While the world is getting excited about the metaverse as a consumable product, professionals in the industry are increasingly intrigued by the potential for metaverse business opportunities. The metaverse promises a broad array of different experiences and concepts associated with it, and so naturally, business owners and developers are curious about how they can capitalize on this.
However, it can be challenging to fully map out the metaverse business opportunities out there, as well as understand the benefits of the metaverse for businesses. For this reason, I have written this metaverse guide for business, aimed at helping people grasp the financial and developmental potential this digital landscape has to offer.
The rise of blockchain tech can create a confusing landscape for many. Big organizations like Unstoppable Domains or even certain crypto exchanges are focusing on the metaverse, yet they are not currently developing metaverse technology. As market leaders, this can leave some small business owners wondering why this is. However, even though these major players have not fully delved into the sector, there are ample metaverse business opportunities.
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Table of Contents
- 1. What Are Metaverse Business Opportunities?
- 2. What is a Metaverse Company?
- 3. Understanding the Metaverse for Business
- 4. Benefits of the Metaverse for Business
- 5. Examples of Metaverse Business Opportunities
- 5.1. Digital Fashion and Avatar Customization
- 5.2. Metaverse Landlord
- 5.3. Architect and Interior Designer
- 5.4. Event Organizer
- 5.5. Programmer
- 5.6. Onboarding Training
- 6. Conclusions
What Are Metaverse Business Opportunities?
Identifying metaverse business opportunities can be difficult, especially for individuals who have not previously engaged in digital landscapes. It can be tough to discern which types of situations are lucrative and potentially beneficial from a professional perspective. This is essentially a new frontier, and exploring it can be time-consuming and somewhat baffling.
This can be a struggle for large corporations, but understanding the metaverse for small businesses is equally challenging. For this reason, a metaverse guide for business owners, designed to educate and offer useful insights, can be invaluable. The good news is that there are significant benefits of the metaverse for business, and a vast array of opportunities abound - they simply need to be identified!
Before delving into these, let's consider what they might look like. In general, metaverse business opportunities will have a slightly different structure and form than their physical counterparts. However, there are still some major similarities. For instance, companies working on the metaverse still produce products or services for an audience, implying that business fundamentals are still relevant.
That said, there may be other differences, such as the methods of delivering products and services, the aesthetics of the products, and the concept of ownership structures. These are significant areas that can be emphasized in metaverse business opportunities. Moreover, people who have transitioned onto the metaverse will likely have more technical knowledge, as it is not currently an easy process.
This can be advantageous, as it means you can offer more technical and complex products. But it can also be a double-edged sword, in that technically inclined individuals may be more discerning. As a company working on metaverse technology, that means you need to be meticulous with the way you craft your products and services, and how you advertise them.
Dealing with a savvy and educated user base is a great honor, as these are people who actively engage with potential products. However, it also necessitates more due diligence and precision in marketing, advertising, and overall product development. This is a key factor to consider when exploring business opportunities in the metaverse, as it can be exciting for some professionals and daunting for others.
What is a Metaverse Company?
Anyone interested in exploring the metaverse for small businesses should consider the question, "What is a metaverse company?" Broadly speaking, this is a business that offers products and services that are either distributed through the metaverse or are directly related to the metaverse conceptually. Let's clarify this with a few examples.
A company that distributes products and services through the metaverse is one that operates within the metaverse but essentially has offerings that can function outside it. For instance, someone might sell music via MP3s or FLAC files on the metaverse, despite these being usable outside such a digital space. Similarly, they might offer consultations within a metaverse conference room, even though these could technically be provided via a phone or video call.
On the other hand, a company that focuses on metaverse-specific business opportunities would only function within the context of the metaverse. For example, someone might offer digital fashion and clothing, designed for metaverse avatars. Alternatively, they might create a virtual bar or club that is accessible only through the metaverse.
Regardless, both types are companies working on metaverse technology, and they each have their own significant pressure points and unique elements to navigate. In essence, companies that provide offerings that only work in the metaverse face the same challenges as their counterparts whose offerings work off the metaverse– therefore, I will focus on the former, as it applies to the latter as well.
