How to Start A Business in The Metaverse- An Exclusive Guide
written by Nitin Garg | Dec 21, 2022
Imagine a virtual world where people can interact, move, work and shop with each other- this is what the metaverse looks like. As we move towards the exciting and new era of the virtual environment and digital currencies, the metaverse has evolved over time. With the advancement of technology, the metaverse has gradually become a hub for investment opportunities for businesses across the globe. Moreover, it supports a virtual economy which means anyone can make money building a decentralised and virtual business.
Be it fashion, photography, health, sports or gaming; everyone is leveraging the power of the metaverse to make operations and functions seamless and automated. The metaverse marketis not just limited to virtual video games, it has become wider and now you can even conduct realistic business meetings and virtual training sessions by using a digital asset, network connectivity and a VR headset.
In a nutshell, we can say that metaverse has made interaction and communication less complicated by introducing a virtual and decentralized environment. Using metaverse, you can take your business to the next level and even on the highest ladder of success.
Now you must be wondering about how to start a business in the metaverse. Well, that’s not as simple as it looks. In this blog, we will cover all the aspects related to metaverse for business, including the process, type of metaverse business, cost, and much more.
Table of Contents
Metaverse For Business: Market Overview
According to the research, the global metaverse market size was valued at $63.83 billion in the year 2021. The market is projected to grow from $100.27 billion in 2022 to $1,527.55 billion by 2029. The industry is showcasing a CAGR of 47.6% during the forecast period of 2022-2029. (Source)
Metaverse is a digital-driven technology that is backed by virtual reality, augmented reality, artificial intelligence, mixed reality, blockchain, cryptocurrency, NFT and others. Metaverse is gradually entering almost all sectors or industries of the economy, offering a rich user experience in the virtual space.
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Metaverse has introduced a new way to connect with people worldwide. Metaverse has its own in-built virtual economies wherein anyone can trade their digital or real-world assets. This is the reason why it is a lucrative option for most businesses today. For instance, if you are a builder and want to showcase your architectural antiques, you can use metaverse technology to do so by just displaying that particular structure in the digital environment. This will not only help you earn money from the comfort of your home but also help you tap into a global audience irrespective of any demographic limitations.
With a VR headset and seamless internet connectivity, you can enter the virtual office to conduct regular or complex day-to-day tasks in a matter of a few seconds. Metaverse establishes an opportunity to communicate, interact, and work without any limitations or pre-defined borders. One must hire an experienced metaverse development company to get high-quality and feature-rich metaverse development services.
There are plentiful reasons for starting a business in the metaverse, here we have listed some of the top factors that conclude that the metaverse is the best platform for your business module:
1. Increased Business Opportunities
Metaverse is not a new concept in the world today. Almost every business or famous individual like a singer or entrepreneur is interested in developing their own digital asset to leverage the benefits of the metaverse world. From virtual space creation to increased collaboration and interaction, the metaverse has become a centre stage for varied business opportunities to make a fortune.
For example, recently, a famous Punjabi Indian Singer, Daler Mehndi has marked his presence in the metaverse after buying a piece of land in the virtual world. Through metaverse Balle Balle Land’s recent concert, he drew around 20 million spectators from around the globe, which made the concert a huge success.
2. Enhanced ROI
The metaverse is a hub for enhanced investments today. Every other business as mentioned earlier is leveraging the benefits of the metaverse to generate high returns on investments. Companies are making the best use of AR and VR technology to keep up with future trends and innovations.
According to the report by Mckinsey, it is revealed that metaverse has the potential to generate up to $5 trillion in value by the year 2030. Metaverse is going to be so big that companies would not be able to ignore it but rather leverage it to the fullest.
3. Maximum Collaboration
Metaverse has the maximum potential to make the future of work better than ever before. Today the upskilling of the employees has become much faster and seamless. Having said that, many leading companies have adopted Mesh to make their workplace and employees virtually connected to each other. Technology has come a long way as now it’s more than just a Zoom meeting. Virtual meetings are nowadays connected with virtual and augmented reality wherein people feel like they are sitting in real. As a result, collaboration and interaction have become quicker and uninterrupted.
