There was a time where people used to go to shops to buy things. Web 2.0 or simply our internet gave birth to ecommerce. Now it is time for Web 3.0 or the Metaverse. As we talk about newer ideas of doing business, lets see how you can take your online business to this new world of opportunities. We will talk about turning your passion into an Online Business in the Metaverse.
What is a Metaverse?
The Metaverse is a collective virtual open space created by the convergence of virtually enhanced physical and digital reality. It is a 3D virtual reality world that can be accessed using personal terminals and virtual reality visors similar to the Oculus Quest and other VR headsets. A collection of multiple technologies interacting with each other make up the metaverse. These includes NFT, social commerce, augmented reality, virtual reality etc.
Is Metaverse a good investment?
The global metaverse market is expected to reach $1,527.55 billion by 2029 from $100.27 billion in 2022. This is growth at a CAGR of 47.6%. This growth is mainly due to a surge in online video gaming adoption and rising consumers’ preference for online shopping of products. Gartner, Inc, says that by 2026, 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social, and entertainment. Metaverse will eventually be made up of multiple virtual worlds. They will have everything we have in real-life—just in a virtual form. This includes home designs, fitness programs, games, shopping, travel, meeting rooms, etc.
Now, do you still think that it makes no sense in looking at this opportunity as a work from home business?
What are some of the businesses where Metaverse opportunity lies?
I have listed a few business types that are trying their hands in the Metaverse. They are:
- Virtual tourism
- Virtual learning
- Virtual real estate
What business can you start in Metaverse?
Out of the multiple opportunities listed above I will pick up ecommerce business. This is because many people are already selling goods and services online on websites like Shopify and Amazon. It will be an easy transition to get into Metaverse now and start selling.
Do you know that Amazon has already incorporated early metaverse technology into its marketplace?
The AR shopping tool of Amazon allows you to use your phone or tablet to see what furniture and other home décor will look like in your space. You can view multiple products together, and even save the AR snapshots of your room to review later.
Imagine your 1st neighbor has a physical store that sells clothes. However, that is quite a distance from the customer’s house. Your 2nd neighbor has an online store selling clothes in Amazon. Although customers can shop from home, but they do not have the option to try those clothes before buying.
Now you can combine both these worlds and open a shop in Metaverse where not only people can buy clothes from the comfort of their home, but also, they can try those before buying. What else can one ask for?
Start a virtual store in Metaverse the big way-
Let me tell you a few steps that you need to follow to open a store in Metaverse:
- Buy space in Metaverse or you can build your own space.
- Choose a reputed Metaverse Development Company.
- Decide upon the most favorable blockchain type.
- Finally add the elements required to start your business.
1. Buy space in Metaverse or you can build your own space
You need to buy space first in the virtual world just like you buy land in the real world if you want to open a shop. There are various companies who sells land like Decentraland, Sandbox, Roblox etc. You will have to choose the right company as each of them targets a specific type of customer. You can also create your private virtual world, but that will be very costly. So, I am keeping that out of the scope of this article.
2. Choose a reputed Metaverse Development Company
Just like a web development company, now we have Metaverse development company. They will deal with all the complications revolving around blockchain, crypto, and the metaverse that are expected to rise in the present as well as in the near future. So, if you don’t have the proper technical expertise in the above domains you should go for one of these. One such company will be Accubits.
3. Decide upon the most favorable blockchain type
Imagine the blockchain as the building block of your virtual business. Based on the blockchain you choose, your customers will have their shopping experience. Blockchain plays the main role in managing high traffic, transparency, decentralization, etc. The leading blockchains are, Ethereum, Cardano, Polygon and Binance chain.
4. Add the elements required to start your business
Setting up the store is not all. Experimenting with VR headsets and supporting technology is important. Developing an AR/VR application that gives your customers access to some of the features of the metaverse is crucial.
Start a virtual store in Metaverse the small way-
Recently I came across Bosonportal.io
- You can list your products as NFTs.
- In events and fashion shows buyers will see your items.
- They will purchase the NFTs.
- Later on, they will have to redeem their NFTs in the website (https://app.bosonportal.io)
How to make passive income in the metaverse?
One of the special ideas of this blog is to find ways of running your favorite online business, not by paying from your pocket but making bets in the established companies in the same industry. You trade and invest in the stocks that are leaders in the industry which you are working with. In this case such companies will be the likes of Microsoft, Meta, Google etc. These companies have invested hugely in Metaverse. Any income from this growing space will only increase the profits of these companies thus increasing their share price. As you know the reason for investing in your own industry is that you will have a better knowledge of what’s going on and what can happen in this space in future. Chances of making money is more in a business which you are familiar with.
As the Metaverse opportunity grows more businesses will come up in this space. We have just scratched the surface. If you start your research from now, who knows, you can become a pioneer of Metaverse from Home business in future!
Note: The stocks mentioned here are by no means a recommendation but purely for the purpose of demonstration.