Skip to content
birdflumanual

birdflumanual

Better Get Finance

Primary Menu birdflumanual

birdflumanual

  • Finance & Oportunity
  • Business & Finance
  • business ideas
  • SEO marketing
  • traffic finance
  • News Business
  • General
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • business ideas

Everyone’s joining the metaverse, but the real business opportunity is building your own

4 months ago George T. Taft

We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 – August 3. Join AI and data leaders for insightful talks and exciting networking opportunities. Learn more about Transform 2022


When CryptoPunks and CryptoKitties first hit mainstream news, the potential of online collectibles known as non-fungible tokens (NFTs) were only apparent to the small yet mighty group of digital natives looking to revolutionize the next phase of the internet. Predictions that NFTs would become a cultural phenomenon were few and far between — with collections like Bored Ape Yacht Club serving as a ticket into the ever-exclusive club of CEOs and billionaire entrepreneurs — or that the enigmatic metaverse would soon be viewed as the “promised land,” where Paris Hilton can party on her personal island while PwC scoops up the latest real estate for its next business venture. Even wilder was the idea that a major fashion brand like Balenciaga would collaborate with Fortnite to appeal to digital natives, or that Best Buy would be eyeing simulated shopping experiences to boost brand loyalty. 

Although the evolution of digital assets and a simulated world have come as a surprise to many, it is the fast and furious adoption from businesses across the globe that is truly raising eyebrows. And for a good reason: investments in the metaverse have already surpassed $500 million with no indication of slowing down, luring players across mainstream sectors to enter the space. 

While the rational entry plan for organizations to join the metaverse is diving headfirst into Decentraland, Sandbox, or other developed spaces, the real business opportunity lies in the creation of individual, unique metaverses for each company — offering consumers an immersive, end-to-end experience that is truly irreplicable and can evolve without boundaries. 

For example, when looking to enter the space you may be surprised to find that Decentraland only offers a standard character design while Sandbox remains voxelized, making it impossible for brands to successfully implement the distinctive designs or granular details that make them unique. To some degree, building in a pre-existing metaverse is a repeat of the Web2 experience, where you are forced to develop content within the confines of someone else’s platform. 

As more businesses get involved in Web3, it is imperative to capitalize on the unique opportunity of creating something completely in your control (think: avoid metaverse-wide glitches in Sandbox) that fits your purpose and narrative. It’s also necessary to break into the metaverse in a way that aligns with the core competencies of a business that provides capital for its clients to create groundbreaking projects in the simulated world while protecting intellectual property. 

We’re already seeing organizations move in this direction, propelled by legitimate business and user benefits. Take gaming, for example — software development company Niantic, creators of fan-favorite Pokémon Go, raised $300 million to build its own metaverse infused with its own data, information, services and interactive creations. Epic Games is also jumping on the bandwagon, with the intent to build a metaverse with its own look and feel, aiming to onboard one billion users. 

Shopping is another segment where endless metaverse opportunities await both brands and consumers. The metaverse itself, with its sensory and experiential nature, inherently entices users to engage in some sort of shopping. A recent study found that of those shopping in the metaverse, 70% converted to a purchase. Further, JP Morgan’s recent report on the metaverse found that each year, $54 billion is spent on virtual goods. For brands entering the sector, building their own metaverse from the ground up has significant advantages when it comes to consumer experience, end-to-end branding, and full control to avoid brand risk. 

And with so many people purchasing in the digital world, there are significant environmental benefits to pursuing a new metaverse. Both Decentraland and Sandbox are based on the Ethereum blockchain, which requires a significant amount of energy to operate and therefore charges high gas fees and is inherently less environmentally-friendly than other chains. Crafting a new space means enjoying the freedom of building upon — or even creating — a blockchain that consumes less energy and is kinder to the environment. 

Looking ahead, as more metaverses are built, the ultimate achievement will be interoperability across all worlds — so users can window shop in a simulated luxury clothing brand, then change into digital designer digs while playing Illuvium with their guild as millions across the globe watch. This creates a digital identity that is transferable across metaverses and enables avatars (a user’s digital identity) to travel and explore digital experiences too.