4. Easier transactions
Today metaverse and cryptocurrency go hand-in-hand. With the advent of blockchain and cryptocurrency, there is a high demand for digital wallets and digital currency to support the requirements of current trends. As a result, cryptocurrency has transformed the entire transaction system by making it digital, seamless and transparent. There is no need to link your bank account with virtual worlds; payments can be done with a few clicks and in a matter of fewer seconds.
Steps to Start a Business in Metaverse
From small to large companies; everyone can start a business in the metaverse to leverage the profitable benefits offered by this new-age technology. Starting a business is a hard nut to crack, and hence requires a lot of brainstorming, planning and research. To make your business launch much more easier and cost-effecting, here we have listed some of the major steps that you must follow:
1. Select the Right Platform
There is a wide range of metaverse platforms that are available out there in the market, but not all platforms are efficient with all types of business. Therefore selecting the right metaverse business platform is of great importance and holds the utmost value when it comes to launching a new business. Companies from real estate, fashion, sports, and gaming started using these platforms to launch their own virtual brand.
The most famous metaverse platform that is becoming mainstream is Roblox, which recently has more than 49 million active users. By focusing more on the younger generation, the platform is offering exciting gaming and entertainment-related activities like music concerts, games, and much more.
Apart from Roblox, leading brands like Gucci and Nike have started their own virtual stores to promote their products in a virtual store, where people can buy their NFTs of real-life sneakers or sportswear. While other brands like Samsung and Sotheby’s are making a difference in the metaverse platform called Decentraland.
It is advisable if you research well about your competitors and target audience before selecting an appropriate metaverse platform.
Some of the best metaverse platforms you can choose from are:
Decentraland is a blockchain-based virtual social community, known for exchanging, building and exploring virtual worlds. The platform is globally accessible to everyone, and you can build and explore the virtual space in the most creative sense possible.
B. The Sandbox
It is a kind of decentralized NFT game metaverse widely used by players to sell, buy and make money from virtual reality NFTs. It enables gaming business owners to make a fortune by selling virtual goods, and other gaming activities in the virtual space.
c. Axie Infinity
The creatures that are present in the game known as Axie are the ones players need to grow and breed to stay in the gameplay. It is the best metaverse platform for gaming or sports business. It can take your business to advanced levels with its features and specifications.
Metahero offers a fully interactive and engaging metaverse environment that allows users to create digital avatars and gadgets with 3D scanning and modelling technologies. It is among the top metaverse platform today for greater scalability, reliability and credibility.
E. Star Atlas
It is a type of metaverse platform with space-themed design and elements. The platform is widely known for its potential of allowing users to create, purchase and sell NFTs. this platform also supports Solana blockchain tokens for faster and cheaper transactions.
2. Focus on your Target Audience
Choosing the right audience is of great importance when it comes to using the metaverse for business. Without selecting the right audience, you won’t be able to create a niche for your business. Instead of focusing on the population as a whole, focus on a set of target audiences, willing to purchase your products and services.
For example, if you are going to launch an educational institute in the metaverse, you are likely to target students and teachers. While if you are launching a sports fashion brand, you will target sports persons and athletes as your target audience.
3. Create an engaging and interactive UI/UX
Define the elements that you want to integrate into your metaverse platform. Make sure to keep the UI/UX interactive and engaging. Moreover, focus on implementing user-friendly and easy-to-use features, graphics and interfaces that can help you attract and retain more people on your platform.
4. Write a smart contract
It is important to write a smart contract to build a metaverse platform. The anatomy or functionalities of the smart contract depends on features, technical aspects and structure of the metaverse platform. Compelling metaverse projects such as Decentraland, and Axie Infinity use smart contracts for managing and controlling digital assets such as land, real estate and NFTs. A smart contract is essential in the metaverse to maintain trustworthiness and reliability backed by blockchain immutability.
