Imagine a virtual world where people interact, move, work, and shop with each other; that is the metaverse. We are moving towards a virtual environment and digital currencies through gaming. Be it fashion, photography, health, or sports, everyone is leveraging the power of the metaverse to make operations and functions seamless and automated.
The metaverse is rapidly transforming from a futuristic concept into a thriving digital economy. With platforms like Decentraland, Roblox, and The Sandbox gaining popularity, starting a business in the metaverse presents a unique opportunity for early adopters. In this blog, we will cover all the aspects related to the metaverse for business, including the process, types of metaverse businesses, cost, and much more.
Before you dive in, let’s revise the concept of the metaverse:
- Includes NFTs, digital real estate, and virtual goods.
- A 3D virtual world powered by technologies like blockchain, AR/VR, and AI.
- Composed of platforms where users interact through avatars.
The global metaverse market size is expected to reach US$103.6bn by the end of 2025. The market is projected to grow to $507.8 billion by 2030 at a CAGR of 37.43%. Statista
Metaverse is a digital-driven technology that is backed by virtual reality, augmented reality, artificial intelligence, mixed reality, blockchain, cryptocurrency, NFT, and others. Metaverse is gradually entering almost all sectors and industries of the economy, offering a rich user experience in the virtual space.
Starting a business in the metaverse can be a profitable venture. We will list down the major reasons why you should invest in this landscape.
- The metaverse enables global connectivity and interaction in a virtual environment.
- It includes virtual economies, allowing users to trade digital and real-world assets.
- Businesses can showcase products or services, like architecture, to a worldwide audience.
- Using a VR headset and the internet, users can work and communicate in virtual offices seamlessly.
- The metaverse removes geographical limitations on business and collaboration.
Whether small or large, any company can start a business in the metaverse. Leveraging the profitable benefits offered by this new-age technology requires a lot of brainstorming, planning, and research. Therefore, these steps will help you start a profitable business in this sector:
1. Select the Right Platform
There are numerous metaverse platforms available today, but not all are suited for every business type. Failing to choose the right platform will affect compatibility with your industry, audience, and goals. Industries such as real estate, fashion, sports, and gaming have already ventured into the metaverse to build virtual brand experiences, signaling a growing trend across sectors.
- Roblox is among the most popular platforms, with over 49 million active users, mainly targeting the younger generation through interactive content like games, music concerts, and entertainment events.
- Gucci and Nike have launched virtual stores within the metaverse, offering digital assets like NFTs of sneakers and apparel.
- Samsung and Sotheby’s are leveraging Decentraland to create immersive brand experiences and connect with users in virtual spaces.
- Before choosing a platform, it’s crucial to analyze your competitors, understand your target audience, and evaluate which metaverse ecosystem best aligns with your business goals.
Some of the best metaverse platforms you can choose from are:
- Decentraland
- The Sandbox
- Axie Infinity
- Metahero
- Star Atlas
2. Focus on your Target Audience
Choosing the right audience is of great importance when it comes to using the metaverse for business. Without selecting the right audience, you won’t be able to create a niche. Focus on a group of people willing to purchase your products and services, instead of broadening the audience.
For example, if you are going to launch an educational institute in the metaverse, you are likely to target students and teachers. If you are launching a sports fashion brand, you will target sports persons and athletes as your target audience.
3. Create an engaging and interactive UI/UX
Define the elements that you want to integrate into your metaverse platform. Make sure to keep the UI/UX interactive and engaging. Moreover, focus on implementing user-friendly and easy-to-use features, graphics, and interfaces that can help you attract and retain more people on your platform.
4. Write a smart contract
Writing a smart contract is crucial for building a metaverse platform, as its structure depends on the platform’s features and technical needs. Projects like Decentraland and Axie Infinity use smart contracts to manage digital assets like land and NFTs. These contracts ensure trust and reliability through blockchain-backed immutability.
5. Create a metaverse wallet
To enable smooth trading in the virtual space, incorporate safe and seamless payment methods. Support for cryptocurrencies and digital wallets is essential for fast and secure transactions. Popular crypto tokens like Ethereum, Solana, and Bitcoin are widely adopted. You can choose the one that best aligns with your business goals and platform requirements.
6. Development of metaverse
Keep these key points in mind to build a successful, customer-focused metaverse platform. Leverage next-generation technologies and tools to stay ahead of emerging trends. Always align your platform with your target audience and business type to effectively showcase your unique selling proposition.
7. Launch and maintenance
Once your metaverse platform is developed, it’s crucial to ensure it functions smoothly and delivers a seamless user experience. Thorough testing and quality assurance help identify performance issues and optimize the platform before launch. A well-planned marketing strategy is equally important to attract the right audience and build a strong user base. Post-launch, ongoing maintenance and upgrades are essential to retain user trust and grow your platform’s presence.
Technical Infrastructure for Starting a Business in the Metaverse
When you start your venture in the metaverse landscape, you must be aware of some of the technicalities the industry requires. We shall talk about it in the next section of the blog:
Blockchain Technology
The blockchain confirms secure, transparent transactions and enables tokenized assets like cryptocurrencies and NFTs.
3D Development Platforms
Use tools like Unity, Unreal Engine, or Web3 framework for creating immersive virtual environments.
Cloud Computing
Cloud Computing is a scalable server to host virtual worlds, which handles user interactions and supports high-performance computing.
AR/VR Hardware
Scalable servers to host virtual worlds, handle user interactions, and support the high-performance computing trend. Many entrepreneurs are seeking these as an opportunity to invest, but want a helping hand to take them in the right direction.
