The metaverse is fast becoming the next digital frontier that everyone will want to conquer. The concept exploded last year when Facebook rebranded itself as Meta and announced it would invest billions in metaverse-related projects. This led other technology companies and brands to follow suit and begin to have a presence in virtual worlds.
Brands of all kinds, from small businesses to larger companies, can immerse themselves in a 3D world and reap the benefits of having a presence there. If you’re looking to begin your transition and move your business into the metaverse, continue to learn the steps in detail.
Let us begin!
What is Metaverse?
A shared online 3D space known as a metaverse is where users can interact not only with one another but also with computer-generated avatars and objects. A virtual world purposes the Web as its underlying network.
Metaverses are used for various purposes, including education, social media, training, and online gaming. They can be used to create virtual worlds that mirror the real world, or they can be used to create entirely new imaginary worlds.
They offer a unique and immersive experience like no other on the Internet. They are constantly growing and changing, and there are so many ways to explore and interact with them.
Statistics and Interesting Facts of the Metaverse 2023
“53% of companies that invest in the metaverse invest in cryptocurrencies. There are over 400 million monthly active users of the metaverse. The metaverse’s largest virtual world is Roblox.”
What Does Metaverse Mean for Your Business?
Businesses now have a new way to communicate virtually thanks to Metaverse’s launch. It helps them communicate, especially when conducting meetings and training sessions in remote locations. Participants can join from across the globe. In a way, it is similar to sharing an office with your colleague and communicating with people through phone calls or video calls. However, the Metaverse powered by technology like VR is much more immersive.
You could eliminate the distance between your companions, interacting with them as if they were sitting next to each other. At the same time, you could be sharing a desk with your coworker.
It bridges the gap left by other modes of communication, allowing entrepreneurs to be anywhere and communicate with anyone they want. There are several additional advantages to Metaverse, such as the ability to reach talent regardless of location and assist employers in creating new job opportunities.
Businesses can also set up a virtual retail or recreational area where users or potential customers/clients can meet and interact while playing.
Opportunities & Benefits For Businesses to Move into Metaverse
The second most important question for business owners concerns what you do: how can you help your business? Well, we’ve already seen some early benefits and use cases, and many more are currently in the works. Let’s look at some potential uses and benefits for businesses in the Metaverse:
- An evolution for remote work
As a virtual world, the metaverse will be a place where people can meet, work, brainstorm new ideas, and carry on with most of the activities they regularly do in their professional lives.
- Reduction of costs and resources
Metaverse simulation capabilities can eliminate or reduce many business costs, including staff, rent, and building and equipment maintenance.
- New marketing opportunities
The metaverse is a hot topic, and both consumers and businesses are eager to see how far it can go. Therefore, if you create a solution in this niche, it will surely attract a lot of attention and present your company as modern and innovative.
- Big visualization improvements
The virtual reality technology used in metaverse solutions allows users to experience things up close and with an incredible level of immersion and realism. This is a game-changer for brainstorming, presentations, and learning programs.
Select the Right Metaverse Platforms For Your Audience
There are many different metaverses to choose from. Here, we have mentioned a list of popular metaverse platforms you select as per your audience:
- The Roblox
Roblox said its vision is to give people a platform that allows them to create their own experiences. Our vision is to reinvent the way people come together to create, play, explore, learn and connect with each other.
- The Sandbox
Sandbox was first released in 2012 as a mobile game by Pixelowl co-founders Arthur Madrid and Sébastien Borget from France. It is another user-generated platform where users, represented as customizable avatars in the form of a block, become owners of what they create through blockchain and smart contracts.
Sandbox has three main products. VoxEdit is a 3D modeling tool where you can create avatars, plants, vehicles, animals, tools, and other objects. You can export your creations to the second Sandbox product, Marketplace, where you can sell your items. The end product is Game Maker, where users can develop 3D games without using code.
The main currency in Sandbox is called Sand. You can purchase and trade land and property, which you can select on the Sandbox map.
- The Decentraland
Decentraland has a market value of nearly $5.0 billion. Decentraland, a social virtual universe, consists of the Metaverse. Decentraland is the first decentralized online setup and the largest metaverse cryptocurrency.
