Metaverse offers a bounty of opportunities to aspiring entrepreneurs across all industries. It opens up new avenues for individuals as well as businesses. Metaverse is an organism that has emerged by merging advanced technologies such as VR, AR, IoT, and AI. It strongly relies on virtual reality technology to build immersive experiences. The technology, Virtual reality, is already changing the world, making its impact known across at least the top 9 leading industries worldwide. However, we are not just talking about Virtual Reality but about Metaverse, borne from the coalescence of these technologies. As we have mentioned before, this expands the pool of business opportunities across several industries.
According to a Statista survey, new job opportunities are one of the leading benefits of the Metaverse worldwide. Around 30% of the people who participated in the study think Metaverse will open new doors for everyone.
This guide covers six industries that are expected to be reshaped by Metaverse and the business opportunities that arise with the rise of Metaverse.
The gaming industry has the most to benefit from the emergence and future success of Metaverse. The industry has always incorporated virtual worlds within its environment. In 2021 alone, the global video game market size was valued at $195.65 billion. It is expected to grow at 12.99% CAGR between 2022-2030. A timeline which perfectly coincides with the release of Facebook’s Meta, the most renowned and awaited metaverse idea in the working.
Roblox and Epic Games are already working with well-known brands such as Nike and Ralph Lauren. These brands have designed virtual merchandise and products that can be used by gaming characters. It is a business opportunity that most brands can capitalise on.
Other than offering you an additional platform to succeed, there are several other business opportunities in the gaming industry. They include developing Metaverse Games, Playing Games to Earn in Metaverse, Selling NFTs in Metaverse, and several other ways to earn money through the platform. Also, new brands with unique products have a great marketing platform to display and promote their products and services. Consider creating a virtual replica of your products. The process of creating virtual merch might feel a bit difficult the first time around, but long term, it will come in handy. Once you understand the process, you can continue to explore this avenue.
Also read about: How are AR & VR transforming the Gaming industry?
In 2021, the global market size for architectural services was valued at $333.8 billion, and it is expected to reach $442.6 by 2027. As we have stated before, the forecast offers insights into how the market will change over the coming years. So, what does metaverse bring to the table, especially in the case of architecture?
With the aid of virtual reality, 3D models, and advanced metaverse technology, services such as interior designing to project management can be done from remote locations. It will bridge distances, making it possible for experts to interact with each other and create a seamless design and building process that would benefit both the customers and creators.
In addition to being beneficial in the real world, architecture and design will play a huge role in the creation of metaverse infrastructure, the virtual world itself. Creating virtual spaces, buildings, gaming arenas, and environments, each and every aspect would have to be built with precision.
Artistically skilled individuals and professional architects can use this business opportunity and offer their expert services to renowned brands, helping them create a streamlined, theme-centric, and high-quality virtual infrastructure and landscape design. Apart from designing virtual spaces, it’s also possible to create virtual dream homes for families. What’s more, you can also create business spaces and sell them for a great price.
Retail and Ecommerce Industry:
Based on Statista’s data on Total retail sales worldwide, by the year 2025, the global retail sales forecast is predicted to grow to $31.7 Trillion. Amazon, one of the clear winners in the race of e-commerce sales, has contributed a lot to worldwide retail eCommerce sales. The forecasts predict a growth of 56% by 2026 when the sales would reach 8.1 trillion dollars.
It took Amazon two decades to reach its current state of popularity and at the time it was limited by technology and global awareness. At present, Metaverse doesn’t have to work through those same hurdles. Since the platform focuses on virtual worlds, it already has an advantage. Metaverse platforms such as Decentraland, Sandbox, Somnium, and Roblox have already started utilising these platforms to sell virtual goods.
Let’s talk about the brands that have already implemented this idea. Nike’s Nikeland, a metaverse within the Roblox system, has already digitised Nike products and sold them earning millions. Another renowned footwear brand, Adidas has also joined its ranks by creating an NFT camping titled, Into the Metaverse. The campaign sold 30,000 NFTs, earning a decent profit. You’ll come across several similar examples of brands leveraging the metaverse to sell their goods and services.
