5 Business Models to Leverage Metaverse Business Opportunities: a Roadmap to Millions
Last Updated on November 9, 2023 by Ameer Hamza
The Metaverse has captured the imagination of tech enthusiasts worldwide and has become the latest buzzword in the digital landscape. The concept has gained even more mainstream attention with Facebook’s recent Meta rebranding. But what is the Metaverse? How to start a business in the Metaverse, and how will it affect our daily lives?
The Metaverse offers countless opportunities for entrepreneurs to thrive. To succeed in this new landscape, it’s essential to have a deep understanding of the various metaverse business models that can be leveraged in the Metaverse. There is much more to explore, from developing immersive games and apps to building virtual real estate and fashion businesses. While metaverse-native ventures like mobile crypto apps and NFT marketplaces may seem like an obvious fit, the truth is that even traditional industries can benefit from exploring metaverse business opportunities.
Model 1: Virtual Real Estate
The most popular metaverse business model is selling virtual real estate, digital land, or other virtual space. This business model has many variations, such as renting land, developing and selling ready-built lots, and land speculation. With the growing demand for digital real estate and the limitless potential of the Metaverse, this model can be a lucrative opportunity for entrepreneurs interested in exploring the digital real estate market.
Model 2: Social Media Marketing, Advertising, And Communication
The Metaverse offers unlimited possibilities for communication and social interaction. From immersive chat rooms to virtual hangouts, the Metaverse provides an innovative platform for people to connect and interact with others. This has led to the rise of social media marketing and communication as a viable business model in the Metaverse. In addition, advertising is another recognizable and widely-used business model. By integrating ads directly into the Metaverse platform, developers can earn a percentage of the revenue generated from these advertisements.
Model 3: Avatar Customization
The metaverse world is all about personalization, and avatars are at the forefront of this trend. Avatars are digital representations of oneself that can be customized to the user’s liking, from changing hairstyles to adding accessories and clothing. Personalizing avatars has become a lucrative business model, with virtual world owners and third-party providers offering avatar customization services.
Model 4: Fashion And Virtual Merchandise
The fashion and accessories business model is another effective way to leverage metaverse business opportunities. Just like in the real world, people in virtual worlds like to dress up and accessorize their avatars. This creates a demand for virtual clothing, accessories, and other items to be sold for a profit. Companies like The Dematerialised and RTFKT Studios are great examples of such businesses.
Model 5: Gaming And Virtual Worlds
In the current digital landscape, gaming has evolved into a lucrative industry due to P2E game models. This concept allows players to earn real money by playing games. Moreover, the potential of gaming as a marketing tool has also been realized, as it provides businesses with an effective means to promote their products or services. The Sandbox is an excellent example of gaming’s potential as a marketing catalyst. With Adidas and Warner Music showing interest in the game and renowned figures such as Snoop Dogg, the Sandbox demonstrates the massive marketing opportunities that gaming can offer businesses.