Navigating Business Entry into the Virtual Universe: A Guide
The metaverse, a virtual world where people interact, work, and shop, is quickly becoming the next big thing. With tech giants like Meta Platforms (formerly Facebook), Roblox, and Decentraland leading the charge, numerous companies are exploring the opportunities this digital realm offers.
Roblox, a popular metaverse platform with over 49 million active users, primarily caters to a younger audience, providing a variety of games and entertainment. Other key players include Yuga Labs (with the Otherside platform), HYTOPIA, Infinite Reality, DTTM Operations (owned by Donald Trump), and many more.
As businesses consider moving their operations to the metaverse, it's crucial to re-evaluate current online presence and branding strategies. The metaverse offers potential for businesses in various sectors such as healthcare, retail, real-estate, gaming, and more.
A survey of global internet users in late 2021 identified several key benefits for businesses in the metaverse. These include easier collaboration, improved customer engagement, and the potential to reach a global audience. To jumpstart your metaverse experience, it's recommended to experiment with VR headsets and other supporting technologies.
Top brands like Google, Microsoft, and Facebook Inc. have already invested in cloud computing and VR companies to anticipate the metaverse industry's expansion. Brands such as Zara, Chanel, Gucci, and others have started experimenting with AR/VR features.
High-profile brands like Samsung and Sotheby's are already making their presence in Decentraland, another metaverse platform focusing on creating digital infrastructures powered by Ethereum blockchain technology. This platform attracts a more mature audience.
Brands like Gucci, Valentino, Nike, and Adidas have started collaborating with Fortnite on content marketing, PR campaigns, and sponsored metaverse events. This new way of communicating and collaborating with users from anywhere in the world virtually opens up exciting possibilities.
The global metaverse market is expected to reach $1,527.55 billion by 2029, growing at a CAGR of 47.6%. By 2023, 75% of business leaders plan on utilizing AR/VR, with global spending expected to increase sixfold by 2025.
Before choosing a metaverse platform, it's important to research the top metaverses, understand the audiences they attract, and how your business can fit into a virtual world. To start a metaverse business, one should find the right platform, strengthen online presence, focus on the target audience, focus on the user experience, get acquainted with cryptocurrencies, and remain adaptable.
Developing an AR/VR application can help businesses get attuned to the new reality of the metaverse. Businesses can build and monetize recreational areas, VR clothing stores, and offer architectural structures or digital creations in the metaverse.
The metaverse development company can help businesses understand all about the metaverse for business and help them enter this domain without any hassle. With the right approach, businesses can seize the opportunities the metaverse offers and thrive in this exciting new digital frontier.