5. Create a metaverse wallet
Incorporate safe and seamless payment methods to make trading in the virtual space. Make sure to implement crypto and digital currency support to enable people to do transactions in less time possible. Crypto tokens like Ethereum, Solana and bitcoin are becoming increasingly famous nowadays. Make sure to choose the right crypto token for your business.
6. Development of metaverse
Keep the above-mentioned points in mind to build a successful and customer-oriented metaverse platform. Make sure to utilize next-generation technology and tools to keep up with rising trends and innovations. Take care of your target audience and type of business to translate your business USP in the most efficient manner.
7. Launch and maintenance
Once you are done with the development of the metaverse platform. Make sure to do testing and quality assurance of the respective metaverse business to check the performance of the same. Launch the metaverse business with the right marketing and promotion strategy to target the right set of audiences. After the launch, make sure to keep a check on the regular updates, technical upgrades, and quality checks to make goodwill in the market while retaining the community of loyal customers.
Things to Consider When Building a Metaverse Business
There are certain things that you must take care of while building a metaverse business. These factors are
1. Online Participation
A varied range of industries and sectors have started enhancing their online presence in this new metaverse era with the help of their website and social media accounts. So before you head out to increase your online presence, make sure to evaluate your existing participation and branding strategy to make an embarking difference.
Make sure to keep the latest market trends and technologies to keep up with the requirements and expectations of the current audience.
2. AR/VR Applications
If you are planning to enter the metaverse world, this means you need to take Augmented reality, virtual reality and artificial intelligence tools in mind. To begin with, start using VR headsets to see how virtual reality can transform your niche of business. A lot of leading brands have started experimenting with AR/VR tools to take their business to the next level. While others have shifted their focus to VR/AR mobile app development to capture the benefits of the metaverse to the fullest. For instance, Zara, a renowned clothing brand launched a successful campaign that allowed users to optimize AR apps to do shopping.
AR mobile app development can help brands create a virtual environment via which they effectively and efficiently display their range of products.
3. Focus on User Experience
Users are the most precious asset of the business. And people who are entering the metaverse don’t want to just see the things in virtual reality but also experience the same. For instance, if you are creating a game in the metaverse, let the controls of your gaming applications simulate real-life actions. Metaverse uses blockchain technology to make the entire platform decentralized, open and transparent.
Make sure to keep customers’ preferences, likes, and dislikes in mind to offer them a personalized user experience. This, in turn, will increase user attraction and retention.
4. Be Open to Transformations
Technology can never remain constant. It is changing day by day and to keep your business running, it is very important to be open to transformations. Ensure that your metaverse business is adaptable to technological advancements.
This will eventually help you increase user experience as per the changing demands and tech infrastructure. If you are planning to launch your business in the metaverse, make sure that your business is adaptable enough to equip tech transformations or moderations.
Metaverse can help you unleash the true potential of your business in a manner like none other. From immersive entertainment to enhanced customer engagement; metaverse can take your business profits and reach the next level. There are different types of metaverse business opportunities that you must check out:
A. Virtual Concerts
Metaverse is dominating and transforming the behaviour of a wide population. It has changed how people spend their time online. The technology has revamped the real-life experience by making virtual concerts and events much more interactive and enticing. Big names like Marshmello, Justin Beiber, Ariana Grande, Galantis, and Lil Nas X are leveraging metaverse platforms like Roblox, Wave and Fornite to the fullest.
Most recently, Travis Scott’s metaverse concert has gained immense popularity and attracted around 27.7 million unique users. The main thing that is unique and excites everyone is that you can experience a virtual concert from the comfort of your home. This clearly resonates that the future of live music is here to stay.