Its decentralized autonomous organization has major smart deals that power the Decentraland metaverse, most notably the LAND deal, which allows users to trade digitally on the network.
Decentraland users can monetize their LAND with video games, promotions, and other attributes. MANA is the native token of Decentraland and can be used to buy LAND, names, wearables, characters, and other things on the market.
- The Bloktopia
Bloktopia’s skyscraper-themed metaverse development scheme strives to provide a medium where users can study, run businesses, meet new people, and try out various jobs in a 21-story building. Due to incomplete construction, this Metaverse will be based on human contribution and imagination. Bloktopia plans to produce new material and sources of money for the residents of the metaverse. Tiers 1-6 will be available at launch. The mystery is what’s inside.
- The HighStreet
Highstreet is an advantageous metaverse idea. You can shop in the cosmos online using HIGH, like others. Its mixed digital experience sets it apart from its rivals. The half-virtual, half-physical model adds curiosity. NFTs are essential to the success of the platform, and many businesses can join in making their items NFT-able. It is worth about $85 million as of January and will grow more and more in 2023.
How can you find the right Metaverse platform for your business?
Metaverse Business must consider different variables to determine which platform would be the right choice for the business.
Here are some variables to consider
- Ease of Payment: The platform you select should have an in-game currency that is easy to obtain and exchange.
- Accessibility: Is Metaverse the platform only available to VR users? Since most people don’t have VR yet, a platform that users can access via PC, mobile, or tablet would provide greater reach and exposure.
- Integrations: Platforms must also support chatbots and CRMs for business owners to manage customer data and provide quality customer support.
How to Move Your Business to Metaverse?
Does it sound simple to move your business to Metaverse? We definitely waiting for your answer. But before moving on, you should understand that while moving your business to Metaverse you will get two options one is to buy your own place or another is to rent your place on Metaverse to sell your services or products. However, there are several major brands that provide Metaverse rental space services.
Let’s proceed further to know the steps to rent land in Metaverse for your business.
Steps to Rent Space In Metaverse for Your Business?
There are several websites available to rent space on the Metaverse for your business. We know that there are several metaverses like Upland, The Sandbox, and Decentraland available. So, below we provided leading websites to rent space in Metaverse.
You can visit the following websites to rent space in the Decentraland Metaverse.
Steps to Start a Business in the Metaverse
Check out the steps to move your business into the Metaverse with your own land.
Step 1: Find a suitable platform
There are many metaverse platforms available. However, choosing the right platform is necessary for your business to ensure that it will realize its full potential. You can test multiple platforms to select the best one where your audience has the largest user base.
Right now, with a focus on the younger audience, the Roblox platform allows users to participate in various games and entertainment-related activities such as music concerts.
Therefore, it is recommended that you first do some solid research on your competitors and audience to understand and decide the right metaverse platform to start and expand your business virtually.
Step 2: Increase your online presence
Most businesses have already made their presence online through social media accounts, websites, or product-selling platforms. You can effectively increase your online presence by working with the marketing team. Also, you can improve your online presence on your own if you are familiar with the best marketing practices.
So before you enter the metaverse, you need to re-evaluate your current online presence and branding strategies to ensure you get a good audience base.
Step 3: Develop AR/VR apps
AR and VR devices also play a major role in bringing your business up to date in the metaverse, as these technologies can help you deliver more realistic experiences in the virtual world.
You can start with VR headsets and build apps that consume virtual reality technologies. Many brands are experimenting with AR and VR headsets. For example, ZARA has had a successful campaign that allows users to use AR apps to shop.
Based on AR technology, users can experience the fashion accessories of their smartphones on their bodies.
Step 4 – Focus on the Audience You Want to Target
Choosing the right audience is another essential factor to consider when planning to make a profit in the metaverse. Once you target the right audience, you can quickly scale your business in this virtual world.
Instead of focusing on everyone, you should focus on your target customers who are willing to use your products and services. You can do this by offering services and products based on the expectations, needs, and desires of your customers.
For example, when planning to build an educational website, you should only target students and younger audiences who prioritize boosting their careers.