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Understanding the Metaverse for Business
Before comprehending potential metaverse business opportunities, it is essential to understand the tensions and pressures involved when it comes to the metaverse for small businesses and large ones alike. These are problems that the smallest of sellers, as well as industry giants, would face.
Firstly, it is necessary to ensure all tech being used is configured, tested, and up to scratch. This includes VR headsets, computers, and even internet connections. To offer a pleasant and professional experience to potential customers, business owners actively operating within the metaverse need to ensure they are perceived in a professional and accurate way.
This means making sure their avatar is moving naturally, and they are not cutting out or glitching due to poor WiFi. If you live in an area known for poor connectivity, don't worry too much; there are also metaverse business opportunities that can function without having an avatar. Depending on the metaverse, it may even be possible to have an AI figurehead who stands in within the metaverse, offering smoother interactions (albeit with a lack of human touch).
Regardless, it's essential to have some presence within the metaverse if your products revolve around it. While arguably not necessary, it's considered good business practice. It's similar to selling goods exclusive to another country where you don't have a division.
For instance, you wouldn't sell t-shirts exclusively shipping to Nigeria if you have no Nigerian headquarters. This would create a disconnect and disengagement with the country in question. The metaverse can be thought of as a country or nation of its own (with its own communities, societies, and social conventions). Therefore, it is meaningful to be present there.
In essence, familiarity with the metaverse is at least useful, and at most, necessary. The more metaverse-specific and native your products and services are, the more familiar you should be. While the term "the metaverse" is used often, remember that there are many different metaverse projects in existence, all with different rules and guidelines. While some of them have an interoperable layer, not all of them do.
Thus, for every metaverse you want to be involved with, you should familiarize yourself with it. Interoperable blockchain-based metaverses are great to focus on as your offerings can likely carry through them, meaning you can attract more customers, and perhaps experience a lower learning curve for yourself when getting familiar.
To contextualize this, Ethereum-based metaverses might have similar structures or underlying features. The advantage of this is that your products can likely move between them, and you might find many identical elements within them. For instance, for those working on digital fashion or other aesthetic-based NFTs, this is fantastic as it means that one product will function in a range of places.
Benefits of the Metaverse for Business
There are two distinct benefits that come with metaverse business opportunities. The first is that metaverse businesses have increased accessibility on a global scale. Rather than having a physical store located in one country, having a metaverse store provides the opportunity for users to approach it from any part of the world. This is one reason why KuCoin has a metaverse office; despite being global as an exchange already, having an office that people can virtually walk into still increases accessibility.
It cannot be understated how refreshing it is for customers to visit a company in a more immersive way. Websites are good for learning about a company, but a metaverse location helps customers really get a feel for the place. We process this world three-dimensionally, and a company that presents like this will, ironically, feel more natural than just interacting with a simple URL.
Another major benefit of the metaverse for business is that it shows you are working with cutting-edge technologies and are open to futuristic opportunities. Many tech companies find utility in presenting themselves as entrenched in the current developments of the digital world. Doing so serves as a great way of convincing potential customers that they are paying attention to the trajectory of this age.
This is especially important to people who are blockchain users, as the industry is constantly evolving and maturing, and it can be perceived as embarrassing to not keep up. If you are a blockchain or crypto business owner, then it might be ideal to onboard yourself onto the metaverse mainly so that this does not happen.
Some people want to steer away from the metaverse due to its novelty, waiting to see what happens with it in the next few years, but doing this could actually hurt business more than it helps. Even if this space fizzles out in the future, and the potential metaverse business opportunities dry up or never fully materialize (pun intended), to be engaged with the sector while it is on people’s minds shows that you are open to experimental avenues.
Blockchain fans appreciate those who are daring in this sense. It is a forward-thinking and expressive industry, filled with people who are constantly ready to push boundaries. Showing alignment with this may help tremendously by displaying courage in a sector that is still largely being mapped out and understood.
