Metaverse is full of potential; there’s no denying that. That’s why businesses are diving nose-first into the Metaverse and hoping to get huge returns on their investments.
We’ve created the following guide to help you understand how to enter metaverse as a business.
But before jumping into the guide, let’s first discuss why you should be interested in the Metaverse as a business.
Metaverse & Your Business
Metaverse is a growing market unlike any other at the moment. The market value of Metaverse and related technologies is expected to skyrocket in the upcoming years.
Metaverse has a massive market value of $100+ billion. Yet this is peanuts compared to the estimated value, in 2029, which sits at around $1,527 billion. So if you’re a business looking for growth, maybe start looking for it in the virtual world.
Metaverse is the new big thing, as it can potentially uproot the whole system. It can revolutionize how businesses interact with their customers. Influence consumers can have on the businesses themselves. And so on.
Your target audience is moving to the Metaverse and is looking for your services there. So should you jump without giving it a second thought?
No, of course not. Metaverse is still in its initial phase. Even Mark Zuckerberg, Metaverse’s biggest champion, thinks the technology will take a decade to mature. So you have to do quite a bit of research before committing. Otherwise, you may end up falling head first.
Here’s what we suggest you should do as a business:
Choose the Ideal Platform
The first step you have to take is choosing the platform where you want the business to thrive. Although Metaverse is thought to be new internet, it is divided into different platforms. You have to choose the one that best suits your business’s vision.
For example, you have Decentraland. It is a metaverse focused on creating new stuff and creating new “Worlds”. You can open a store, have a virtual office, host events, and even create your own games. But the main focus audience is younger adults. If your business is geared towards them, you should give Decentraland a try.
There’s Roblox, a game-centered metaverse. The target audience is younger than that of Decentraland. If your business caters to this audience, try your luck in Roblox.
If you don’t want to be confined to a specific age set, you can try XANA. It is a completely decentralized Metaverse with something for everyone. There are infinite opportunities for you to grab and make your business flourish.
Don’t Let Go of the Current Digital Strategies
Metaverse is about to change how we approach digital marketing for businesses. That’s not to say we can up and leave current strategies.
These strategies will form the basis of your business’s future in the Metaverse. For example, create a user-friendly website that provides all the necessary information on your business.
This way, your users will get acclimated to the virtual world. This will also ensure your audience doesn’t feel alienated in the Metaverse.
Bring Experience, Not Just Visuals
Metaverse is meant to be experienced. You must understand this and build a business model that utilizes it perfectly.
People don’t want to see flat visuals but an immersive environment. For example, if you’re considering opening a virtual store, don’t just have a 2D front. Create a complete virtual store with all the bells & whistles.
Stay Agile in these Changing Times
One thing that cannot be emphasized enough is that Metaverse is still a novice concept. No matter how much planning you put into your metaverse business, its success isn’t certain.
This volatility isn’t without its merits, though. You can test your virtual business and see what you need to modify for a more streamlined, efficient system.
Because the entry fee is non-existent for now, you can test as much as you want. This will help polish your approach and make you better at anticipating the unexpected.
Stay with Your Roots
With everything said, we want you to remember that Metaverse is just another opportunity to grow your business. It’s not The Opportunity.
Your core audience, returning consumers, are accustomed to your business as it is. So take things one step at a time. Don’t rush the process.
In the end, your recurring revenue is in the traditional ways (for now). And you don’t want to hurt it for a possible future.
We hope some of your concerns have been addressed and you’re one step closer to starting a metaverse business.
Here’s to your business’s prosperous future!