The metaverse market is still developing but expanding quickly. The number of individuals using the metaverse for work, play, and shopping keeps growing. For tech companies looking to lead the pack, these are exceptional times. This article describes Metaverse Business Ideas.
An overview of promising metaverse development services for start-ups and established companies is provided in this article. You’ll learn the important market factors and applications to concentrate on to profit from this trend.
Users are 3D avatars in a virtual world called the Metaverse, which functions like a computer game. These avatars mimic real lives by working, amusing themselves, shopping, and interacting with others. There are several technologies working together behind the scenes to allow the metaverse to exist and grow. The idea depends on AR and VR technologies. The following are the factors that are now fueling the growth of the metaverse:
Headsets for virtual reality are necessary to enter a virtual environment. Market leader Oculus sold 8.7 million units in 2021, accounting for 78% of all VR headset sales in that year. However, additional rivals are moving in. To challenge the market leader, tech giant HTC has developed a premium VR headset. Additionally, Apple is developing a mixed reality (MR) headset. Users won’t need external controllers with this headset; they may simply glance at something on the screen to choose it and pinch their fingers together to activate it.
The major functions of today’s augmented reality glasses include taking photos, recording movies, and placing calls. Examples are Snap’s Spectacles and Meta’s Rayban Stories. In the meantime, tools like Microsoft Hololens already help workers in their regular responsibilities. For instance, mechanics at Mercedes and Audi may virtually inspect the engines of their vehicles using Hololens. Regarding the metaverse, augmented reality (AR) glasses can enhance the virtual-space buying experience.
The metaverse requires high-fidelity graphics in order for its users to fully immerse themselves in a virtual environment. This indicates that 3D visuals need to be improved. Because of this, Meta is prepared to spend millions of dollars hiring developers to work on Horizon Worlds, Oculus’ VR title. Activision Blizzard is being sought after by Microsoft in an effort to gain access to developers that create immersive experiences.
Web 3.0 represents the web’s new course, in which the majority of users are connected via a decentralized network and have access to their own data. With new apps and services built on top of this technology, blockchain is at its core. Users may actually interact in a virtual space just like they would in the real world thanks to Web 3.0 and blockchain. Purchasing virtual assets as non-fungible tokens (NFTs) is one part of this. Users get access to a huge selection of art and collectibles.
Although the metaverse is still in its speculative stages, it will soon stop being regarded as science fiction.
Even with a modest estimate, 15% of the digital economy will be moved to the metaverse by 2030, claims Statista. An optimistic prediction puts this number at 35%.
Finally, Markets & Markets predicts that between 2022 and 2027, the size of the worldwide metaverse market would grow by 690%.
There is a lot of opportunity for metaverse commercial ventures outside of the game industry.
eCommerce is being advanced in two ways thanks to the metaverse. The first is utilizing AR to increase the sale of tangible things. To encourage purchases, retailers show their customers things in three dimensions. A mobile app from IKEA that visually “places” objects in a location and a shoe-sizing app from Nike are two examples. Advertisements from shops are also increasingly popular in video games. For instance, virtual billboards in the computer game Football Manager feature commercials for Volkswagen, Samsung, and Coca-Cola. The sale of virtual goods via eCommerce sites comes in second. Virtual designer goods and real estate might emerge as the new reality in the next few years. Due to blockchain technology, some people already possess virtual assets. In the meanwhile, some players adorn their avatars in the metaverse with real-world brands’ apparel and accessories. An illustration of this is a Gucci digital bag. For $4,000, it was sold on the Roblox video game marketplace.
Given that audiences are not constrained by geographic boundaries, the metaverse presents a wealth of chances for innovation in sports and entertainment. Virtual events, however, are nothing new. The internet video game Fortnite presented a virtual Marshmello performance in 2019. 10.7 million people participated online. On a stage created for the concert within the game, the virtual avatar gave a live performance.
