Currently, the world has been rife with advancements that sounded impossible a decade or two ago. No one would have believed that the internet would evolve once again after getting signs of possible saturation. Now, Web3 has become possible, and newer business opportunities have been realized. While Web3 has many technologies under its umbrella, metaverses pave the way for firms to push past limits to rise to prominence. With the year rewarding businesses despite crypto slumps, metaverses hold the key to success for startups looking to sail down the endless virtual ocean. This blog focuses on the top 7 metaverse business idea to reap benefits, with inputs from our experts.
1. Virtual Event Spaces
Socializing has become virtualized today, with dedicated metaverse spaces hosting various events. Concerts, movie events, conferences, and performing shows have been the main users of these spaces. Notable music creators have conducted concerts on platforms such as Fortnite, Decentraland, and The Sandbox. These event spaces bring together a global audience in unimaginable numbers, making people able to enjoy their time from the comfort of their homes. Metaverse event spaces can also be lucrative for people accustomed to event management activities.
2. Immersive Learning Spaces
Today’s education has evolved, with new courses springing up now and then. Metaverse learning spaces can supplement real-world educational institutions by enabling them to teach concepts to students through immersive visuals created using various Web3 elements. Even portals running MOOCs (Massive Online Open Courses) can utilize virtual worlds to provide detailed learning experiences to learners. Even training courses based on computer simulations can be more real-world-like to equip students with the necessary skills.
3. Immersive Shopping Spaces
Shopping has already seen a revolution with E-commerce platforms, which can provide immersive experiences using metaverse technology. As a business idea, such spaces can support existing portals by allowing buyers to virtually try on products before proceeding to purchase. With NFTs gaining huge attention, exclusive stores selling virtual NFT products can be useful for buying items for a user’s digital avatar. Immersive shopping experiences can also benefit users bound to restricted movement due to geopolitical or physical constraints.
4. Gaming Spaces
Perhaps the most popular metaverse business concept today, metaverse gaming spaces offer playing experiences similar to all those science fiction movies across the years. While NFT games brought a revolutionary change by incentivizing gamers, metaverse technology offers enhanced experiences to players while retaining earning options. Metaverse games use blockchains, VR, AR, and data science principles to provide more realistic gaming experiences. The evolution of AR/VR devices only increases the scope of the field as time passes.
5. Remote Working
Remote working spaces on the metaverse have generated buzz in the aftermath of the global COVID-19 pandemic. These platforms help companies to bring employees closer virtually, ensuring efficiency. Meetings become more inclusive with digital avatars with added options. Building connections and innovative collaborations are made easier for remote-working companies through dedicated metaverse spaces, ensuring productivity for organizations. Using other Web3 elements makes companies have more satisfied employees and brace themselves to accommodate the new-gen workforce.
6. Advertising Spaces
Metaverses have already been viewed as marketing tools by numerous real-world brands that have opened their outlets in the virtual worlds. While running outlets also have the element of shopping space, exclusive advertising spaces exist on these platforms where businesses can pay to promote themselves to the community. It is low-key similar to renting advertising billboards in the real world. The growth of metaverses with time will only accumulate profits for someone renting virtual spaces for advertising.
7. Virtual Real Estate
Another existing business model inside the metaverse industry is investing in digital land parcels. Landowners can either speculate on the plot price to sell it later or rent it to metaverse-based ventures to earn passive income. Applications such as Decentraland and The Sandbox are popular metaverse real estate destinations, and some businesses base themselves on the field of virtual real estate, where they act as third-party resellers. Such firms attract immense profits, making them a viable business model.
While there are many more metaverse business ideas out there lurking to become prominent, the seven suggestions presented above by our experts are on the trending lists now. The list is projected to stay stable for some time unless another disruptive trend sweeps Web3’s feet. Choosing any of the above options can be a no-brainer if you want to get on the metaverse bandwagon as a business. Blockchain App Factory’s expertise lies in utilizing the trends perfectly to cater to clients’ business requirements.
Our metaverse development services mainly encompass event spaces, games, marketplaces, and virtual real estate, while our developers are open to realizing any innovative idea thrown at them. As a Web3 enterprise firm, we also offer consultation, marketing, and support services for metaverse-based businesses looking to stamp their mark in the Web3 space.