7 Business Tips To Thrive In The Metaverse
- Sep 21, 2022
- 4 min read
Written by: Aleksandr Iurev, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
With virtual reality increasingly a part of our lives, now is the time to prepare yourself and your company for the ultimate VR experience — the Metaverse. There are many opportunities in this new digital realm, but many businesses, both small and large, are still unaware of what the Metaverse holds and even what it is.
The history of human communication and social interaction goes back about 12,000 years. At that time, nomadic hunters would periodically gather in sacred public areas such as Göbekli Tepe in what is now Turkey, or Stonehenge in Great Britain. People communicated with stories and images engraved on stone.
Many centuries later, they invented signs and symbols. Still, even later, humans came up with letters and texts, and then the printing press. Finally, in the modern age, we invented the telegraph, then the telephone; email and video calls.
Today, we’re on the threshold of yet another revolution in communication and social gathering. This next level is the Metaverse and other Web 3.0 applications. Companies active in the Metaverse raised over $10 billion in 2021.
The entire Metaverse market was worth $480 million in 2020, and it’s expected to grow to $800 billion by 2027. Big tech companies, including Meta, Microsoft, Nvidia, Apple and Alphabet have joined in shaping VR/ XR spaces and investing in Metaverse startup.
Here’s 7 pieces of advice for taking your first steps into the Metaverse.
Concept. Just as the Internet of the late 1990s bears no resemblance to the Internet of today, no one knows the final form that the Metaverse will take. At its core, the Metaverse is a 3D representation of the physical world where you’re fully immersed. Instead of creating content based on predefined guidelines, you can create and design your own virtual world. Some of the most promising Metaverse business opportunities are in Gaming, Entertainment, VR real estate, and Non-fungible tokens (NFTs).
Plan. You’re new to the Metaverse and aren’t sure where you want to go. Don’t panic. The party is just getting started and this is a great time to do your research and learn about this exciting new landscape. You can have a digital storefront for consumers to buy and sell products online, similar to a physical store. The Metaverse promises a new way of how to communicate, to promote brands, to learn and to entertain.
Audience. Who is your target audience? Find out who they are and learn how they spend their time and money in the Metaverse. About 40% of the Metaverse market growth will be driven by consumers in the U.S. and Canada, which are key areas for the Metaverse real estate market. Also, let’s take another example, NFTs are selling to an older demographic — over 30 years old — and they tend to be more affluent. Then there’s the Metaverse for the fashion market, which is expected to increase in value to $6.6 billion in 2026.
Selling. Sales opportunities in the Metaverse are limitless, ranging from digital goods and skins for avatars to collectible NFTs, interactive games and live concerts. By 2030, some experts think that nearly 50% of live events could also be held in the Metaverse. Similar growth statistics are predicted for tourism and education. Are you going to sell virtual products, or buy land and build a virtual store or create a new game? Cryptocurrencies allow users to interact commercially. Start your own. Create an NFT. This is easy to do and inexpensive, but there’ll be marketing costs.
Invest. Similar to real estate and retail in real life, you can’t just buy virtual land or build a virtual store and then forget about it. You need to refresh it with new merchandise, displays and experiences to make sure people keep coming back. A top-notch virtual store or other major VR presence can require an investment in the millions. That’s probably not you at this stage. So, choose your virtual storefront carefully. The more virtual space you offer, the more likely you will convince customers to buy your products.
Participate. Get out there and be a part of the action. Go into Decentraland, run around and explore. Create an avatar and start to feel comfortable in your new skin and this brave new world. Research the brands that are already doing well in the Metaverse. You’ll find familiar brands, and others that aren’t well known. If your target group isn’t in the Metaverse today, they’ll definitely be there in a few months or years.
Security. Concerns over safety and security naturally will arise in the Metaverse. For example, how to protect people’s identity. Many users prefer not to be identified with their avatars. But what about crime and hacking? Already, many children are complaining of being scammed in games such as Roblox, and little can be done to stop the culprits. Imagine how potentially lawless the Metaverse could become. Come up with security protocols and procedures to protect yourself and your employees.
For now the Metaverse is being used just for business, entertainment and fashion, but it will soon become an integral part of every aspect of our lives. The Metaverse is a new era of how people will interact. Welcome to the future.
Aleksandr Iurev, Executive Contributor Brainz Magazine
Aleksandr Iurev is a serial entrepreneur, with many years of experience in launching startups. His most recent is Pocketfied, which will radically disrupt the mobile app development industry with its highly innovative technology and service. Overall, Mr. Iurev has 20 years of experience in the IT sector, as well as in DevOps, and Information Security. He cut his teeth in Tech working in IT security for the largest banks in Russia, as well as for top IT companies. That experience protecting clients from hacker attacks is one reason why he attaches top priority to building secure systems so that users can be certain they're protected.