Examples of Metaverse Business Opportunities
Having explored the concept of what a metaverse business is, and what their potential benefits are, let's now delve into some examples of metaverse business opportunities. People looking to create companies working on metaverse tech should keep these fields in mind, as they could prove lucrative and exciting.
Digital Fashion and Avatar Customization
In the world of online gaming, aesthetic customizations are a huge financial avenue, with many free-to-play projects even using this as a major source of income. While the metaverse is not exactly a game, many metaverse projects have a range of gamified elements, with these customizations being a big part of that.
Not only this, but the metaverse brings with it the specific challenge of users all trying to stand out and express themselves. In the real world, this challenge exists, too. However, physical humans have the fantastic benefit of all being genetically dissimilar, so no two humans look exactly the same (even twins). But this does not translate over to the metaverse, where avatars are commonly made from the same template.
It is up to the individual to change themselves to look unique, and this can only be done in a limited way in the metaverse because anything you do to change your looks could typically be copied by someone else. Psychologically, this is referred to as the Need for Uniqueness; it is the necessity to not only feel distinct and unique from others, but also to be perceived as such.
One of the solutions that has arisen from this situation is to offer one-of-a-kind digital clothing, designed as a form of wearable NFT within the metaverse. By being unique, it means that nobody else can have them, which provides users with a genuine means of standing out and satisfying their Need for Uniqueness. These are made using 3D modeling tools and software, and they can range in price, with some being under $100 and some in the upper thousands.
At the moment, digital fashion designers are treating their work as highly artisan, pushing it to the upper echelons of taste and price. This is great when looking at the metaverse for small businesses, as it means that someone could create a one-person store, or hire a small group of developers and designers to produce a range of one-off pieces. The overheads would be low, as it is all digital, and if they gain critical acclaim, then the gains could be astronomical.
Metaverse Landlord
If you are wealthy enough to buy large plots of land within the metaverse, or were early enough to gain land at a reasonable price, then you can become a metaverse landlord. This is an unusual metaverse business opportunity as it naturally shares some similarities with traditional landlords, but with some huge differences. For starters, there are fewer ethical concerns about how you should handle land as people do not need metaverse homes in the same way they need physical homes.
In other words, shelter does not need to be considered as a human right. In fact, you might find that the people you work with are less so residential users, but instead, other businesses who are looking to open up a store in a prime digital real estate area. They could rent the space out from you, where you oversee what they do but give them access. Or, they could buy the land directly from you, with you thereby washing your hands of it.
Land often functions as an NFT in the metaverse, and so it can be traded as an object. This is great for those who want to buy up large portions and sell them at a premium on a secondary market, i.e. OpenSea. It becomes especially lucrative if you are able to get hold of land in a major spot within the metaverse. The best way to identify these spots is to look at a virtual map and see what spots have the most activity, or are the most built up– similar to the real world.
Architect and Interior Designer
A fascinating metaverse business opportunity that does not often get discussed is being an architect, interior designer, or metaverse builder of some sort. Businesses and projects that are looking to have a metaverse location will often need somebody to build their office, headquarters, or virtual space. This means they may need both a digital architect to build the exterior, and a designer for the interior.
This is one of those highly unique business opportunities in the metaverse which allows people to perform roles in a virtual setting that they would never be qualified or able to do in the physical world. For instance, architecture in reality requires a powerful balance of both mathematical skill and artistic flair. However, for the metaverse, the mathematical skill needed drops a little, as there is less worry or concern about creating unsound or unsafe structures.
As for interior design, while this does not require nearly as much mathematical competency even in the real world, it is notorious for being a field that is hard to break into due to its saturation. This is where the metaverse shines, as there are undoubtedly fewer interior designers who have onboarded themselves into these virtual worlds.
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Event Organizer
One of the areas where the metaverse excels is hosting events. This is because they can be immersive while also being open to all on a global scale. For this reason, there are metaverse business opportunities that revolve around virtual conferences, meetups, and other social occasions. Oftentimes, companies try to host these, but their typical event organizers may not have the experience or expertise to know how to coordinate such a situation.
