The metaverse is no longer a foreign concept many people need help understanding. Even non-tech-savvy people have picked interest in what is described as a universe within a universe. This developing and unique world brings many opportunities which companies and people can benefit from.
If you want to know what is metaverse?, It’s a network of virtual worlds where people can interact, communicate, transact and carry out other things. It is a virtual medium that bridges the gap between the virtual and real world to create an immersive experience. The metaverse will change how we connect, communicate, and access information.
Companies like Meta – formerly Facebook -, Apple, and Spotify have started exploring opportunities within the metaverse. Fashion brands like Nike have also stepped into the space, bringing real-world concepts into the metaverse.
In this article, we will explore the things you can sell in the metaverse. If you have been wondering how to benefit from the metaverse, you should read this to the end.
5 ways you can sell in the metaverse
Even though the metaverse is still in its infancy, many people make thousands of dollars selling in the metaverse. Since it replicates the real world as we know it, there’s a space for everyone and every business.
Gartner predicts that active users in the metaverse will grow in the next five years. An average will spend at least one hour a day in the metaverse for various reasons. Businesses will also increase, with 30% of companies making products and services available in the metaverse.
Undoubtedly, there is a lot to benefit from selling in the metaverse. Here are some of the things you can sell in the metaverse:
Real Estate is one of the fastest-growing sectors in the metaverse. It is not just replicating real-world properties in the virtual world but also buying and selling land. On December 11, 2021, video game company Atari bought a virtual land for $4.3 million. BrandEssence predicts that revenues from Metaverse sales will grow as high as $3.6 billion in 2025.
Decentraland is one the metaverses where people can buy plots of land. Since its launch, users have spent billions buying and selling the lands on secondary markets.
Otherdeed by Otherside is another metaverse where users can buy virtual plots of land. After its record-breaking launch in 2022, several parcels of land from the virtual world have exchanged hands.
The potential for virtual real estate is immense. Asides from trading the plots, owners can mine the lands for resources that can be sold or kept as assets. Owners can also rent out their space and earn passive income.
NFTs, most popular to sell in the metaverse
Non-Fungible Tokens, also called NFTs, are digital assets stored on the blockchain. While there are several use cases for them, the most popular are PFP (profile picture) NFTs. One of the reasons why some people refer to them as JPEGs.
But in the metaverse, these so “called” JPEGs come to life. Last year during the Otherside demo launch, several BAYC NFTs became avatars in the virtual world. The holders were able to, through the avatars, move around and interact with the metaverse.
Thus, NFTs are one of the most popular things when discussing the metaverse. From real estate NFTs to fashion collectibles, there are so many opportunities available for sellers. The most important thing is to ensure you are selling to the right customer.
One of the ideas that grew with the metaverse is the chance to host virtual events, also buy and sell in the metaverse. This can range from concerts to car exhibitions, fashion walkways, and company launches.
In 2022, companies hosted many virtual events in the metaverse, which is expected to increase in 2023. As these demands grow, so will the demand for people with the technical skills to make these virtual events possible.
Sell in the metaverse, Virtual Showrooms
Virtual Showrooms are live exhibition rooms where products are displayed. The Showrooms are especially good for businesses that want to breach the geographical gap between them and their customers.
Gucci is one of the brands that has capitalized on this. The luxury house fashion recently launched its virtual world and NFT collections, Vault, on The Sandbox. Users can visit the showroom anytime to examine the products on display and how much they go for.
Similarly, people can create virtual Showrooms for businesses to display their products. That helps them cut the cost of building these showrooms in the metaverse.
Virtual entertainment is in high demand, don’t be surprised. With all the numerous virtual events, there is a demand for entertainment in these spaces to give them real-world resemblance.
Entertainment artists like DJs, musicians, and sound effects professionals are in high demand to sell in the metaverse. This creates an opportunity for entertainers interested in the metaverse to generate revenue from performances in the virtual world.
Which Metaverse can you sell in?
There are many metaverse platforms currently in existence. They are all built for different purposes, which means not all of them are for general uses. However, many top metaverses allow users to create freely on their plots.
Let’s run through some of the top metaverses in the world.
Horizon Worlds is a Metaverse created by Meta. It was the first major step in the company’s Web3 direction. Since its launch, the company has spent billions on developing the metaverse and making it available for different uses.
Horizon Worlds is a good platform for people looking to sell in the metaverse. The metaverse is open for several uses, which means sellers can provide various products and services.
Decentraland is one of the earliest and most popular metaverses. It is a vast world with several opportunities for a salesperson. From NFT sales to real estate and virtual events, there are many benefits for users. The metaverse even houses an official Barbadian Embassy.
