Imagine a virtual world where people interact, work, and shop with others – all from the comfort of their homes. This is known as the metaverse. Ever since Facebook renamed itself Meta in October 2021, the nebulous concept that inspired the new name has been a trending topic of discussion.
The company, at that time, had announced to spend $10 billion over the next year on technologies to build the metaverse and explore more opportunities within the domain.
The metaverse for business is still evolving, the technology can revolutionize everything from social media to eCommerce and even real estate.
The global metaverse market is expected to reach $1,527.55 billion by 2029 from $100.27 billion in 2022, at a CAGR of 47.6%. This growth is attributed to a surge in online video gaming adoption and rising consumers’ preference for online shopping of products.
The metaverse is becoming important because it offers a new way for businesses to communicate and collaborate with users from anywhere in the world virtually. It also supports a whole virtual economy where users can enjoy numerous activities like building a real business.
For example, you can build and monetize a recreational area where others can come to play a game and open a VR clothing store. You can even earn money by utilizing your skills as a builder by offering an architectural structure or digital creation in the metaverse.
Mark Zuckerberg, the CEO of Meta, said that it could take around 5 to 10 years before the popular features of the metaverse become mainstream. However, a few aspects of the metaverse do exist currently. Ultra-fast broadbands, virtual-reality headsets, and always-online digital worlds are already up and running, even though they are not accessible to all.
From small businesses to larger companies, every brand can step into the virtual world and reap the benefits of having a presence there. If you want to be one of the pioneers in the field, here are the steps you can follow to transition business to the metaverse or explore metaverse business opportunities with associated use cases and benefits.
Starting a metaverse development company is to choose the right audience. If you target the right audience, it will make it possible for your product or service to sell itself. This will give customers a good experience, and they will keep coming back.