Achieve Profitability With Business Opportunities in Metarverse

Neal Stephenson, an American author invented the word metaverse in the early 1990s. He imagined a virtual world where the inhabitants use digital avatars to explore in order to escape reality. Actually, among the things discussed in his book are already in existence today. Examples include cryptocurrency and VR headsets. Meta means beyond. So the metaverse simply means "beyond this universe," and it refers to a shared and immersive virtual world where humans live, play, work, socialize, and carry out transactions.

Types of Metaverse Platforms

There are two main platforms in the metaverse. Blockchain is the first one, and it uses cryptocurrencies and NFTs. They facilitate the purchase of virtual land and accruing of digital assets, among others. The second one is a virtual world for recreation or business purposes. Gaming platforms belong to this category.

Business Opportunities in Metaverse

Online Concerts

The metaverse is leading in the transformation of how people enjoy real-life experiences, especially during concerts and events. Celebrities such as Justin Bieber, Marshmello, Lilnas X and Ariana Grande have done virtual performances on platforms like ROBLOX and Fortnite. The most recent concert had over 27.7 million attendees, making it a unique experience. Attending a music concert in the comfort of your home is about to be the future of live music.

Digital Real Estate

Virtual real estate is on sale on 4 of the biggest metaverse platforms; Somnium, Decentraland, Sandbox and Crytovoxels. Last year alone, it brought abought returns of up to $500 million and expectations that the number may double this year are really high. Old investors have criticized the industry because virtual land is easy to create using code, unlike real land, which is rare. However, newer investors like the idea of owning digital land and are strategizing on how to limit the supply.

Each piece of land in the metaverse is unique and uses Non Fungible Tokens (NFTs) to ensure their safety and is used as proof of ownership. Owners can resell the land and get records for the transaction automatically. The property value in the metaverse depends on what the owner does with it. Companies aiming to advertise to a tech-savvy digital audience can hire spaces to host their events. Digital billboard spaces will also be a valid business opportunity.

Better Training and Learning Opportunities

The adoption of remote work worldwide makes digital training important. The metaverse makes this possible. Students can learn faster, increase their focus and keep the information taught for longer because of the interactive and refreshing engagement methods available through virtual reality and augmented reality. Students gain hands-on training in a remote and safe environment through immersion into different virtual scenes. Studies show that people trained with AI finish their courses four times faster compared to classroom lessons. Subsequently, training through VR is affordable and gives better results.

Better Engagement with Customers

Among the benefits of metaverse business is the transformation of how and where people interact with customers. The creation of a virtual world allows users to test and design models to improve the existing conditions. The Vail Ski Resort in Colorado has a digital twin of the mountain that improves the predictions of ski conditions and snowmaking infrastructure. This allows them to provide exemplary skiing conditions for visitors during the demand and off-peak seasons, increasing the revenue.