Which industries will thrive in the Metaverse?
Whilst the metaverse may seem like a fad or just a game to some onlookers, it is actually way more than what you may be presuming it to be. A new virtual reality experience that will shape many industries that are currently operating in the “real world”.
Much like when the internet was first coming around back in the early 1990s and when web2 was birthed in 1999, scepticism is running rampant amongst mainstream media and the general public.
However, with many new ideas like the internet and now the metaverse, industries are going to thrive. There is also the possibility of new economies being formed. After all, as the internet was born, the financial tech industry was formed and out came companies like PayPal.
The Metaverse is a new opportunity for businesses
Already we have seen a number of businesses move their practices over to the metaverse. Some big ones at that too are leaders in their own rights.
With how rapidly technology changes along with marketing trends, it comes as no surprise that organisations are diverting their attention to the metaverse. It won’t take long for the metaverse to become a developed entity, it’s essentially a race to the top spot at this point!
The fashion industry
Yes, you heard correctly digital fashion is a thing. Virtual avatars have been running around the metaverse in some of the flashiest designer clothing possible, almost as though it is like real life.
Big time brands like Prada, Nike and Gucci have released digital clothing collections and some of which have sold for pretty pennies. Anything from hats, shirts and sneakers can be purchased.
Some collectibles also have been seen to include real tangible extras outside the metaverse and in real life, a cool feature to say the least.
We have also seen digital fashion weeks being hosted on Decentraland, a popular VR/AR metaverse experience. Fashion houses have already pledged their vision towards digital fashion and the metaverse, making the fashion industry a thriving industry already within the metaverse.
For any business to make its move into the metaverse there is an element of it that requires them to purchase digital real estate within their given experience. For example, if an esports company like FaZe wanted to join the metaverse (which they have at this point) they are required to purchase a spot of LAND.
This LAND is technically virtual real estate that is in the form of a Non Fungible Token. Many of which have sold for large amounts of money, similar to prices of physical real estate outside of the metaverse.
Being a real estate agent in the real world is an incredibly lucrative career when you get your head down. Maybe we will see the emergence of digital real estate agents within the metaverse?
Sports is an incredibly vast and successful industry, with trillions being made every year thanks to committed fans and sponsorships. Sports gaming is amongst esports and streaming fans, attracting millions of gamers and spectators every year.
Spectating virtual sporting events could become a huge thing in the metaverse. The VR experience of the headset matched with the realism virtual sports has the potential of exhibiting could be a match made in heaven.
Whilst it is still early days for sports in the metaverse, we have already seen sporting teams and organisations nodding towards digital assets and collectibles. Popular teams have their own fan tokens such as Manchester City and Paris Saint Germain.
We have also seen the NBA dabble in NFT crypto games and crypto related organisations sponsoring sports stadiums and teams all around the world.
One must also consider sports betting and general gambling also. Online gambling is a huge industry and has been engulfed by the crypto industry with the likes of Roobet and BC.Game leading the way.
Virtual sports betting within the metaverse has a bright future, as both are somewhat emerging economies in their own right and both take advantage of technologies such as the blockchain and Artificial Intelligence.
Corporate businesses will become accustomed to the metaverse and the new technologies they have granted. To set the scene, think back to the metaverse marketing from Mark Zuckerberg and his company Meta, formerly Facebook.
He is showcasing the VR Oculus headset within a business environment, as virtual avatars are present within what looks to be a business meeting. Seems a long way off, but the development for this side of the metaverse is underway, with Meta said to be investing $1 billion a month into the development last year alone.
How will businesses benefit from this? Through using the VR headset, individuals can enter an interactive environment without the need of an office space or apparatus like large projector screens and pens and paper.
Ultimately conducting business via the metaverse opens up new ways for organisations, especially larger scale ones to save money on physical real estate costs and the added expenditure they bring to the table.
The first NFT was made as a digital art piece back in 2014, and well the rest has been history for NFTs.
As expected, NFTs have made their way into the metaverse in a number of ways whether it is an in-game item or cosmetic, digital collectibles linked to the real world or as art pieces.
We have seen prolific artists like Van Gogh, Takashi Murakami and Damien Hirst have their art taken into the metaverse. NFT art exhibitions have become a cool feature of the metaverse as seen in The Sandbox and Decentraland.
With how open the metaverse will be, this could be an opportunity for smaller artists to get their names out there and their artwork in front of a wider audience. With how tough of an industry it is to be noticed, artists will utilize marketing opportunities that otherwise may not be available.
Our final pick is charities and non-profit organizations. This one may come as a surprise at first, but you would be surprised at the relationship that has already been formed.
Charity events and fundraisers have been held in Virtual Reality settings. Fundraisers traditionally are done at certain times, and some people cannot get involved for a multitude of reasons.
With how realistic VR has become, charities are throwing people into the situations they are campaigning in the name of through wearing a VR headset. No matter your location you can take part in charity events and do your part for great causes.
These industries are already proving successful within the metaverse. Seeing businesses operate on the blockchain like this is a great thing to see. As early adopters they are building their notoriety for when web3 becomes a massly adopted entity and is not just here say and online debate.
Of course there is still some time until it becomes fully developed, but it cannot be denied that the metaverse is an exciting new prospect in the world of business!