The Metaverse is a topic that has been taking over 2021. Let’s look at some of the opportunities that will come with this 3D Virtual Space, and how your business can implement some of these strategies to be successful in this new environment.
The first opportunity of the metaverse is through product placement and advertising. Remember, a metaverse is a shared 3D virtual space linked into a perceived virtual universe. So as people spend more time in the metaverse, you’ll be able to place more advertisements in the virtual universe, similar to if it was in real life like Times Square.
The second opportunity would be sponsorship of events and concerts. Companies will have opportunities to sponsor more artists, athletes, and other celebrities to host certain events in their name. These events will attract lots of people, thus serving as advertisements and garnering attention to your business.
The third opportunity would be selling digital-only products. In real life, you can visit a store and try on a hat, shoes, or a jacket. But in the metaverse, what if your customers could try on a product virtually or even buy digital assets like clothing or shoes for their virtual avatar?
The fourth opportunity would be remote work. Businesses could create coworking spaces where employees could work at home but would be in a realistic simulated working environment which would make them able to collaborate with their coworkers. This type of technology could also be used for virtual job training, hosting trade shows and conferences, and even meeting and working with executives.
Another big opportunity would be gaming. As the metaverse continues to develop, companies have the opportunity to develop more virtual reality games to provide gamers with next-level virtual reality experiences. As new and improved virtual reality games come along, they also come with sponsorship and product placement opportunities.
Similar to businesses having coordinators and organizations to help them with their digital presence, a metaverse coordinator would be needed for the transition to the metaverse. In addition to the transition, people who provide metaverse services may be able to enrich the company’s presence which would bring in more traffic and attention. An example of this is creating digital twins for companies, such as replicating a stadium. Companies that can create these digital services will likely be in high demand.
Metaverse hardware is another popular area for opportunity. Just as the internet was once primitive technology in the late 1990s’ the metaverse and virtual reality are the same. As the metaverse continues to develop, the technology to access the metaverse will improve as well. Instead of virtual reality headsets, the technology could improve to metaverse glasses, and then eventually contacts and even haptic suits to better interact with the environment.
Another opportunity would be the ability to improve your daily business operations. For example, one company created a digital model of their brewery and supply chain in the metaverse. This allowed them to improve their operations because they were able to sync it up to their actual brewery in real-time. They were then able to change their brewing process and conduct quality control for their product, substantially improving their efficiency.
These are just a few of the multitude of opportunities that the metaverse has to offer. As time goes on more and more opportunities will continue to present themselves, and even more businesses and niches will appear.
