There has been a lot of news lately about the Metaverse, and we even jumped on the bandwagon with our Metaverse podcast about it with Ely Santos. It might seem like a new concept, but it has actually been around for a while; but only recently Web3.0 technologies have made it more accessible and more interesting to the public.
The Metaverse is no longer a new subject; it has now become a buzzword in the decade, but it is still hard for the public to wrap their mental arms around what exactly the Metaverse is. It is because of this, that the adoption rate of people exploring and using the Metaverse is very unstable at the moment, and there are lots of questions about how much of a market it actually is at the moment.
While it is yet to come to fruition and there are still many unanswered questions, the reality is the many tech giants like Facebook, Google, and Microsoft are already investing in the Metaverse and will continue to do so. The interest and involvement of these tech giants in metaverse projects are increasing their prominence even more. Thus, as the popularity of the metaverse grows, it is becoming the future’s massive decentralized virtual world. The quantity of active users and investors in the metaverse is growing daily, and more businesses want to develop their metaverse projects.
Experts predict that by 2026, at least 30% of the world’s population will have adopted metaverse prepared products and services. Although in the short term the Metaverse will go through growing pains and people and businesses have lots of questions, the long-term projections indicate the Metaverse will be a great opportunity for businesses, developers and the public in the next 4-5 years.
If you are a developer or business owner, we’ve compiled a list of the top five metaverse development opportunities today.
What Areas offer the Best Metaverse Development Opportunity?
The Metaverse can be used in almost any industry, but initially is seems the following industries are currently leading the charge into the Metaverse:
• Digital marketing
• Digital Art
• Entertainment (TV, Movies and music)
• Fitness and sports
• Social media
The Top Five Metaverse Development Opportunities for Developers and Businesses
Below are the opportunities (in no particular order) that we think are going to be growing the fastest in the next 4-5 years and will be the easiest and most accessible business and development opportunities of the Metaverse:
Advancing team collaboration and process building
The pandemic made online meetings and remote work environments part of the norm, and even though many people have gone back to the office; many are now working full-time or part-time remotely. More and more people, teams and companies are using the Metaverse and Web3.0 technologies to enhance online collaboration, improve work processes and increase the effectiveness and productivity of meetings.
The opportunities for business and developers is to use Web3.0 technologies such as Augmented Reality and Artificial Intelligence (AR and VR) to develop Metaverse apps and meeting rooms that cater to people and teams needing to up their engagement and productivity.
Selling and Showcasing product in 3D
The most basic transactions on the Internet are those of buying and selling products online. These transactional processes have basically remained the same over the last 15 years, especially that of showing and giving the product images and specifications.
The Metaverse offers a much more interactive way to show products using virtual 3D showrooms filled with 3D models of the product. Currently, make-up companies are using Web3.0 technologies and the Metaverse to allow consumers to try on various products on their own faces. Furniture companies are letting you place their products in rooms, so you can see how they will look in your own home.
There is a real and growing opportunity in developing platforms and tools that allow companies to create these 3D experiences of their products. Developers and business who can then placing 3D products in a showcase environment with selling tools that shorten the sales cycle and increase conversion rates will be a winner in Metaverse business.
Unique ways to engage new users
The main buzz about the Metaverse is that it is a new way to experience the Internet, and businesses are excited about the Metaverse because they see it as a way for them to attract new users. If a Brand or company can use the Metaverse to create and give to the public, entertaining and immersive experiences in the Metaverse, then they will gain new users and customers to their brand and products.
One of the best ways to do this is to develop a branded game, one that provides a “Wow” experience and an adventure that keeps people coming back for more.
Fortunately, it is relatively easy for a game developer to learn how to add the 3D and back-end technologies needed to convert a game into a Metaverse game. There is certainly a Metaverse opportunity for game developers and brand marketing experts who can help brands create unique games that will draw in new Metaverse users who will connect with the brand and products. The art of this will be designing games and other unique 3D Metaverse experiences that are really enjoyable to the target demographic; yet don’t push the branding and products in an excessive and obvious way.
E-Wallets, Cryptocurrency and painless transactions
The digital world of the Metaverse requires digital money, and that money is cryptocurrencies. Digital wallets that can hold one or more forms of cryptocurrencies and work seamlessly in the Metaverse are critical to the financial side of the Metaverse.
Businesses that can take blockchain technologies and platforms, and create e-commerce processes that make it easy and intuitive to do digital transactions in the Metaverse, will have the upper hand when it comes to developing and kind of financial transactions in the or for the Metaverse.
The magic of Digital Virtual Events
One of the key features of the Metaverse is that it can hold virtual events in a more realistic way than a Zoom conference call. Businesses and enterprise companies are looking for ways to get the benefits of conferences and events, without the costs and workforce risks that are now associated with live events.
The Metaverse offers the opportunity to produce a virtual event that people can “walk around” in, and pick who and how they interact with people and companies, just like in live events.
Art shows, museums and even auctions take on an additional dimension as a VR experience with other attendees viewing art from many angles.
Just like a live show of your favorite music artist might not be that exciting as a live stream, in the Metaverse it can be an impactful VR experience that allows users to feel like they are at a live event.
The technology to hold such events is still quite groundbreaking, and each year it is getting easier and better to hold large events in the Metaverse. Developers who study VR and data requirements and technologies will have a great opportunity to get involved in building and organizing these virtual events.
There is undoubtedly still a host of other top-quality metaverse development opportunities that developers and businesses can still take advantage of. These five are some of the best in the industry, boasting great-quality metaverse development and business opportunities. These five offer a unique chance to hone and develop your skills if you are a developer. Meanwhile, if you’re a business owner, they give you a chance to take your business to the next level.