Emergence of Metaverse and Web 3.0
From the last couple of decades the power of computing and the level of communication has been improved in a magnificent scale. With the introduction of the internet in the 1960s, the face of the service sector has been changed significantly. The Internet started at that time when the government researchers find a way to share information. The year 1983 is officially considered as the birthday of the internet. Before that there was no standard way of computer networks to communicate. Since then a new communication protocol e.g Transfer Control Protocol (TCP) and Internetwork Protocol (IP) was established. Since then we have come a long way on the Internet and now we are approaching WEB 3.0. This journey, from the First Wave of Networked Communication(TCP/IP) to the World Wide Web (WWW) to Metaverse gave us lots of insights and opportunities about this ever changing world. We learnt that, whoever catches and adopts the technology first, becomes the leader in the business world. For example during the time when computers evolved, Microsoft became the market leader, similarly during the ecommerce, Amazon became the market leader. Hence we need to catch early to develop a good business.
What is Metaverse?
Describing “metaverse”, a virtual 3D space which is more immersive to engage people and can relate this space with the physical world. This is a highly immersive virtual place to socialize, play and work. Metaverse is a combination of 2 words. I.e – Meta and Universe. Meta means ‘after or beyond’. Which means the world beyond our imagination in virtual space. It is facilitated by the use of Virtual Reality(VR) and Augmented Reality (AR) headsets. This is more interactive and engaging than 2D world. I.e. Web. This gives a real feel to the user in the virtual world. The users can enter into it by using a VR headset and can access all the assets and services provided by the owner. Usually the users represent themselves as an avatar. Unlike Web 2.0, it is nor centralized. The economy of the metaverse is majorly based on crypto currencies. Like – Bitcoin, Ethereum, Polygon etc.
Business Opportunities In Metaverse:
For Better understanding, we have divided the metaverse business space into 2 major categories. Both categories are dependent with each other.
Building Metaverse as a platform:
- Creation Of Assets
- Building Smart Contracts
- Building Independent Metaverse
- Trading Of NFTs
- Real Estate Business On Metaverse
1. Creation Of Assets:
It is also said that the emergence of the metaverse will give a big push to the creator economy. Metaverse built by the integration of different assets in the frontend and backend. Frontend built by the integration of different 3d models, Visual effects, paintings, drawings and different types elements. To create these assets, we need different types of creative skills, like – Visual effects artists, 3d Modeling designers, painting artists, photoshop artists etc. So creators will get the best possible appreciation in metaverse space.
2. Building Smart Contracts:
Smart contracts are a set of programmes which run on the blockchain network. It runs when the user defines conditions that are met. This we can say the modern agreements. This enables the participants to immediately transact the properties ownership without any intermediary’s involvement. Ethereum is the most popular blockchain usage for smart contracts. These contracts are written in a programme which is called Solidity which communicates with the Ethereum blockchain network. These need high end object oriented programming skills like C++, C#, Java etc. So you can bridge this gap if you are having the right skill sets with you.
3. Building Independent Metaverse:
Independent metaverse is the virtual space which has all kinds of utilities in one platform. Like Oculus Horizon World, which is developed by Facebook. So this has almost all kinds of facilities in one platform, where you can gather and socialize yourself, arrange a meeting, play games, visit your friend’s Virtual house, join a live concert etc. This requires a big scale development environment and requires a number of skills and people. Also you can provide these services free for the public and can generate a huge amount of revenue from advertisements. Also you can commercialize some part of it, where people can set up their art galleries and virtual businesses on your platform.
4. Trading Of NFTs:
NFT means Non-Fungible Tokens. You can sell, buy and trade your creative arts over meta space. You can list your digital assets on the blockchain. Nowadays, there are lots of marketplaces for NFT trading. Like : OpenSea, AxiE, Rarible, Binance etc. The most popular one is Opensea. In these platforms you can buy unique art collections and later you can sell at a higher price. Also you could mint and list your NFTs on these marketplace. Another opportunity is also you can create your own NFT gallery over metaverse infrastructure. So people can visit your art galleries and can purchase. Also you can also create customizable avatar for the people.