Originally a video game platform, The Sandbox has grown to offer its users various opportunities and experiences. Users can create characters and games, own and rent out virtual plots of land, and host virtual events.
Roblox is a Metaverse that was first used for playing and creating games. But over the years, it has become an expansive metaverse with more range of uses. Users can buy and sell digital characters and game assets.
Is it worth it to sell in the metaverse?
The primary concern for anyone looking to sell in the metaverse is if it’s worth it. Most global sales and transactions still occur over the internet, so why switch? Another major concern could be the technicalities of using these virtual worlds.
The metaverse is still a developing space, and there’s no telling what it will become in the next couple of years. There is also no telling how fast companies and users would adopt it. But if anything is sure, it will continuously change the world as it develops.
Whether it is worth it depends on what the salesperson is offering. If your product doesn’t come within the interests of the metaverse community, then you should wait. But if there’s an active market for it, then it’s worth exploring.
It is also important to state that using the metaverse has some risks. The metaverse space is heavily tied to blockchain technology. Hence, Cryptocurrencies and NFTs are used in the virtual world. Therefore, the volatility experienced in the crypto and NFT ecosystems may spill over to the metaverse and affect the performance of these virtual spaces.
But so long as the market recovers, it is guaranteed that the metaverse will recover too. Nonetheless, there are a lot of benefits to tap into.
What are the cons of selling in the metaverse?
There are some associated issues with using the metaverse, which may not sit well with everyone. They may also make it difficult for some salespersons or business owners to adapt to the metaverse ecosystem quickly. Let’s go through some of them.
Knowledge of the metaverse
You must have information about the performance of the platform to sell in the Metaverse. Knowing how it works may prove challenging for some businesses. In the case of large multinational companies, they can hire professionals to help them adapt quickly. But for a sole business or small-scale salesperson, that might be a hurdle.
But not to worry much; understanding the metaverse is simple. For a basic understanding, videos on YouTube or other social media platforms can help. Similarly, metaverse-focused websites often feature guides that provide information on the metaverse. Through doing that, a person new to the metaverse can quickly progress to the technical aspect of it.
Climate effect of cryptos to sell in the metaverse
Cryptocurrencies are the main currencies in the metaverse. Users use it to trade for items or transactions done in the metaverse. However, using cryptos in the metaverse comes with a drawback.
Most cryptocurrencies consume a lot of energy to validate and confirm transactions. At some point, it was estimated the energy consumption of some blockchains equaled or superseded that of some countries. Before September 2022, Ethereum, the second-largest blockchain and cryptocurrency, had a massive footprint. That made it the subject of criticism, especially from climate change activists.
The crypto ecosystem is changing, and blockchains are considering energy-efficient alternatives. In the years to come, the carbon footprint of blockchains will decline. So if you’re looking to sell in the metaverse, you should be conscious of your carbon footprint and how to reduce it.
Tips for people selling in the metaverse
To end this article, here are some tips to sell in the metaverse.
Build active communities
Active communities form a core part of the metaverse ecosystem. The community lends the necessary hype that helps virtual worlds and products thrive. A vibrant community is also a credibility tag, as it proves to first-time users that your business is legit.
An inspired community also guarantees that product launches will not fail. For instance, Yuga Labs has thrived on its active community to remain a top-tier crypto company.
Sell for the metaverse
For pitching products, you have to sell in the metaverse a way different from the real world. You have to focus on launching in a way that would interest an average user in the metaverse.
An example is the decentralized nature of the metaverse. Many users are on metaverse platforms due to the anonymity it offers. Imagine selling a product with centralized features such as KYC or something that reveals their identity. Of course, some platforms have strict KYC rules, but on fully decentralized platforms, that wouldn’t be the way to go.
Replicate the physical retail experience with sell in the metaverse
For salespeople or business owners with physical stores, one of the ways to get started with the metaverse is to create a virtual venue. Items in the physical retail are then replicated in the virtual venue.
Integrate augmented reality
Augmented reality offers a way to benefit from the metaverse without going entirely into it. It is also a more cost-effective way of creating an exciting customer experience.
Unlike Virtual reality, which requires expensive gadgets, users can view augmented reality via the phone. It integrates the virtual and physical worlds, with the virtual interlaid on it.
FAQs about sell in the metaverse
Can I make my own metaverse?
Of course you can. But mind you, developing a metaverse doesn’t come easy or cheap. Most companies who own metaverses have the financial and technical power to do that. For example, Mark Zuckerberg developing Horizon Worlds.
What can you trade and sell in the metaverse?
Real Estate, NFTs, Virtual Events, Showrooms and Entertainment are some of the things you can trade and sell in the metaverse.
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