B. Immersive Entertainment
Metaverse is gaining immense entertainment, especially from youngsters who are driven by technology and the latest market trends. For example, the gaming platform Roblox has attracted 67% of users under the age of 16. For instance, Disney is also leveraging the benefits of the latest technology metaverse to create its own theme park metaverse which would project 3D images and virtual effects on physical spaces.
C. Enhanced Customer Engagement
Metaverse platforms have transformed how, when and where people interact with each other. This created a room for virtual worlds wherein people can engage with others using AR/VR applications and seamless internet connectivity. A perfect example to give here is Forever 21, which is transforming its operations in the virtual world. With the help of the metaverse platform, Roblox, the brand is allowing users and influencers to personalize their own fashion stores in Forever 21 Shop city.
Forever 21 virtual shopping stores allow users to not only role-play, interact and engage but also add merchandise from the new collection released in physical and e-commerce stores and buy it virtually. In a nutshell, forever 21 is inspiring other brands to change their customer engagement model by making it virtual, uninterrupted and seamless.
D. Seamless Remote Working
The Covid-19 pandemic changed the entire functioning of the business and work by introducing virtual meetings, seminars and hybrid working models. Technology has become mainstream today. It has come a long way with the introduction of an avatar, motion capture gloves, and VR goggles.
A leading company like Microsoft has just now launched Mesh for Microsoft Teams, designed to make online meetings and seminars more streamlined, engaging and fun. Businesses can build their metaverse using Teams, where users can create their own digital avatars into spaces where they can collaborate, socialize and interact. Apart from Microsoft, Facebook has also launched its virtual workrooms to improve the team’s capabilities to communicate, collaborate, and interact remotely through the power of VR.
E. Improved Learning and Training
The emergence of the remote working model has led to the introduction of virtual training and learning sessions. Businesses are adopting interactive and refreshing virtual platforms with the help of AR/VR technology to offer people an opportunity to learn and retain information faster than ever before.
Today students are learning from the comfort of their couches in the most affordable and risk-free manner free of any demographic and safety limitations. As per the analysis of PWC, it is clear that with the adoption of metaverse technology, the learning and upskilling of the employees have become faster. This means e-learners are likely to learn faster than students in real-life classrooms. As a result, VR training has become a widely accepted method to upskill employees in the most affordable manner.
F. Branding and Marketing Opportunities
Brands like Nike, Vans and Hyundai have started making their presence in the market by tapping the most trending technology, i.e., metaverse. They are adopting VR technology to make their engagement and customer interaction more than ever before. A leading brand like Chipotle has taken metaverse technology seriously by merging two worlds together; the physical and the virtual world. Moreover, the brand has decided to donate a share of its in-game item sales to young farmers.
For businesses that are trying to establish something creative and unconventional, the metaverse is the right catch for them. With this technology, they can not only reach a global audience but also generate a great amount of revenue or augment their brand awareness.
There are various types of metaverse businesses as it has entered almost every sector or industry. From real estate, fashion to tourism and social interaction, the metaverse is gradually becoming mainstream today. The metaverse market is expanding day by day with businesses launching their operations in the metaverse. Here is a list of some of the most common types of metaverse businesses, including
1. Metaverse for Real Estate
Metaverse has made trading in real estate automated, seamless and quick. Now people can sell their physical assets in the virtual world using NFTs or cryptocurrency. Metaverse development company uses smart contracts and trader-centric to initiate smooth selling and buying of a wide range of digital assets.
2. Metaverse for Tourism
Virtual tourism is one of the most exciting use cases of metaverse that excites people of all ages and gender. Metaverse allows virtual world development allowing people to enjoy far-away destinations from the comfort of their homes.
With 360-degree virtual, people can not only watch the location but can experience them in virtual reality. If you are from the travel and tourism industry, you can make a fortune through VR/AR mobile app development.
3. Metaverse for Fashion
Metaverse has something to offer everyone. Just like the tourism industry, the metaverse has created a great impact on the fashion industry.
