Business Opportunities in the Metaverse

For the past decade, one of the most generic statements one can read was that we live in a digital world. While the internet and smartphones have consumed most people’s lives, we still exist in physical reality, where individuals must interact and transact with each other face to face, at least some of the time. However, thanks to the birth of shared spaces known as metaverses, that may no longer be the case. These online platforms have brought us one step closer to something akin to the human race’s existence in the movie – the Matrix, released in 1999. Okay, that may be somewhat of an exaggeration. Yet, the fact of the matter is that today, everyone with a stable internet connection can join a virtual world where they can explore its vast map, make friends, and generate real-world profits via crypto tokens.

Even though Facebook’s CEO Mark Zuckerberg got the world talking about metaverses by announcing his company’s future VR social network of the same name, these services/platforms have existed for a few years now, with most of them operating on the Ethereum blockchain. Not only that, but people have used them to prosper monetarily in various ways. Below, we get into how people can get in on the world’s hottest trend, metaverses, and how they can line their pockets with cash by expanding their entrepreneurial spirit to virtual shared spaces.

Creating & Selling Digital Items

Almost all metaverses available feature 3D environments similar to those in popular open-world games. Thus, much of their in-world diversity stems from the unique structures and items that users can enjoy through their digital avatars. Naturally, these items can get created using various 3D modeling tools, and then they can get sold as non-fungible tokens at the platform’s primary marketplace or on secondary ones. A recent example of someone paying a hefty sum of crypto cash for a virtual creation was a user of the Sandbox metaverse, who forked over a stunning $650,000, or 149 Ether tokens, for a three-story Super Mega Yacht called the Metaflower. The Hong Kong-based game software company Animoca Brands created the Sandbox platform and the popular mobile game of the same name.

Get into the Virtual Real Estate Game

Metaverses have self-sustaining blockchain-powered economies. One of the principal reasons why this is possible is that they are decentralized organizations where anyone owning a part of the “in-game” map has a right to vote on platform policies. However, users do not merely own this land. They can build structures on top of it, lease it, and sell it. Hence, the metaverse real estate market is more or less identical to the real world one. Since, in a sense, parcels of land are digital assets, they are also non-fungible tokens that can get listed for sale at a marketplace, and they get provided when a platform launches by way of an initial coin offering. In November 2021, a lot of land in the Decentraland metaverse sold for $2.4 million, or 618,000 MANA Ethereum-based tokens.

Run a Business

With users having the ability to own plots of land and peer-to-peer transactions being a possibility, nothing stops industrious individuals from operating a fledgling business online in game-like environments. Many have already done so and thrived. The mentioned metaverse, Decentraland, is home to multiple varied establishments that offer a wide range of services. Decentraland’s customer base can socialize in taverns and nightclubs, visit museums, and play casino games for prizes in the form of crypto tokens that they can later convert for fiat money at an internet exchange. One of the celebrated gaming venues in Decentraland is Tominoya Casino, which offers many traditional gambling products. There is little doubt that VR casinos could soon replace the existing experience of live dealer casino games that are currently the most authentic bit of gaming fun on the World Wide Web.

Marketing & Entertainment

At writing, the most popular VR online shared spaces have several hundred thousand registered users, with a few dozen thousand logging each day. Of course, these numbers should dramatically increase in 2022, and that opens the door for top-end brands to seek to advertise in metaverses, mainly if these companies accept crypto payments. On some scale, that has already occurred, consequently opening the door for landowners to lease space for billboards and venue operators to allow marketing posters. Entertainment-based activities other than gambling are gaining traction in metaverses. That holds practically true for concerts, which are now very in vogue. Recently, the Warner Music Group partnered with the Sandbox to create a performance space in this metaverse, and artists like Justin Bieber and many others have ventured off into performing on digital stages.

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