This may prompt them to outsource their needs by reaching out to someone who has knowledge of the metaverse, knows what a metaverse company is, and understands how to navigate an event around them. It is a unique type of metaverse business opportunity that is sure to be in demand as this virtual realm grows and expands.
If someone were to create a metaverse event planning company, they could even one day find themselves hosting events that are paid for or sponsored by top crypto companies such as Unstoppable Domains. There is no limit to how significant such a position and role could be– especially when you consider that huge corporations such as banks are trying to enter the metaverse. These are exactly the types of companies that would want to host events but would not know how to alone.
Programmer
A much more straightforward and expected metaverse business opportunity is to be a metaverse-focused programmer. In the same sense as there are dedicated video game and software developers/programmers, there are individuals who have honed in on the metaverse as their domain of choice. These people are needed to build and expand worlds, implement new features within certain spaces, and push the boundaries of the technology.
Working with a persistent and consistent digital space, which can be accessed via VR headsets, and which has interoperable features at the blockchain level, is challenging in a way that is different from all other types of software. Not only this, but you would need to build tools that can function over a long span of time, designed to be interacted with in a multitude of ways (due to the immersive qualities of the metaverse).
Being a metaverse programmer is certainly not for the faint of heart. It entails a range of experimental features and structures, many of which would be discovered while on the job, as the field is so novel right now that there will be few comprehensive and precise handbooks. However, do not let this put you off from attempting; if you have programming ability already, and you are passionate about the metaverse, then with the help of other devs, and ChatGPT, you could very well learn how to be a metaverse dev.
This is one of those highly niche and taxing metaverse business opportunities that only a small handful of people will likely want to venture into. In one sense, this is great as it means the market is undersaturated, and may stay like this for some time, but in another sense it can be daunting as it may be hard to find like-minded individuals to help you along your journey. Nevertheless, it is very likely to be a metaverse business opportunity that could yield good financial returns.
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Onboarding Training
The metaverse is a challenging landscape to explore, even for those who are technically savvy. The depth of the experience someone is trying to achieve can require a vast range of concepts and tools to be explored and navigated. For example, individuals using VR headsets along with specialized VR controllers will need to comprehend their usage, which requires time and effort.
Not only this, but the three-dimensional nature of immersive experiences such as this also necessitates some level of acclimation, both logically and mentally. Viewing a pixelated world directly before you is not natural. In other words, it can be overwhelming. Even individuals who access the metaverse via a traditional computer screen may find it a struggle, as it's a very different type of internet they are exploring.
Because of this, some users require onboarding guidance so they can fully utilize this virtual world. This need presents a new business opportunity where people can educate others on using metaverse tools, or even act as a type of tour guide, showcasing the interface as well as various locations within the metaverse that might intrigue them.
Anyone who understands the metaverse well and possesses strong teaching skills can take on this role, provided they are able to explain complex concepts to potentially tech-illiterate individuals from around the globe. The entire onboarding process doesn't have to be covered in just one day or session; it could be an ongoing arrangement where students virtually meet with a teacher multiple times over an extended period.
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Conclusions
Of course, these are only a small handful of metaverse business opportunities that currently exist. This is such a new industry that there are bound to be new avenues springing up throughout its time. Keep abreast of this space, because if none of the ones listed appeal to you, or any of the others that exist currently but were not mentioned, then if you wait long enough, a new space will likely open that fits you better.
Or, you could lead the way and become an innovator and trendsetter who fosters a fresh avenue altogether. We do not truly know how many business opportunities in the metaverse are possible, as people are still discovering different methods of interacting with it. To be one of the people who leads the charge and carves out new paths would be highly beneficial for both yourself and for others who come after you.
Doing this could even attract the attention of veteran companies in the crypto and blockchain space who are paying close attention to the metaverse, such as Unstoppable Domains. Some crypto exchanges are undoubtedly keeping an eye on the virtual sphere, as well, and looking at what metaverse business opportunities are arising. If you build a business that is successful, lucrative, and highly acclaimed, then you could perhaps pique their interest, and even form a working relationship with them.
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