Metaverse and business

Metaverse is called the future. Every individual, every business is showing interest to invest on the same without a second thought. And let us not forget the statement made by Microsoft CEO Satyajit Nadell that they are developing an “enterprise metaverse” with that being said, let us look at the business opportunities that the metaverse has to offer.

Advertisement or product placement

With most companies making their presence online, there are more opportunities to put their products in the met world for better marketing. With which the company’s presence becomes more familiar to the meta world. As stated by the metaverse team, a horizon marketplace is under development for the business opportunities in the metaverse, a place in the metaverse where one can buy or sell any of their produce. The transactions will be carried out in cryptocurrencies.

Concerts and events sponsors

Metaverse is a virtual world where one can experience things as if they are real. The next-gen invention is the tech that can just work on the things that one thinks and gets information when he just touches them. Converting the same into a business opportunity for entertainment industries has to be one among many options of business of the metaverse. The ability to host a paid online event on Facebook today, but imagine if you could create a mixed-reality experience where people could attend in person or purchase a ticket for the virtual experience. For example, two friends enjoyed the same concert during Connect, one in person and the other via the metaverse.

Digital-only products:

With metaverse, the entire presentation is online itself. Because of that, there’s a rise to the new business opportunity of digital-only products. Products that are just digital. Say clothing to your avatar, online currency, etc. The more people make their presence online, the more the demand increases for such products. This is the place where NFTs take part:

A little about NFTs,

A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a digital ledger, that can be sold and traded.

NFT data units may be associated with digital files such as photos, videos, and audio. Because each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies, such as Bitcoin.

NFT ledgers claim to provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT can be uncertain. NFTs do not restrict the sharing or copying of the underlying digital files, do not necessarily convey the copyright of the digital files, and do not prevent the creation of NFTs with identical associated files.

The NFT market has been criticized for the energy costs and carbon footprint associated with validating blockchain transactions, their frequent use in art scams, and the claim that the market is a Ponzi scheme.

Games:

Gaming is also heavily reliant on online presence. Metaverse game development is expected to lead to opportunities for profit in the future. The gaming industry is huge and is worth over $180bn dollars. Games have been the backbone of plan in the field of the metaverse.

Metaverse services and their hardware products.

Most companies need aid in moving their business into the metaverse; this is an opportunity for the metaverse business.

Metaverse hardware: To shift into the metaverse, people need new headsets, virtual reality sets, etc. This is also a developing business idea.

Conclusion:

Metaverse is indeed the future. But the pros and cons have to be kept alarmed. A shift from offline to online business involves a lot of work and investment, leading to new business opportunities. These are a few stated, as the technology develops the ideas and the needs are developed too.

“People will become billionaires faster than current billionaires after entering the metaverse world.”

― Anuj Jasani

Thanks for reading; you are appreciated!