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How To Start a Business In The Metaverse in 2023

With new technologies come new ways to make money or start a business. When the internet came as a new phenomenon, companies like Amazon, Alibaba, and Google cashed in on the trend to lay the foundation for what they are today. Now companies are moving into the metaverse, and so are individuals. if you dont know how to enter metaverse it can happen, investing on platform (which we will introduce to you) It can make you rich.

Facebook rebranding to Meta Platforms drew a lot of attention to the metaverse. But prior to that, the rise of technologies such as Virtual Reality and Augmented Reality used in gaming already gave an idea of what it means to live in virtual worlds. Now, the technology is widely known, and everyone is looking into the prospects it could offer.

The metaverse represents a new direction that the world is moving too. We are in a time of rapid digitalization and virtual worlds. According to an estimate, the global metaverse market is projected to hit $1.5 trillion by 2029. Also, the number of daily users is expected to increase, as will businesses operating in virtual worlds. Companies like Nike, Meta Platforms, and Microsoft have already set up shops in the metaverse, offering services and products to users.

It’s, therefore, important for businesses and companies to act accordingly to make money in the metaverse. Luckily, we have done the homework for you. In the following, we take you through the process of starting a business in the metaverse. All you have to do is read to the end.

How To Start a Business in the Metaverse in 4 Steps

How To Start a Business in the Metaverse in 4-Steps

The metaverse holds a lot of potential individuals, and users can benefit from it. Starting a business is, therefore, a way to benefit from this booming economy. For a newcomer, the most crucial question is how to enter the metaverse or how to make money in the metaverse. While that is true, there are other factors to consider.

If you’re looking to start a business in the metaverse, here are some steps you should take:

1- Identify your Customers

Identify your Customers

If you plan to offer a service or product in the metaverse, you should be sure it is one that metaverse users will be interested in. There are several ways to do this. One of such way is by checking already established businesses in the metaverse. Businesses like virtual stores or hosting virtual events are popular services within the metaverse. Thus, there is an already established market for it and, of course, a customer base.

2- Find the proper platform

find the proper platform
govtech.com

Metaverses are virtual worlds where users interact, play games, and do other fun activities. However, what users can do is the metaverse varies per platform. Thus, when deciding on the platform to use, ensure it supports the kind of business you want to do.

Likewise, ensure that the native economics and currency on the platform are user-friendly. That way, users can easily transact with your business and not have issues with payments.

3- Market your services

Market your services
linkedin.com

Marketing in the metaverse is similar to the traditional world but with a catch. Most metaverse platforms emphasize community relationships between users, often represented as “WAGMI” (we are all going to make it). That is why the web3 ecosystem consists of many communities where users bond together and help themselves out.

Therefore, building an active community of customers for your business is a good decision. The community’s existence gives extra credibility to your business and helps give hype when you release new products and services. metaverse Marketing is introducing a new world of technologies to you. so let metaverse do it.

4- Start your Virtual Journey

Start your Virtual Journey
forbes.com

Once you have identified your customers, chosen a platform, and created pages on social media pages, then you are good to go. However, it is essential to note that the metaverse changes occasionally. Thus, you should know what these changes are and how they affect your business.

In addition, using a virtual platform doesn’t mean you should close down your physical businesses. One of the beauties of the metaverse is how it can co-interact with your conventional business to create an immersive experience for your customers.

Top 5 metaverse platforms in 2023 (For businesses)

Top 5 metaverse platforms

Many metaverse platforms exist, each offering a different experience to its users. Here are some of the best metaverse platforms to explore in 2023:

The Sandbox (best way for Start a Business)

the sandbox
youtube.com

The Sandbox, which began as a video game platform, has evolved to provide its users with various chances and experiences. Users can create virtual characters and games, as well as own and rent virtual plots of land and hold virtual events. Celebrities like Snoop Dogg and Paris Hilton have used The Sandbox because of its popularity. Likewise, brands have moved to The Sandbox. one of the easiest way for ean money from sandbox world is buying land. if you want more info about how to buy land in sandbox, click on blue text.

Decentraland

Decentraland one of the ways for earn money from metaverse
everyrealm.com

One of the oldest and most well-known metaverses is Decentraland game. There are many possibilities for salespeople in this big, diverse world. There are numerous advantages for users, ranging from NFT sales to real estate and virtual activities. There is even an authorized Barbadian Embassy in the metaverse.

Somnium Space

Somnium Space

Somnium space metaverse is a virtual world offering a more comprehensive experience than most metaverses. The platform’s intricate, slick, and appealing visuals give it a realistic feel.
The system is an open-source metaverse based on the Ethereum network. Users can play video games, design programmable settings, buy virtual homes, and exchange in-game currency.

Substrata

Substrata
otakustudy.com

Users in Subtrata can construct, discover, and interact with one another. The metaverse provides a distinctive experience from other metaverses thanks to its sophisticated graphics display. Users have total control over the purchased land, which they can use for various purposes, including constructing homes, renting out the land, holding virtual events, and playing games.

Hyperfy

Hyperfy
youtube.com

Hyperfy is a virtual world that runs on the Ethereum blockchain. It enables users to construct and develop entire worlds that can be kept or traded on NFT marketplaces. Hyperfy is popular among digital artists and creators because it provides users with a one-of-a-kind experience. The platform also offers tools to help users create worlds more easily.

How Can Businesses Find the valid Metaverse Platform?