At such a crucial moment in the metaverse’s development, with so many players rushing into the space without taking a bigger-picture look at the benefits of building a world from the ground up vs. building within something already in existence, we will soon find that the experiences offering truly branded (down to the last detail), lifelike experiences, and constant evolution will be the ones that enjoy the most success. It will be crucial for projects to stand apart in the sea of sameness as the space quickly begins to crowd, and can only be achieved by creating something of your own to control and build. 

And remember, a metaverse is only as valuable as the people inside it. 

By Rebekah Keida, NFT expert and head of marketing at top cryptofinance firm XBTO.

DataDecisionMakers

Welcome to the VentureBeat community!

DataDecisionMakers is where experts, including the technical people doing data work, can share data-related insights and innovation.

If you want to read about cutting-edge ideas and up-to-date information, best practices, and the future of data and data tech, join us at DataDecisionMakers.

You might even consider contributing an article of your own!

Read More From DataDecisionMakers

Tags: Amazon Business Login, Amazon Business Prime, Bank Of America Business Account, Best Business Schools, Business Attorney Near Me, Business Bank Account, Business Card Holder, Business Card Maker, Business Card Template, Business Cards Near Me, Business Casual Attire, Business Casual Shoes, Business Casual Woman, Business Plan Examples, Ca Business Search, Ca Sos Business Search, Capital One Business Credit Card, Chase Business Checking, Chase Business Credit Cards, Chase Business Customer Service, Chase Business Login, Chase Business Phone Number, Cheap Business Cards, Citizens Business Bank, Cox Business Login, Digital Business Card, Facebook Business Suite, Finance In Business, Free Business Cards, Google Business Login, Harvard Business School, Lands End Business, Massage Parlor Business Near Me, Michigan Business Entity Search, Mind Your Business, Mind Your Own Business, Ohio Business Search, Risky Business Costume, Skype For Business, Small Business Loan, Small Business Saturday 2021, Starting A Business, Texas Business Entity Search, Triumph Business Capital, Vending Machine Business, Verizon Business Customer Service, Vonage Business Login, Wells Fargo Business Account, Yahoo Small Business, Yahoo Small Business Login

Continue Reading

Previous How To Sell Home Decor Online: A Complete Guide
Next Public invited to hear arts business ideas as part of Startup Week

More Stories

5 Steps To Start Your Own Freelance Business
  • business ideas

5 Steps To Start Your Own Freelance Business

2 weeks ago George T. Taft
  • business ideas

Your business revamp will only work if you empower its people

2 weeks ago George T. Taft
  • business ideas

14 Things First-Time Founders Often Forget To Include In Their Business Plans

2 weeks ago George T. Taft

Recent Posts

  • Top Online Uk Digital And Computer Shops 2022
  • Finding Product-Market Fit In Open-Source Business Models
  • 5 Steps To Start Your Own Freelance Business
  • Your business revamp will only work if you empower its people
  • From small-time business to the stock exchange

Archives

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • November 2018
  • January 2017

Categories

  • Business & Finance
  • business ideas
  • Finance & Oportunity
  • General
  • News Business
  • SEO marketing
  • traffic finance
Intellifluence Trusted Blogger

BL

TL

You may have missed

  • News Business

Top Online Uk Digital And Computer Shops 2022

3 days ago George T. Taft
  • Business & Finance

Finding Product-Market Fit In Open-Source Business Models

1 week ago George T. Taft
5 Steps To Start Your Own Freelance Business
  • business ideas

5 Steps To Start Your Own Freelance Business

2 weeks ago George T. Taft
  • business ideas

Your business revamp will only work if you empower its people

2 weeks ago George T. Taft
  • Business & Finance

From small-time business to the stock exchange

2 weeks ago George T. Taft
birdflumanual.com © All rights reserved. | CoverNews by AF themes.