The metaverse, however, is more than just a venue for virtual events like concerts and festivals. Even virtual meet-and-greets with famous people are available. In the metaverse, viewers can pose for virtual selfies and ask questions. In the 3D space of the metaverse, theme parks can also build virtual replicas where guests can experience interactive paths with immersive experiences and activities. In the metaverse, museums can provide virtual 3D exhibitions.
Sports teams and venues can set up virtual events that give spectators the impression that they are at a live game. This enables fans from around the globe to support their favorite athletes in real-time. Additionally, teams can produce digital memorabilia for supporters. This is what Manchester United already does. Additionally, athletes can obtain virtual training plans and trainers from all around the world by using the metaverse.
Numerous options exist for the metaverse to revolutionize the healthcare industry. One noteworthy instance is telemedicine, which rose to prominence during the pandemic. Before 2020, fewer than half of healthcare facilities could deliver remote care. This percentage has now reached 95%, and the metaverse has the potential to revolutionize telemedicine even more. However, experts have highlighted a number of additional useful applications for AR and VR in the medical field. Virtual therapy is one of them. In aversion therapy sessions, VR is already assisting psychiatrists in the treatment of anxious patients. Similarly, a secure, monitored virtual environment can assist patients in overcoming phobias and concerns. Patients who interact with avatars in a virtual environment can simulate a real-world scenario.
Technology can also help with medical education. For instance, a virtual operating theatre can be used to instruct doctors on novel techniques or treatments without the dangers associated with actual surgery.
Rehabilitation can also benefit from AR and VR. With virtual physical therapy, patients can increase their mobility and functionality. The metaverse allows for the virtualization of a real-life scenario. It could represent climbing stairs or walking on uneven ground, for instance.
The value of virtual real estate is soaring. The price of real estate in the metaverse market soared significantly when Facebook changed its brand to Meta in 2021. Check out one of the four main metaverse platforms, Decentraland. It first offered its first land pieces for $20 each in December 2017. In December 2021, four years later, the typical cost increased to $12,000. The cost of virtual land plots generally varies depending on the platform, however, this pattern is widespread.
Land parcels that exist in virtual places make up real estate in the metaverse. Sites like Decentraland sell virtual lots for development. In a business setting, brands acquire properties to build online stores. For instance, Everyrealm created the full online retail center known as Metajuku. It’s interesting to note that the business was influenced by Japan’s Harajuku shopping district. In June 2021, this parcel of land in Decentraland was sold for $913,000.
Celebrities frequently use The Sandbox, another metaverse portal. For instance, the musician Snoop Dog created the Snoopverse, an interactive metaverse. Anyone who purchases a piece of land can become his virtual neighbor. An unidentified user paid $450,000 in 2022 to practically reside alongside the celebrity.
property acquired by metaverse real estate investor Republic Realm. The land from The Sandbox was purchased for $4.3 million with plans to construct 100 islands with residences and a boat market. Republic Realm sold 90 of them for $15,000 each on the first day.
Collaboration is one of many facets of corporate operations that the metaverse has the ability to change. In a virtual environment, distributed teams can collaborate on the same projects. This can reduce travel costs and save time for big businesses with thousands of employees. Another area where the metaverse can have a big impact is training. The group can hone its abilities in a mock setting. This is beneficial for professions that require practical instruction, like manufacturing or healthcare.
Additionally, product development and prototyping can be done in the metaverse. Realistic simulations for product design and minimal viable product (MVP) testing can be made with the use of virtual reality (VR). As a result, businesses can swiftly prototype and refine new goods and concepts. Additionally, team members from various locations can collaborate on the same 3D model. There are no physical borders.
For startups attempting to participate in the metaverse, these are exciting times. As the world becomes more digital, more individuals are searching for immersive experiences that mimic interpersonal interactions in the real world. Numerous industries, including gaming, e-commerce, and virtual real estate, have already had success in the metaverse. This opens up an exciting new market for businesses and startups.