How Can Businesses Find the valid Metaverse Platform?
forbes.com

Finding the right metaverse platform for your business can be challenging, especially if you’re a newcomer to the metaverse. Aside from features that these metaverses may have, there are other important things to consider as a business owner. Here are some of them:

Ease of Payments

Nothing takes more importance in online businesses than easy payments. It could make or mar the experience for users. It is, therefore, crucial for businesses to ensure that the metaverse platform they use has an easy payment system.
Most metaverse platforms have native currencies that users transact with. However, they also often support other major cryptocurrencies such as ETH and BTC. Multiple currency options could make payments easier for users. Also, some platforms support fiat deposits, which users would then use to buy the cryptocurrencies supported on the platform.

Accessibility

Business owners need to ensure that users can easily access the virtual platform they’ve opted for. The metaverse is still a developing technology, and not many virtual worlds are currently easily accessible.
Generally, metaverses can be accessed using VR devices. But for an average user, that might be too expensive to afford. However, many metaverses now support web and mobile devices, allowing users to access through their phones or PC.

Platform Traffic

As much as you’re offering a service or product with a customer base, you need to ensure the platform you are on gets enough traffic. Traffic, in this instance, refers to the number of active users on the platform. Popular virtual platforms like The Sandbox and Decentraland get a lot of user traffic.

Reputation and Safety | safe place for investing!

Businesses and users in the metaverse are equally prone to scams and fraudulent attacks. Most users would often prefer to stay away from platforms with bad reputations or low-security measures for the users. Hence, you should DYOR on whatever metaverse you settle for and check active metaverse communities for opinions about these metaverses and how to keep safe while using them.

Why Start a Business in The Metaverse?

Why Start a Business in The Metaverse

Undoubtedly, the metaverse holds a lot of opportunities even though the technology is still in its early years. Surprisingly, many business leaders have expressed interest in entering the metaverse and utilizing VR/AR in their businesses. Since the start of 2023, many multinationals and companies in various industries have made such announcements. By 2025, the current number of businesses in the metaverse is expected to increase sixfold.

Therefore, businesses can easily make money in the metaverse. But aside from the economic opportunities, here are some other reasons why businesses should look into the metaverse:

Connect to a Global Market

Undoubtedly, the internet created the digital economy and interaction. Rather than go to physical stores, people could order online and have it delivered to them. What the metaverse is doing is adding to that experience.

For instance, a user who goes online to buy a shoe only sees what she’s going to buy. She doesn’t see or notice other shoppers on that platform simultaneously with her. With the metaverse, there’s an added feel of realness to that shopping experience as she can see other shoppers, interact and even connect with them. She can even play games while taking a break from the shopping spree. Exciting, isn’t it?

Setting Up Virtual Stores

Virtual Stores are no longer ideas to be implemented. They are present in virtual worlds, and major brands are leading the charge. Virtual stores introduce a whole new immersive experience. It’s like walking down to that store at the corner of your street without leaving your house.

While at the store, users get to interact with the products, have a feel of them, and decide whether it’s something they’d want to get. Virtual stores also serve as interactive hubs for users who can relate and connect with other users while there.

The most exciting thing about virtual stores is they can work alongside physical stores. Hence, a business owner can have the two at the same time. And if there’s cash to spare, the business owner can integrate the two stores such that any physical store changes in the virtual store.

Improved Customer Experiences

Since the covid19 pandemic, the world has become more digitalized. People now live and interact on the internet rather than engage in physical interactions. As a result, there are more active users on the internet than ever before. The metaverse has also enjoyed the digital life wave, with virtual world platforms recording thousands of daily active users.
Thus, when a business transitions into the metaverse, it creates a new and unique experience for its customer base. Likewise, it allows them to capture new customers in the metaverse who will now interact with their businesses.

Fascinating study: Who owns metaverse? Everything need to know!

Top business opportunities in the metaverse

top business opportunities in the metaverse
businessadvice.co.uk

Almost every conventional business is being replicated in the metaverse. As the space develops, so will more transition into the metaverse. But for now, here are the top business opportunities in the metaverse:
● Virtual tourism
● Virtual office and learning spaces
● Games
● Fashion
● Education
● Real estate

Final words about metaverse businesses

E-commerce is getting a new face. The world is gradually moving from a web2 to a web3 world where online presence is given a new meaning and more interactiveness. Rather than scrolling through long pages on the internet, users now have a chance to explore virtual worlds represented as avatars.

Through the metaverse, businesses can expand their reach, grow a new revenue source and offer their customers a unique and improved experience.

MetadailyPress tries to provide you with the latest information.

FAQs

How can businesses sell their products in the Metaverse?

For Businesses dealing in digital collectibles, metaverse platforms often feature inbuilt marketplaces where users can trade these items. Also, there are many secondary marketplaces where businesses can list their products for sale. However, in the case of services, the business owners can advertise and market them using social media platforms with active web3 communities.

Is it expensive to build a metaverse?

Developing a metaverse takes work and money. It requires lots of money and expertise to make it operational and functional. However, as a small business owner, there is no need to do that. Rather than trying to build one, you can join one for free and set up your shop.

How can businesses buy land in the metaverse?

Businesses can purchase virtual lands on secondary or native marketplaces built on the metaverse. For popular metaverses like The Sandbox, users can only get virtual land plots from secondary marketplaces like Ethereum and Blur. However, it doesn’t come cheap.

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About Abdulrasaq

How To Start a Business In The Metaverse in 2023Blockchain writer and researcher. 100% non-fungible.

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