The Retail and eCommerce Industry has the most to gain from the Metaverse. It can capitalise on other industries, including gaming, entertainment, and manufacturing. The trick is to showcase your products on the right platform. As we have mentioned before, Entrepreneurs with pre-existing businesses and companies can find the right marketing opportunity here.
Entertainment and Media Industry:
By the year 2026, the total revenue for the entertainment segment is predicted to grow at the rate of 8.54% CAGR reaching $40.7 billion. These statistics have been shared for a purpose. These help you identify how well each sector is doing, and which of the sectors is going to surpass the other when the vision of Metaverse is fully realised.
While you keep those figures in mind, also recall how the covid-19 pandemic shifted the entertainment industry on its axis. When the theatres and in-person events were shut down, people turned to virtual means. They switched to OTT platforms and metaverse platforms where fan-favourite singers such as Ariana Grande and Billie Eilish performed in front of a virtual audience from all over the world. Tickets were sold for these converts, and people joined in thousands. As you can see, the metaverse has crushed barriers such as event locations and venues, and this is when the metaverse is still in its nascent stage. The future of the metaverse holds a lot more for not only the entertainment and media industry but all the leading industries. The positive effects will be felt all across the globe.
Virtual Events are quite straightforward business opportunities offered by the entertainment and media industry. Depending upon your skills and expertise, you can offer to host a virtual event, manage it, provide virtual goodies for the same, and so on. There’s so much to explore with this amazing opportunity, you’ll never run out of ideas. Learn how to host a virtual event with the Ultimate Guide For Hosting Successful Virtual Events.
Also read about: How Virtual & Augmented Reality Are Affecting The Events Industry
In 2021, BMW in collaboration with NVIDIA, decided to take manufacturing to another level. Working together, they focused on virtual factory planning in order to reap benefits such as increased efficiency, precision, and speed. A feat that is revolutionising the manufacturing process. When brands such as BMW take the lead on such innovative manufacturing and planning processes, it creates a strong impact, increasing the exposure and lighting the fuse of ideas within the minds of brilliant entrepreneurs, who can use such ideas to their benefit.
For an organisation, the cost of simplifying the manufacturing process with help of either virtual reality or Metaverse is quite advantageous. With the help of such technologies, jobs that require hard labour can be managed in a better way. This will lower the risks posed to the labourers. In addition to these benefits, manufacturers could also use Metaverse to train their employees in a controlled environment, especially in cases where the employees learning new skills are at risk. Not only does this reduce the risk for employees, but it also increases their efficiency and the productivity of the business. To begin, learn how you can build a virtual reality training module.
When it comes to the Manufacturing industry, the opportunities present, exist for businessmen who already own a company and are planning to simplify their processes with the help of revolutionary technologies such as Metaverse. Even upcoming companies can utilise this opportunity which will help them scale their businesses sooner.
Also read about: VR Training Programmes: How does VR training Benefit Employees?
The healthcare industry can experience the most life-altering benefits of Metaverse. With metaverse in the picture, the healthcare industry will have access to better training and education means, technology to motivate people to eat healthily, and creating alternative therapies for patients suffering from severe mental disorders.
Imagine a future where a surgeon can practice on a virtual anatomically accurate avatar of a person. This would not only reduce human error but also allow the person to practise the same procedure over and over without jeopardising anyone’s life or using excessive medical supplies. Medical students can reap similar benefits from the metaverse. They have a virtual encyclopaedia that can help them perform better, be better doctors and surgeons, making sure most patients make it through difficult surgeries.
Businesses providing the healthcare industry with technology and software can look into the metaverse, exploring ideas that can help them incorporate the metaverse into their business plan and services. Such innovative ideas will not only help specific healthcare institutions but can also be put into place across the world.
In order to understand the transformation brought on by nascent metaverse technology, we discussed how metaverse has the potential and the power to transform the leading 6 industries. Metaverse Business opportunities are present across all sectors and platforms. The purpose of this guide is to help inspire you when you finally make the decision to move your business to the metaverse. We have shared some thought-provoking metaverse business ideas that could help you innovate and equip your business with the tools required to succeed.
Once you have explored these opportunities, you could also look into some of our marketing techniques to promote your brand in Metaverse.