Metaverse Business Models

Since Facebook rebranded itself as Meta, everyone talks about the Metaverse, positioning them as one of the leading players in the virtual world looking for a business model.

Metaverse
New Business Models are coming with the Metaverse (Photo by Leanne Jean on Unsplash)

The Metaverse is a set of virtual experiences generated from virtual reality (VR) and augmented reality (AR) technologies. The individual can interact with other people or objects and get virtual goods through an avatar. With the development of the Metaverse, we want to extend the real world to the virtual one so that most everyday actions become a spectacle. We can think of this as a future version of the Internet. It is not a new concept, but it makes a lot of noise and is here to stay.

New business opportunities

The Metaverse is going to mean a transformation in the way people shop, how they play, get excited, or interact. Therefore, companies' role in this opportunity is imperative to generate new business. They must understand the behavior and needs of consumers and know how to approach them, causing a new immersive reality that will combine physical and digital existence. The possibilities are endless. These are some of the fields that will open new business opportunities:

Marketing and advertising

They have an exciting future in the Metaverse. The virtual world will lead to the development of new formulas and mechanisms that will impact users in a way never seen before. Specializing in marketing strategies for the Metaverse is an area that is booming, where companies can experience the wide range of possibilities of offering this virtual reality. Connecting with Generation Z and creating visibility as a company of reference in future marketing will enable the making of new products and services.

Virtual products

Almost everything marketed in the actual world you can sell in the Metaverse (clothes, houses, travel, cars)—going to physical stores to try products or see their quality will no longer be necessary. Virtual and augmented reality will make it feasible to try and buy products from home and get them delivered by the touch of a button. Another opportunity will be the personalization of digital avatars that will allow the development of many customized products.

Remote work

Work will increasingly move to the Metaverse through online meetings and training. Demand will increase for businesses that offer to foster a hybrid company culture, which can connect people working remotely with virtual reality spaces. Likewise, projects enable people to learn through platforms for educational purposes.

Training experience

Among all the possibilities the Metaverse offers is the training of professionals through virtual reality glasses. Immerse yourself inside virtual spaces where the team is integrated, facing different situations based on reality, in which decision-making has consequences. This way, professionals can be trained and gain experience for the position.

Virtual spaces for companies

Attending conferences, seeing virtual exhibitions, and traveling worldwide will be essential to making a world that goes one step beyond reality. Currently, Mymetaverse specializes in creating virtual spaces for companies. Microsoft Mesh will also be available for Microsoft Teams, where virtual meetings can occur where people can collaborate from anywhere and be productive in a shared 3D space.

Entertainment

Recreation in the Metaverse, online events, and mixed reality experiences will soar—the ability to join a background in person or virtually can open up many possibilities. The movement of luxury brands in the Metaverse is a case that has captured all eyes. These companies have structured relationships with customers, marked by the presence of two annual collections and flagship stores in cities' main streets. This sector understands entertainment as a transversal axis to communicate and interact with its potential customers continuously, thus bringing this world closer to a younger target that might not be a target for them because of their purchasing power.

Gaming

It has long been central to the Metaverse's plans and is one of the most advanced sectors. The play-to-earn model introduces the concept of an economy that monetarily pays each user who gives value to the game by playing and spending time in it. In The Sandbox video game, based on Ethereum, users can buy virtual land where they can develop their personalized game proposals. It has more than 176 thousand lands belonging to 20 thousand users in a virtual world where 2 million users are already registered. Even brands such as Adidas, Warner Music, or Carrefour and artists like Snoop Dogg have shown interest in Sandbox.

Manufacturing processes

Making adjustments in the manufacturing process, performing quality controls, and many other actions will be possible using Metaverse applications. Thus companies will be able to improve operations and delivery time.

Data security

Data carries weight in the Metaverse. All platforms want to get data from users, so managing data with professional providers is essential. Data security may be a business model in high demand in the coming years, so it is necessary to ensure ethical, transparent, and responsible use. Businesses dedicated to cybersecurity will also have space to control threats and protect private data.

Cryptocurrencies

The Metaverse has an independent economy. Cryptocurrencies and digital currency will probably become the critical transaction method that will reach the real and digital world.

Conclusion

It may seem impossible because of the different business interests of companies beginning to explore this new world, so we must remember the beginnings of what we know today as the Internet. It was a set of websites with no interconnection, without interaction between them, and in which it was unthinkable that someone could transact on them.



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