Albuquerque, New Mexico, USA — The metaverse provides endless possibilities, but not everyone knows how to make the most of it. Here’s how to boost your business performance by deploying the biggest digital strategies coming soon.
Several decades ago, the arrival of the Internet disrupted everything. Now, the world is on the doorstep of another disruptive digital paradigm that will change the game: the metaverse, a shared, persistent virtual space where virtual and physical reality will converge.
That convergence has infinite potential and the metaverse will undoubtedly provide lots of opportunities for traditional businesses to expand. Whoever gets there first will have more chances to change their business history and aim for something visionary.
The biggest difference between the metaverse and the Internet from a business standpoint is that the metaverse’s environment does not operate in the real-world economy, but in an independent virtual economy. Nevertheless, brands such as Gucci, Prada, Nike, Walmart, Verizon, and Hulu have already joined the metaverse, attracted by its potential, and are developing their own sales strategies in it.
Looking for the best way to design a strategy to make the most of the metaverse’s potential, GamesPad, the world’s first holistic gaming, NFT and metaverse ecosystem, and BullPerks, the crypto-oriented, decentralized VC and multichain launchpad, created a report where they claim that the metaverse will a reach a turnover of $300 billion by 2024.
It might be hard to fathom now, but the metaverse will be a part of nearly every aspect of life. It will host tangible and profitable markets selling everyday products. According to a December 2021 survey, 74% of American adults would be willing to join the metaverse to try experiences they could not live in the physical world.
Currently, gaming is reaping the biggest profits in the metaverse. Since the onset of the pandemic, video games have played a key role in the creation and expansion of technology. The overall gaming market counts 3 billion users and is projected to reach 4.5 billion by 2030.
However, the metaverse offers a vast untapped market and business opportunities that go far beyond the gaming world. Men, Generation Z, and large corporations are its target audience. The metaverse’s potential market opportunity ranges between $3.75 and $12.46 trillion.
A metaverse economy
To become profitable in the metaverse, businesses need to understand how its virtual economy works. It is not the same as in real life. The metaverse is powered by blockchain, which enables transactions using digital assets such as cryptocurrency and NFTs.
“Without the blockchain, you wouldn’t have decentralized data storage and a free, decentralized metaverse could not exist,” claim Constantin Kogan and Eran Elhanani, the co-founders of GamesPad and BullPerks.
That kind of technology provides trust, as it is a secure, decentralized storage database that also allows streaming virtual content through encrypted authorization keys and helps thousands of independent nodes to proportionally synchronize participation in a single virtual world for all users.
Something similar applies to NFTs, which are essential for the metaverse, as they act as user property certificates for digital assets. They are unique and are created when a digital file is minted.
Lastly, the Internet’s native financial system has decentralized financing, also known as DeFi, whose main goal is replacing traditional middlemen with the blockchain and provide new digital opportunities for creators, gamers, and users.
Business in the metaverse
The convergence of virtual reality and the physical world will require people to stock their digital spaces with digital products. A few clothing brands, such as Nike, have already started to explore opportunities in the metaverse.
“The current population of the metaverse is spending thousands of dollars on virtual assets to customize its digital avatars. For brands, this not only creates a new market, it also unlocks the fastest-growing demographic in sales channels – young people,” argues Travis Wu, the founder of Highstreet.
In this sense, Wahid Chammas, the founder of Faith Tribe and TyreGate Capital, says that “consumers are demanding immersive experiences where they can express their identity through fashion, both in the real and the digital world.” Moreover, according to Metawear CEO A. Bahadir Yener, “fashion is the hottest topic in the metaverse world.”
Another realm that may soon join the metaverse to boost sales is the art gallery circuit. Looking at art in a virtual reality landscape is a stunning experience, and technology will allow spectators to look at works of art and focus on every detail. Many museums around the world are starting to design experiences for the metaverse, including the San Francisco Museum of Modern Art.
Videogame developers, news outlets, and even event planning companies are also joining the metaverse and trying to create virtual replicas of their real-world services. “These industries could seize the most profitable opportunities in the metaverse due to massive interest among young people, one of the age groups most interested in entertainment,” says Brian Hazan, the founder of THE HUSL.
Would you like to learn more about the opportunities coming to the metaverse in 2023? Download the “Metaverse: Emerging Business Opportunities” research report by GamesPad.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Vedh Consulting journalist was involved in the writing and production of this article.