The so-called internet of the future is generating a lot of buzz, but it also raises questions. You've probably wondered what business opportunities the metaverse offers. Well, at Hispanos Emprendedores, we aim to clear up those doubts.
What is the metaverse?
This science fiction concept is a network of virtual environments, or virtual world. Through it, people can interact with each other and with digital objects . They do this while using a series of devices that create the illusion of interacting with their virtual representations, or avatars. It's a kind of immersive virtual reality.
Although it's not yet a reality, companies like Facebook plan to use it. Their goal is to make it the foundation of many of their online activities. Even their name change to Meta is related to this plan. Google, Nvidia, and Microsoft are also betting on it.
The metaverse has 3 key aspects: presence, standardization and interoperability. Presence has to do with the feeling of being in a virtual space with others, enhancing interaction. It is achieved with virtual reality.
Interoperability is being able to travel between virtual spaces with avatars and other digital elements. An example of this is blockchain technologies that make it possible to transfer digital goods across digital borders.
Whereas, standardization enables interoperability and services in the metaverse. As occurs in media technologies involving the printing press to text messages.
If the metaverse replaces the internet, this will be a major development for society and the economy . All immersive 3D media technologies and virtual reality will be present in both work and play. The idea is to have complete creative freedom by bringing the physical and virtual worlds closer together.
What business opportunities does the metaverse offer
The metaverse is known more for the elements and aesthetics of video games, but it goes much further. It is proposed to reproduce dynamics such as working, attending concerts or shopping. There are already universities, banks, casinos, shops and many investment opportunities in this parallel reality.
You could take advantage of this virtual world through:
1- Games and entertainment
These are the main business opportunities the multiverse would offer. It will make them more immersive and realistic. They will encompass everything from chess to car racing . There will be more innovation, and with it, more consumers, opening up a vast platform for brands.
2-Advertising
If you have a physical or online business you can use it to generate advertising as you would on Facebook. The brands will have the opportunity to be visible in the different worlds of the metaverse.
3-Item Shop
Within the metaverse, it's possible to create a shop to sell items. First, you must purchase a plot of land to set up an NFT business. An NFT is a non-fungible token (unit of value) that represents a virtual item you can put up for sale.
It's similar to owning physical property , but these are for avatars in this virtual world. There are all kinds of NFTs: clothing, art, music, and more. There are huge possibilities for brands.
A few months ago one of the most popular Gucci bags was sold in the Roblox universe for more than 4 thousand dollars. It should be noted that the physical model has a value of 2.450 dollars. This video game is one of the most similar to what the Meta metaverse proposes.
4-Purchase of tokens
The currency of most metaverses is the token with which users exchange NFTs and other items. Its value varies, so if you buy at a low price and then take advantage of its increase, you are already making a profit. It is similar to what happens with cryptocurrencies that would exchange for real money.
5-Purchase and sale of real estate
It's also possible to buy properties like land or houses . This is a form of investment because these assets sell for a higher price if their value increases. Similarly, it can be used for other types of businesses, such as a store.
6-Casino
Investing in casinos generates profit in different ways. One is to build one or invest in existing ones. Buying a share of a blackjack table entitles you to receive a share of any winnings you make.
7- Events and shows
The virtual world has become the preferred option for holding events that until recently were only possible in person. As is already happening on various platforms, the metaverse will open a window for concerts and exhibitions. These will be adapted to a specific environment, making ticket sales for these shows a major industry.
Steps have already been taken to materialize this alternative with the performances of Ariana Grande, Travis Scott or Marshmello. These singers were featured within the video game Fornite.
Meanwhile, Walt Disney announced that they are already preparing to make the leap to virtual reality in their theme parks.
8- Office and virtual presence
With the imposition of remote work due to the pandemic, ideas such as Infinite Office, the work site proposed by Facebook, have emerged. They also propose through Microsoft Teams to create a metaverse for companies. Through these they will offer virtual spaces for events, meetings and networking.
It will go beyond video calls and online meetings . It will simulate everyone being in an office using avatars to allow interaction.
According to experts, the metaverse will improve productivity, anticipate results and save costs. But there is still a long way to go to see it 100% materialized.