Step 5: Focus on the user experience
Giving importance to the sentiment of your consumers is also vital to creating a successful product.
For example, if you’re opening a store, you might allow users to explore items in three dimensions. Or let’s say you want to create a game, then let your users stimulate and enjoy real-life actions in the virtual world.
You can improve the user experience by providing a realistic experience on your products and services by integrating VR and AR devices, AI-based technologies, etc.
Identifying what sentiment you want to convey to your customers is essential so that you can provide the best metaverse experience with your products and services. Plus, offering a more amazing experience will help you drive better customer retention, which is great for your business.
Step 6: Don’t let go of the old ways too quickly
Instead of changing all the elements of your business in the metaverse, you can try to preserve the old fruitful things like your product features, user interface, etc.
Try to replace only those old things that are not bringing fruitful results to your business. These can be unnecessary expensive features, unappealing app UI, etc.
Step 7: Stay adaptable
Try to get your business to adapt to new technologies coming into the metaverse to improve your products and services.
Preparing your business for new changes can help you adjust your business according to the demands of your customers, which eventually improves your product.
Understand why companies should choose the metaverse to make their business future-proof.
World-Class Examples Who Moved Into Metaverse
Now that you know how you can select the right metaverse platform for your business, let’s go over some major examples to help inspire you to move your business to Metaverse:
- Gucci Garden
Simultaneously with the presentation of Garden Archetypes, an immersive multimedia experience, Gucci has partnered with Roblox to launch Gucci Garden, a unique and interactive virtual exhibition. As visitors entered the Gucci Garden, the avatars turned into neutral mannequins. Wandering through the different rooms, the mannequin of each visitor absorbs elements of the exhibition. With each person experiencing the rooms in a different order and retaining other bits of the spaces, they emerge at the end of their journey as unique creations.
Nike also opened up a brand experience through Roblox. NIKE LAND features a variety of arcades and mini-games. Activation is available across all devices so players can also enjoy platform-specific interactions. For example, Roblox uses smartphone technology to identify player movement, such as running or jumping.
Along with the mini-games, players can purchase Nike digital favorites such as the Air Max and Air Force.
This metaverse experience is just one part of Nike’s long-term plans to lower accessibility barriers and integrate athletes and digital products.
- Coca Cola
Coca-Cola partnered with Tafi to design virtual wearables for Coca-Cola’s first non-fungible token (NFT) collectibles in the metaverse to celebrate International Friendship Day. Coca-Cola auctioned off an NFT loot box on OpenSea, containing digital clothing that can be worn in the virtual world of Decentraland. The Coca-Cola Friendship Box, a reimagined version of the highly collectible Coca-Cola vending machine, itself an NFT, once opened contains a futuristic Coca-Cola Bubble Jacket Wearable, a sound visualizer for capturing the experience of sharing a Coca-Cola, and friendship card inspired by Coca-Cola trading cards from the 1940s.
We Would Love to Move Your Business Into Metaverse
Don’t know where to start or how to build your go-to-market strategy to capitalize on a trillion-dollar opportunity? Contact us so we can help you build a sustainable strategy and explore what user problems we can help solve with the endless opportunities that await you and your brand. With the help of our highly experienced and dedicated blockchain developers, we become a leading metaverse development company across the globe. Likewise, with their excellent skills and experience, they move your business into Metaverse effortlessly.
Q1. How can companies sell their products in the metaverse?
Users have access to a unique in-game currency for each Metaverse platform, which they can use to purchase goods. Businesses can list their NFTs for sale within the platform’s marketplace in other marketplaces.
Q2. How can Metaverse be used in business?
By creating interactive environments where customers can interact with them, businesses can use Metaverse to connect with customers in a fully immersive virtual environment.
Q3. How can companies buy land in the metaverse?
Following are the steps to buy land in the Metaverse:
- Selecting a metaverse platform
- Setting up your NFT or cryptocurrency wallet
- Connecting your wallet to Decentraland
- Buy Ethereum through Binance and move it to your cryptocurrency wallet
- Choosing your first piece of virtual real estate
Moreover, to buy or rent space in Metaverse, you can visit some leading websites like OpenSea, Rentably.com, etc.