What Metaverse Companies Need to Succeed

It may sound like science fiction, but the metaverse is coming. When Facebook changed its name to Meta in October 2021, unveiling plans for a $10 billion virtual reality social community, the world strained to pay attention to a concept previously thought to be too “out there” and fanciful.

Towering at our doorstep is a network of interconnected virtual reality that we can all experience simultaneously and within which we can interact with each other in the same way that we do in our personal lives.

Basically, the metaverse is the internet, but in fully immersive 3D. For those of us who run our own businesses, the metaverse presents a whole new — literal — dimension to consider. I believe it’s one we can’t ignore.

Market expansion will determine the future of small businesses

Not sure metaverse will infiltrate your market? Think again. In the luxury industry alone, Morgan Stanley already estimates that NFT in the metaverse or gaming world could make up 10% of the market by 2030 — adding an additional $10 – $20 billion to the total addressable market.

As a business owner myself, I need to consider how my company can stay afloat and competitive in an expanded market environment. For some of you, being at the forefront of the game in a new digital marketplace will present the opportunity to compete with bigger players. We’ve seen this in the fashion industry, where companies like Rtfkt and Sapphire have managed to take on more iconic brands in the digital space.

Related: Why is the Metaverse Buzz New in the Crypto Space?

Metaverse companies need emphasis on digital assets vs. physical

Fashion brands, in general, are already ahead of the curve of the business metaverse. They show us that we need to consider how we can create digital and physical assets for our customers. In fashion, this has translated into 3D digital renderings of clothing designs. Already, these are sold as NFTs for huge sums of real-life money.

I suspect we will see more established brands occupy the digital space, leveraging their brand celebrity to take advantage of the expanded digital marketplace. As well as greater competition from digital specialty brands.

Related: Metaverse: Game-changing Innovation For Entrepreneurs

Cryptocurrencies will drive real profits

Business digitization will naturally lead to more dependence on crypto as a cornerstone of real-life profits. I would argue that if you have a business that has invested in the crypto world and is ready to process crypto payments, you will have an edge over your competitors.

Get ready for the change to online digital business

As a business owner, I’m getting ready. Companies need to start planning to become an online digital business, as well as a business that serves their clients in real life. The technology doesn’t exist yet for the metaverse to fully take off, and consumer awareness is still in its infancy. Was it just a technology bubble bursting before expanding any further? Maybe.

But big tech has invested billions in the metaverse. Leading brands like Gucci have proven that there is real money to be made. And, as the next generation prepares to enter the market — internet users who have become accustomed to being consumers in the digital world — virtual business opportunities are starting to look more real.

Related: Unlocking the True Potential of the Metaverse