Why Start a Business in The Metaverse?
Why Start a Business in The Metaverse?
For quite some time, people have been shopping offline by going to stores and events. With the growth of eCommerce platforms, many consumers shifted to shopping online. Around 2.14 billion people purchase digital goods annually. The eCommerce industry used 2D interfaces with static graphics, prices, and product listings.
By establishing an immersive online environment where companies may interact fully with their clients, the Metaverse seeks to advance this.
A new channel for connecting with customers around the world is provided by the metaverse. Most metaverses include built-in virtual marketplaces where users may buy both virtual and physical goods, creating a lucrative potential for various businesses.
Numerous well-known companies, including Gucci and Nike, have already created their metaverse where clients can play games, look through digital accessories, and make real-world purchases. According to Nike, Nikeland has reportedly had close to 7 million visitors thus far, demonstrating the potential of the virtual world.
Tech conglomerates like Meta are developing virtual workspaces where people can participate in conferences, training sessions, and much more. The Metaverse will greatly impact how people interact online as we transition to a time of remote workspaces.
For instance, you could enter the Metaverse using a VR headset to attend a virtual conference room, and then after the meeting, you could enter your virtual office to carry out your daily activities. The Metaverse provides an opportunity for barrier-free communication and interaction. This has a significant positive impact on Metaverse enterprises trying to realize the possibilities of this new digital revolution fully.
How to start a business in the Metaverse :
Follow the steps below if you’re wondering
Step 1: Create a Customer Persona
Determine the customers you are aiming to attract. A consumer persona is made up of a variety of components, including demographics, purchasing power, interests, and preferences. You can use this to decide on the best approach to engage your clients. For instance, if your consumers are sports enthusiasts, setting up a sports-themed environment within your online store will increase conversions.
Step 2: Understand the Virtual Space
Many businesses are still not familiar with digital currencies and 3D environments. Conduct extensive research to learn more about
the different benefits of each Metaverse platform. For example, Decentraland and Sandbox are based on the Ethereum Blockchain, whereas the Pavia metaverse is based on the Cardano Blockchain.
The Ethereum Blockchain has known for its high ‘gas’ (transaction) fees that customers must pay for minting their NFTs. This may be a barrier to expensive purchases, so it may be worthwhile to consider other platforms instead. Each platform has its in-game currency, which can be exchanged for real-life money on different crypto exchanges.
Step 3: Create Different Marketing Channels
Numerous organizations have proactively been investigating different advertising channels to advance themselves. Notwithstanding, advertising in the Metaverse will be troublesome as organizations should make mindful of their virtual spaces.
A comprehensive Metaverse business showcasing procedure would be expected to create a connection with content to draw in the right crowds. It is prescribed to guarantee that you have a decent computerized presence before you enter the metaverse.
Step 4: Begin Your Virtual Journey
The steps that a business has to take to get started depend on its Metaverse entry strategy. For example, listing on a secondary marketplace such as Opensea would be a good strategy if your company plans to create and sell digital assets.
However, if you’re planning to create a virtual space for your customers, similar to Nikeland, there are several steps that you’d have to take.
To set up your virtual space, you must select a platform to develop your virtual world. Platforms such as Roblox, Sandbox, and Decentraland have a large customer base and would be an excellent place to create your virtual space.
Next, you can purchase a piece of land on the platform. Land can be purchased directly from platforms during auctions or through secondary marketplaces from other land owners.
Start building your world. Each platform offers development tools to begin shaping your environments to interact with your customers. The Metaverse is about experiences. If you start creating an engaging space with fun games and more, your customers will want to interact.
How Can Businesses Find the Right Metaverse Platform?
Metaverse Businesses must consider different variables to determine what platform would be the right choice for the company.
Here are some variables to look out for:
• Ease of Payments: The platform you select should have an in-game currency that is easy to obtain and exchange.
• Accessibility: Is the platform only accessible to VR users? Since most individuals still do not have VR, a platform that users can access through a PC, mobile, or tablet would provide greater reach and exposure.
• Platform Traffic: As mentioned before, platforms like the Sandbox already have many daily users. It is recommended to opt for popular platforms to reach as many potential customers as possible.
• Integrations: The platforms should also be compatible with chatbots and CRMs for business owners to manage customer data and provide quality customer support.
How Can Metaverse Help Businesses
Mark Zuckerberg has called the metaverse “the social media of the future.” The metaverse market is expected to reach $824 billion by 2030. Since a large segment of a business’s audience will be present in the Metaverse, companies cannot ignore the opportunities this space provides.
Here are some of the reasons why you should enter the
Metaverse as a business:
• Connect With Global Talent: Employees can use avatars to interact within virtual spaces and work remotely. An employee’s location does not have to be a limitation anymore, as they can put on a headset and step into a virtual office.
This can help businesses access top-tier talent, which improves productivity. The Metaverse allows companies to design their own virtual spaces, so you can make your virtual office as engaging as you’d like.
• Setting Up Virtual Stores: Businesses can connect with customers virtually to sell virtual and real-life products. Digital asset creation can be an incredible revenue stream for businesses, as evidenced by Adidas’s Originals, which sold out minutes after their launch. The sale netted them around $23 million from digital assets.
Businesses can also list products in secondary marketplaces such as OpenSea to sell their digital assets. This option is perfect for companies not looking to set up their Metaverse. By listing an NFT collection for sale on secondary marketplaces, Metaverse businesses can test out demand for their products.
• New Customer Experiences: By utilizing exciting technologies such as AR, businesses can allow customers to test out real-life products virtually to see how they would look before they purchase them in real life.
For example, an interior designing Metaverse business could show customers how certain furniture would look within their house. This interactive method enhances customer trust, leading to higher conversions for businesses.
Conclusion
Since the Metaverse is rapidly evolving, there are numerous new opportunities for businesses to earn within the virtual realm. We hope this article has helped you learn how to start a business in the Metaverse.
FAQs
● How Can Metaverse Be Used in Business?
Businesses can utilize the Metaverse to connect with customers in an immersive virtual environment by developing interactive environments to interact with their customers.
● How Can Businesses Buy Land in The Metaverse?
Businesses can buy land through marketplaces such as OpenSea or the metaverse platform’s website.
● How Can Businesses Sell Their Products in The Metaverse?
Each Metaverse platform has its in-game currency that users can use to purchase products. Businesses can list their NFTs for sale within the platform marketplace on other marketplaces.
References:
- https://findstack.com/ecommerce-statistics/
- https://www.thedrum.com/news/2022/03/22/nearly-7-million-people-have-visited-nike-s-metaverse-store
- https://www.roblox.com/nikeland
- https://www.oculus.com/horizon-worlds/
- https://www.verifiedmarketresearch.com/product/metaverse-market/
- https://cryptobriefing.com/adidas-metaverse-nft-collection-sells-out-in-minutes/#:~:text=Key%20Takeaways,%2423%20million%20from%20today’s%20sale
