Learn more about the 10 types of innovation developed by Doblin, which fit in three categories: Configuration, Offering and Experience.
The digital world is growing by leaps and bounds—each day, more businesses and individuals are venturing into the online space. And as the internet continues to evolve, so do the opportunities for businesses to capitalize on this growing trend.
The metaverse is one of the digital world’s most exciting and burgeoning frontiers today. It refers to a parallel online universe where people can interact with each other and virtual objects in a real-time, three-dimensional (3D) environment.
It started as a concept in science fiction introduced by Neal Stephenson in his 1992 novel Snow Crash. In the book, the metaverse was described as a virtual world where avatars (digital representations of users) can interact with each other and computer-generated objects.
Yet, with the advent of virtual reality (VR) and augmented reality (AR) technologies, what was once a figment of science fiction is quickly becoming a reality.
As the metaverse continues to take shape, businesses are starting to explore how to utilize this new frontier to their advantage. Here are nine metaverse business opportunities that you should know about:
One of the most prominent business opportunities in the metaverse is virtual real estate. Just like in the physical world, there is a limited amount of space in the digital world. And as more and more businesses and individuals move into the metaverse, that space will become even more valuable.
Some businesses are already starting to capitalize on this opportunity by buying up virtual land and developing it into digital retail spaces, office buildings, and so on. With this growing popularity of Metaverse, you can only expect the demand—and the price tag—for virtual real estate to increase.
Another business opportunity businesses can explore in the metaverse is online retail. The metaverse provides a unique and immersive shopping experience that physical stores can’t compete with.
For example, IKEA has developed a virtual reality app that allows users to test how furniture would look in their homes before making a purchase. Furthermore, with the help of augmented reality software created by Zappos, customers can try on shoes without going into the store.
This interactive shopping experience gives a realistic feel to the consumer, making it more likely for them to purchase than they would if they were just shopping online.
The metaverse also opens up new business opportunities in the events and entertainment industry. Businesses can now host virtual events and concerts that users can attend from anywhere in the world. An example of an event successfully conducted in the metaverse is “The Metaverse New York Fashion Week.”
So, if you have a knack for event planning, the metaverse is a great place to start your own business. You can create and sell tickets to virtual events or even offer your services to companies looking to host their events in the digital world.
As mentioned earlier, avatars are digital representations of users in the metaverse. Similarly to the real world, people want to have control over how they are represented in the digital world. Several businesses already offer this service, one of them being Ready Player Me.
Start your own avatar creation business if you have a graphic design or 3D modeling background. You can create or customize avatars for people or companies that want to have a presence in the metaverse. This is a great way to make some extra cash on the side or even start a full-fledged business.
Every year, billions of people travel for leisure and business. And as the metaverse becomes more realistic, we can expect the tourism industry to move into the digital world. This innovation presents a great business opportunity for travel and hospitality professionals.
You can create virtual tour experiences of iconic locations worldwide or even develop your own virtual vacation destination. Additionally, you can build proposals and offer virtual concierge services to help people plan their metaverse trips. The possibilities are endless, especially nowadays when people want to experience new things without leaving their homes.
There’s a lot of potential for businesses in the education and training space in the metaverse.
For instance, you can fabricate virtual reality simulations to teach people how to do something, just like the use of VR by the United States Military in training soldiers for combat situations. Or you can also develop training programs for businesses that want to train their employees in a virtual environment, like Walmart.
Websites are imperative for businesses that want a presence in the metaverse. They can use their website to promote their products and services, as well as drive users to their virtual store or experience.
Additionally, businesses will need metaverse-compatible applications to take full advantage of the features offered by the digital world. So, if you have coding skills, you can start developing these types of applications and sell them to businesses or individual users.
The metaverse is a decentralized platform that runs on blockchain technology. So, if you’re familiar with blockchain, you can start your own business developing applications or services for the metaverse.
You may opt to develop wallets to store virtual assets or smart contracts to automate transactions. Alternatively, you can make exchange platforms where users can buy and sell virtual assets. Or you can even create your own cryptocurrency for use in the metaverse.
Digital contents are a big part of the metaverse. Therefore, businesses always need new and innovative content to keep their customers engaged. If you’re a creative individual with a background in content creation, the metaverse is a great place to start your own business.
You can create everything from 3D models and animations to audio and visual effects. In addition, you can create digital art or customize virtual representation. Or you can even develop your games or virtual reality experiences.
While the metaverse is still in its infancy, the business possibilities are endless. With the right skill set and some creativity, you can start your own metaverse business and tap into this growing industry.
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