Microsoft that are investing heavily in the metaverse. They are all building their own virtual worlds and platforms, intending to become the dominant player in this new space.
The metaverse is a new and emerging market, which means endless opportunities for businesses to earn money online. Many of these opportunities are still untapped, and there’s a lot of potential for businesses to be first-movers in this space.
But for the most part, these business ideas can be divided into three categories: those operating on existing virtual worlds, those creating their own virtual world, and those combining the two.
There are endless opportunities for businesses to make money in the metaverse, but we’ll share a few of the most promising areas below.
Most of the early metaverse businesses are in the gaming industry, since gaming is one of the most popular applications of VR and AR technology.
The potential for gaming in the metaverse is huge. For example, think about popular battle royale games like Fortnite and PUBG. Imagine if you could play those games in a fully immersive virtual world.
Or what about massively multiplayer online role-playing games like World of Warcraft? Imagine being able to explore those worlds in a completely immersive way with other players in real-time.
As the metaverse expands, businesses will have many opportunities to make money from gaming. For example, a business could create a custom game or world for its customers to explore. Or it could develop a platform for people to interact with each other in games.
Have you ever wished you could try on clothes before buying them online? Or see how furniture would look in your home before buying it?
In the metaverse, this will be possible. And it’s not just about trying things on – businesses will be able to create entire virtual showrooms for their products.
For example, instead of browsing through a website to find what you want, you could simply walk through a virtual store and pick out what you like. This will be a more immersive and interactive customer experience than traditional e-commerce.
It will open up new opportunities for businesses to make money, such as by selling products directly in the metaverse, creating virtual showrooms for products, and advertising products and services to customers.
Imagine attending a virtual class or workshop where you can interact with other students and teachers in real time.
As cool as it already sounds, the potential of the metaverse in the education and training space will be much greater. A big advantage of the metaverse is its ability to recreate any real-life situation – no matter how complex or dangerous.
For example, surgeons can use VR to train for operations, or pilots can use it to learn how to fly a plane. This technology will greatly impact many industries, such as healthcare, aviation, and manufacturing.
It’s a perfect way for businesses to train their employees without the need for expensive and time-consuming simulations and open up new opportunities for businesses to make money by selling access to their training programs and other educational materials.
For school-level education, lessons can become far more immersive (as seen in the image from Meta above, depicting a virtual lesson about the universe). Instead of making textbooks or computer programs, education companies can create virtual modules to then sell to schools and universities.
Watching a live concert or attending a conference is a great experience. But it’s not always possible to travel to the event or get tickets.
This is where virtual events come in. With virtual events, you can attend any event – no matter where in the world it is – from the comfort of your own home.
For businesses, this opens up a whole new revenue stream. For example, they could organize virtual events and sell tickets to those, charge for sponsorships, or even create virtual spaces for people to rent out for their own events.
One of the core features of the metaverse is that it’s a virtual world that mirrors our own. This means that there will be a demand for digital real estate; we’ll begin to see more virtual spaces that can be used for anything from shops to homes.
This is similar to the way businesses currently buy, sell, and rent physical space. But there are a few key differences.
First of all, digital real estate will be much cheaper than physical real estate. In most cases, it will only cost a couple of thousand dollars. Second, it can be used for a variety of purposes, from virtual stores and event spaces to training facilities and offices.
This will open up opportunities for businesses to make money, such as by selling or renting digital real estate. But it will also create new challenges, such as how to protect digital property from being copied or stolen.
Millions of people already spend money on virtual goods called non-fungible tokens or NFTs, such as in-game items, digital art, and avatars. As the metaverse grows, the market for virtual goods will only get bigger.
Businesses could create and sell virtual clothes, furniture, or cars. Or they could develop new applications for virtual goods, such as a marketplace for people to buy and sell NFTs or a place to store your NFTs (called an NFT wallet).
In recent years, there’s been a big trend of businesses offering remote working options to their employees to provide flexibility. But it can also save the business money on office space while reducing their environmental impact. There are many metaverse business opportunities for working from home or working remotely.
The metaverse will make remote working even easier and more widespread. People will be able to work from anywhere in the world, as long as they have an internet connection.
For businesses, this opens up the possibility of making money by renting out virtual office spaces or offering remote working services.
One of the most promising opportunities in the metaverse is the development of new virtual worlds. Since the metaverse is still in its early days, businesses who enter this space will have a first-mover advantage.
They will be able to control the rules, design, and layout of their world and they can use it to attract customers and promote their products or services.
As the metaverse expands, there will be many opportunities for businesses to make money from developing virtual worlds. For example, businesses could charge people to access their world, sell virtual goods within it, or invest in Web3 through cryptocurrencies and NFTs.
A recently launched project called Decentraland is a good example of this. It’s a virtual world that’s powered by the Ethereum token MANA, and it allows people to buy, sell, or develop virtual property, attend concerts, socialize at nightclubs, and play games.
Whether you’re an existing business or a startup, now is the perfect time to get in on the first floor and make money in the metaverse.
The key is to start small, explore, and experiment with these metaverse business ideas to find a niche that fits your strengths and expertise.
At Virtuzone, we specialize in helping people set up businesses in the UAE without the high costs of setting up a company or the hassle of paperwork.
We would love to show you the best metaverse opportunities for you. So, if you’re ready to take your business to the next level and explore the possibilities of the metaverse, book a free consultation with us today.