High-Speed Internet and 5G
The high-speed internet allows smooth interaction and real-time connectivity in virtual spaces, which helps to attract more users.
AI and Machine Learning
The usage of AI and Machine Learning provides a personalized feel in the game, automates the task, and supports intelligent virtual assistants or NPCs.
Metaverse can help you unleash the true potential of your business in a manner like none other. From immersive entertainment to enhanced customer engagement, the metaverse can take your business profits and reach the next level. There are different types of metaverse business opportunities that you must check out:
A. Virtual Concerts
The metaverse is transforming online behavior, redefining how people spend time digitally.
- It has revamped real-life experiences, making virtual concerts and events more interactive and engaging.
- Celebrities like Marshmello, Justin Bieber, Ariana Grande, Galantis, and Lil Nas X are embracing platforms like Roblox, Wave, and Fortnite.
- Travis Scott’s metaverse concert drew massive attention with 27.7 million unique users participating.
- The biggest appeal is the ability to attend live concerts virtually from the comfort of home.
- This trend strongly suggests that the future of live music lies in the metaverse.
B. Immersive Entertainment
Metaverse is providing immersive entertainment, especially to youngsters driven by technology and the latest market trends. For example, the gaming platform Roblox has attracted 67% of users under the age of 16. Moreover, Disney is also leveraging the benefits of the latest technology to create its theme park.
C. Enhanced Customer Engagement
Metaverse platforms have revolutionized how, when, and where people interact, enabling immersive engagement through AR/VR technology and fast internet connectivity. These virtual worlds offer new opportunities for brands to connect with audiences in innovative ways. A standout example is Forever 21, which is embracing the metaverse to transform its retail experience.
D. Seamless Remote Working
The COVID-19 pandemic changed the entire functioning of the business and work by introducing virtual meetings, seminars, and hybrid working models. Technology has become mainstream today. It has come a long way with the introduction of the avatar, motion capture gloves, and VR goggles.
E. Improved Learning and Training
The emergence of the remote working model has led to the introduction of virtual training and learning sessions. Businesses are adopting interactive and refreshing virtual platforms with the help of AR/VR technology to offer people an opportunity to learn and retain information faster than ever before.
F. Branding and Marketing Opportunities
Major brands like Nike, Vans, and Hyundai are actively embracing the metaverse to stay ahead in the digital innovation race. By leveraging VR technology, these companies are enhancing customer interaction and engagement like never before. One notable example is Chipotle, which has seamlessly blended the physical and virtual worlds through its metaverse initiatives, even using the platform for social impact.
It is nearly impossible to define the exact cost of a metaverse business. The development of a metaverse platform with basic features and functionalities will cost you around $30,000 to $40,0000. The cost may shoot up depending on the features and specifications of the metaverse development. This may go up to even $60,000 and more. The factors affecting the cost of metaverse business development are:
- The complexity of the features
- Technology stack
- The location of the developers
- Experience of the metaverse development company
- The level of the graphics
- Type of the Business
| Development Process | Development Cost |
| UX/UI Design | $2,000-$4,000 |
| Native Platform Development | $10,000-$15,000 |
| Backend Development | $4,000-$6,000 |
| Testing & Q/A | $5,000-$7,000 |
| Project Management | $3,500-$5,000 |
| Final Cost | $30,000-$40,000 |
The Future of the Metaverse
- The metaverse has gone mainstream, becoming a vital part of nearly all industries.
- It is considered a cornerstone for modern business milestones and exponential growth.
- The metaverse is already impacting sectors like clothing, education, healthcare, entertainment, and the corporate world.
- To stay competitive, businesses are leveraging metaverse technology for more automated, seamless, and innovative operations.
- The future of the metaverse is bright, offering endless opportunities for growth and engagement.
Metaverse is revolutionizing every sector and industry in a manner like none other. Hence, it is very important to choose an experienced and the best metaverse development company to get customizable, high-performance, and feature-rich metaverse app development solutions.
We have a team of a certified and experienced team of developers having hands-on experience in delivering metaverse game development services. We aim to focus on customer centricity and satisfaction to fulfil every requirement and expectation of our clients’ projects. Choose us to get:
- 24/7 constant services
- Technical prowess
- Experienced metaverse game development company
- Excellent testing
- Robust development process
- Cost-effective metaverse solutions
Final Words
Starting a business in the metaverse is a unique journey that requires expert guidance and innovative solutions. Partnering with metaverse development companies ensures you have the technical expertise and strategic direction needed to bring your vision to life.
You can leverage VR/AR mobile app development to create immersive and impactful experiences. The potential of the metaverse is boundless, making now the perfect time to launch your business and stay ahead in this rapidly evolving digital frontier.
Trust our certified developers to deliver top-quality metaverse app development solutions, helping you create an innovative and future-ready business.
Frequently Asked Questions(FAQs)
Ans: Metaverse is the combination of next-generation technologies such as blockchain, AR, VR, and AI that allows users to interact, work, move, and even communicate using digital avatars.
Ans: Metaverse technology has transformed the way businesses operate and work. You can also transform your business with the help of a metaverse development company. Be it fashion, sports, gaming, health or tourism, the metaverse has helped brands create their own virtual stores.
Ans: Virtual world development or metaverse has a lot to offer. Some of the major and unmissable benefits provided by metaverse development are increased ROI, high reach, seamless gameplay experience and uninterrupted customer support.
Ans: It will take around 4 to 5 months to build a metaverse business with high-end features, graphics, and customer support.