Now fashion brands can open their virtual stores to display their products and services in an effective manner. This allows people to buy products of their favourite fashion brands in virtual and seamless ways.
4. Metaverse for Social Interaction
Metaverse has also transformed social interaction and online entertainment in a manner like none other. Users now have become modernized and started communicating and interacting using digital avatars and digital clones.
The biggest example of this is Facebook, a leading company which has changed its name to Meta. This clearly shows that the metaverse market has introduced great opportunities in the digital space.
5. Metaverse for Gaming
Metaverse technology is greatly used in the gaming industry. Gaming entrepreneurs and established game development companies have started leveraging metaverse in all their platforms to make them decentralized, and transparent. For example, popular online games like the sandbox, axie infinity and sorare are some of the major metaverse games that are doing fine in the market. Most gaming business owners are interested in metaverse casino games development to generate high revenue and reach a global community of gamblers.
If you are fascinated by the metaverse market and want to launch your own gaming platform in the metaverse, choose us as your metaverse game development company to get cutting-edge, creative and innovative metaverse game development services.
If you are interested in knowing more about metaverse or VR games,
It is nearly impossible to define the exact cost of a metaverse business. The development of a metaverse platform with basic features and functionalities will cost you around $30,000 to $40,0000. The cost may shoot up depending on the features and specifications of the metaverse development. This may go up to even $60,000 and more. The factors affecting the cost of metaverse business development are:
Technology has seeped into our lives and changed it for the better. With the advent of technologies like blockchain, AR, and VR, the metaverse has become mainstream today in almost all sectors or industries of the economy. As we have mentioned earlier, metaverse technology is a cornerstone of achieving a milestone today. The future of the metaverse is very bright and it is growing exponentially over time.
Metaverse has already penetrated the market by introducing itself in clothing, education, health, entertainment and the corporate sector. If you want to flourish your business in the current market, make sure to leverage the latest technology metaverse to make it automated and seamless.
Why Choose BR Softech as a Metaverse Development Company?
Metaverse is revolutionizing every sector and industry in a manner like none other. Hence, it is very important to choose an experienced and the best metaverse development company to get customizable, high-performance and feature-rich metaverse app development solutions.
We have a team of a certified and experienced team of developers having hands-on experience in delivering metaverse game development services. We aim to focus on customer centricity and satisfaction to fulfil every requirement and expectation of our client’s project. Choose us to get:
24/7 constant services
Experienced metaverse game development company
Robust development process
Cost-effective metaverse solutions
Start a business in the metaverse is not the same as starting in real life, as you would require expert advice from a metaverse development company. Therefore, you must have a clear idea about your business goals, mission and vision so that you can achieve them with VR/AR mobile app development. The potential of the metaverse is limitless and if you want to unleash its full potential, launch your business as soon as possible to make it innovative and future-ready. Take help from our certified developers, offering supreme-quality metaverse app development solutions.
Metaverse is the combination of next-generation technologies such as blockchain, AR, VR and AI that allows users to interact, work, move and even communicate using digital avatars.
Q.2 What is the metaverse for business?
Metaverse technology has transformed the way businesses operate and work. You can also transform your business with the help of a metaverse development company. Be it fashion, sports, gaming, health or tourism, the metaverse has helped brands create their own virtual stores.
Q.3 What are the benefits of the metaverse in business?
Virtual world development or metaverse has a lot to offer. Some of the major and unmissable benefits provided by metaverse development are increased ROI, high reach, seamless gameplay experience and uninterrupted customer support.
Q.4 How long does it take to build a metaverse business?
It will take around 4 to 5 months to build a metaverse business with high-end features, graphics, and customer support.
I am Nitin Garg Founder of BR Softech PVT LTD - an Award-winning, app, web & game development company. We are armed with 180+ geeks & 2753 clients worldwide, I have driven by the spirit of entrepreneurship and dream to build a billion-dollar-company.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2012 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, and mobile game/software development intending to deliver outstanding digital outcomes.