The metaverse is a shared and persistent virtual space that exists in real-time and emerges from the convergence of virtual reality and virtually enhanced physical reality. This blending of worlds is causing a paradigm shift propelled by technological evolution and is opening up new possibilities – exciting opportunities for consumers and businesses alike. So whether performing a virtual concert for a global audience or holding an executive meeting with your company in a realistic digital boardroom from the comfort of home, the metaverse means big things for the future of business.
Industry leaders and tech giants like Meta, Apple, and Microsoft are heavily investing in the metaverse, suggesting that this concept is not another experiment but the future. To stay competitive in the modern world, businesses need to develop strong strategies for entering this new virtual world.
This is why gaming, NFT and metaverse ecosystem GamesPad has created Metaverse: Emerging Business Opportunities, an inclusive research paper that explores metaverse markets, business opportunities presented by this new concept, as well as strategies to enter emerging markets.
The research paper is written by GamesPad and BullPerks Co-Founders Constantin Kogan and Eran Elhanani. It overviews over 20 metaverse trends, unique statistics collected from around 1,000 respondents, as well as insights by the top industry experts and thought leaders including:
- Yat Siu (Co-Founder of Animoca Brands)
- Wahid Chammas (Chairman & Co-Founder of Faith Tribe, Co-Owner of Faith Connexion, and Founder & CIO of TyreGate Capital)
- Travis Wu (Founder of Highstreet)
- Brian Hazan (Co-Founder of THE HUSL)
- Philip Devine (Co-Founder of CryptoBlades Kingdoms)
- A. Bahadir Yener (Founder of Metawear)
- Gal Yosef (3D Artist, CEO of Reflection Studios)
- Anastasia Drinevskaya (CEO and Creative Director of Cointelegraph Communications)
- Shawn Mims (American Rapper, Co-Founder of Cre8tor and RecordGram Inc.)
- Warren Parker-Mill (CEO of Fashion Metaverse Club)
- Eathan Janney, Jeff Kelley, and Josh Kriger (Co-Founders of Edge of NFT podcast, Edge of Company, NFT | LA)
- Gary Ongko Putera (CEO and Founder of BOOM Esports)
- Dana Kachan (CMO at GamesPad and BullPerks)
- Petrix Barbosa (Co-Founder of MoonBoots Capital)
Business in the Metaverse
The metaverse will unlock new opportunities for almost all businesses. First of all, metaverse experiences can help businesses connect with their existing clients on a whole new level of personalization, as well as reach new markets. Moreover, the metaverse can transform products and services, production and distribution processes, organizational operations, and more. GamesPad has identified some of the main economic sectors that will benefit from the metaverse.
Players have globally shown a preference for games that offer immersive experiences with 3D graphics, VR-enabled titles, and platforms for user creativity. Almost 3 billion gamers worldwide are predicted to enter the metaverse to experience next-level gaming, which puts the gaming industry in a unique position to benefit from the metaverse.
Moreover, according to GamesPad, 44% of respondents consider Play-to-Earn gaming the most exciting aspect of the metaverse. The ability to disrupt traditional modalities and progress metaverse concepts shows the power and importance of Play-to-Earn gaming for the future. It’s proven by data by Play-to-Earn NFT game CryptoBlades Kingdoms: since August, their users completed 23,709 battles, trained 4,472,925 units, looted over 313,146,492, and collected more than 1,712,753,259 in wood, stone, and clay, which demonstrates the users’ growing interest in the GameFi space.
Avatars are the central fixture of a player’s virtual identity in the metaverse, which describes why digital self-expression is becoming more important to online users. Fashion brands are playing a crucial role in shaping the metaverse. A great example is Faith Tribe, an open-source design platform created to empower and reward digital creators in the metaverse and physical realm. The brand is aimed to develop a global creator ecosystem that fosters an inclusive and open environment for the successful creation, trading, distribution, and monetization of user-generated designs of fashion items.
Another interesting instance is Metawear that is changing the fashion industry by creating Metaverse Fashion DOME which is essentially the Metaverse Temple of Top Fashion Designs, where talented global designers, top fashion brands, students, young artists, senior designers, and famous figures meet in one place to create, earn, and market their designs and products.
Virtual real estate
According to a survey by GamesPad, 45% of respondents say they would consider buying virtual real estate, while 14% of users claim they have already purchased some. With ambitious real estate entrepreneurs aggressively accumulating plots of land in the metaverse, virtual real estate is becoming a lucrative investment. GamesPad believes that investing in a real estate in the metaverse allows businesses to reach a larger share of customers compared to most physical locations.
Marketing and advertising
Companies can use virtual reality in the metaverse to engage with customers in a more creative way, offering them exclusive brand experiences in the new virtual world. It will surely give birth to an entirely new direction in digital marketing and advertising that involves in-metaverse ads, virtual influencers, metaverse events, and metaverse commerce.
Currently, the creator economy largely depends on centralized companies, namely social media platforms like YouTube and Facebook, which not only take a good cut of creators' revenues but can also ban and censor them. However, the metaverse enables creators to sidestep these platforms and directly connect with their audience, allowing the creator economy to blossom.
Immersive shopping experiences
According to the survey by GamesPad, 43% of respondents prefer online shopping. A 3D immersive virtual world will offer enhanced shopping experiences and change the way we shop and interact with brands. Virtual malls and curated, customizable shopping platforms are some of the possible ways the metaverse can improve the shopping experience. For example, Highstreet is transforming retail in the Metaverse by turning department stores around the world like Saks, Selfridges, and Lane Crawford into entry points into Highstreet World.
Source: GamesPad Metaverse Report 2022
Music and entertainment
The metaverse will make concerts and other virtual events limitless and borderless, allowing a global audience to participate and enjoy exhibitions. Celebrities and musicians can use the metaverse to connect with their fans on a high level while also being able to monetize their performance.
Unlike the physical world, there are no boundaries in the metaverse. By combining the virtual world’s limitless travel opportunities with the profitable tourism industry, the metaverse hosts a range of lucrative potential for those in the travel sector.
In the metaverse, organizations can use emerging technologies to enable augmented virtual workspaces, which can dramatically increase employee engagement and productivity. This can particularly help in remote working environments, inspiring creative collaboration in the workplace.
Immersive learning experiences
Leveraging VR and AR technologies, the metaverse can enhance education and enable online course providers to offer immersive learning experiences across a wide range of fields. This will not only improve students' interaction with information but also will make a learning process more engaging.
The metaverse will revolutionize the way we socialize digitally, facilitating the creation of independent virtual communities where users can enjoy immersive and enriching social experiences. For instance, using digital avatars, friends can socialize “in-person” in the same virtual room when in reality, they are physically miles apart.
Accessibility and empowerment
In its essence, the metaverse is borderless, offering accessibility for people from around the globe regardless of their physical location. This universality will specifically improve access for people with disabilities or people from developing communities.
Is the Metaverse a Good Fit For Your Business?
GamesPad believes the metaverse offers new opportunities for all businesses. The metaverse presents a future of abundance and possibility. It is up to industry leaders and entrepreneurs to invest in metaverse strategies at the early stage to solidify lucrative channels in this exciting new frontier.
Read Metaverse: Emerging Business Opportunities, a comprehensive report 2022 by GamesPad, to learn more about the metaverse and how it can help your business grow.
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