5. Real Estate Business On Metaverse:
Resembling the real estate market in the physical world, you can also buy a piece of land in the metaverse. Where you can set up your own business, shopping mall, art gallery, concert or develop a game on it. You can also buy land from the world map, probably in high traffic areas like in the Financial space of Newyork etc. The most popular marketplace to buy land in metaverse is Sandbox, Decentraland. If you want to buy land from the world’s visual map, you can go to Earth 2, NextEarth.io . These platforms transact only on cryptocurrencies. So you must have a crypto wallet, like Metamask, Binance.
If you have never transacted in cryptos and never parched any digital assets/NFTs, you can read this article How To Buy Land & Real Estate In The Metaverse.
Above you know about what Metaverse is, how to build metaverse and related business oppertunities. Going forward you will get to know about How to set up a business over the Metaverse platform and what are the possibilities.
Businesses Over Metaverses Platform:
- Ecommerce and Social Commerce in Metaverse
- Gaming
- Education and Healthcare Businesses over Metaverse
- Take up your physical store to metaverse
- Virtual travel agencies
1. Ecommerce and Social Commerce:
Nowadays we are shopping from Amazon, Flipkart, Walmart whose websites are in 2d form. Which is not very interactive, engaging and immersive. To solve this problem and in the metaverse world the next Ecommerce market is going to be immersive and more engaging. So the whole marketplace will be 3D and the user can get into it by using a VR headset and can checkout the listed products in 3d form. Also they can try the apparels and products in the same space. So this will cut the number of returns, which the E Commerce businesses are facing today. So you can build your ecommerce store over metaverse. For that you need to build your infrastructure first. Then you can list your products in 3D form.
2. Gaming:
Upcoming gaming world is 3D and 3D only. The concept of metaverse emerged from the gaming world. So if you are planning to develop a game, you can build on metaverse. This may be an easy step for the game developer because they may have prior experience.
3. Education and Healthcare Businesses over Metaverse:
As we know education and healthcare is a primary sector to any society. From last decade to the present there is a huge shift we saw in the trend in education and medicene field. From physical classes to zoom classes to the Edtech induatry, we saw changes in the field of education. Engagement is a major aspect in the education of childrens. If you have many engaged students in your classes, you have successful students. They can learn better and in a practical way. And metaverse is solving this problem. So the future Edtech inductries would be in the metaverse by a great extent. Although there are some health related issues may arise with the childrens. But we can manage that by doing other relevant activities. As the students will engage more on the subjects, they can capture the subjects quickly. By that we can reduce their capturing timing and compensate that time to improve health.
Nowadays telemedicine is taking up the market. Although by video calls we can meet a doctor but in metaverse, doctors can check the patients in a better way. Healthcare would be greatly accessible to all. Also who knows by these technological improvements, doctors can guide technicians or medical professionals to do operations virtually by Hologram effects.
4. Take up your physical store to metaverse:
This idea is also the best idea to go virtual from physical. Your physical store has limited reach to the customers but once you go virtual you can reach millions of customers world wide. And they can have the same feeling once a local customer enters your physical store. They can see your products at a 3D level and can feel and try. To do that you need to do 3d modeling of your physical like shop. You need to build your storefront in 3D. Also you may set up 360 cameras in your store and build an app, by which your customers can visit your shop.
5. Virtual travel agencies:
Like any other business model in the metaverse it has quite a bit higher business impacts. Nowadays if I want to see himalayas, I simply go to My YouTube and watch some traveling videos. Just think if you can feel that you are in that place virtually and can touch trees and water around you, what would be your reaction. Similarly, creating such big content in the metaverse would be beneficial and profitable at scale. You can monetize your content and sell such products to the customers. Like you could charge $100 for visiting Bali for 1 hr in metaverse. Also if you are a travel agent you can showcase a trailer to your customer and could give them a feel of it, so that they will book their itinerary with your agency. You could imagine how this business would be.
For more details you can read this article, The Amazing Ways VR And AR Are Transforming The Travel Industry
Also read about Top 10 Business Ideas in the Tourism space with small investment.
Considering the above ideas, I hope you may have a good understanding of the power of the metaverse and how today’s businesses will get impacted and grow. So you need to pick this up early to be in the top list when the metaverse will be widely adopted.
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