What Can Your Startup Do in the Metaverse?

What Can Your Startup Do in the Metaverse

The virtual space is vast, and there’s plenty your startup can do in it. Read on!

That the metaverse is a hot spot for businesses currently is evident. Not only can you set up your own marketplace in virtual reality, you can also shift your business activities onto the platform. With virtual avatars, “lifelike” elements and the ability to work from the comforts of your home—metaverse has the ability to change the future of work.

Besides moving your startup infrastructure to the metaverse, there’s plenty your startup can do in the virtual space! You can build immersive experiences, help other startups or even develop new applications that take advantage of the unique properties of this digital world.

Here are five things your startup can do in the metaverse:

1. Build elaborate immersive experiences

Depending on the niche of your startup, you could build immersive experiences that take full advantage of the metaverse’s capabilities. For example, Ericsson plans on launching a metaverse mall where users can shop with the help of virtual reality or mixed reality technologies. Additionally, Gucci has announced a new project—Gucci Town—built on the metaverse platform Roblox. There, users will be able to play mini-games, go to cafés and shop at Gucci’s virtual store.

2. Help other companies set up their metaverse experience

The metaverse is a new platform, which means there are lots of opportunities to develop new applications that take advantage of its unique properties. Whether you’re looking to create a social media platform that exists entirely in the metaverse, or you’re looking to develop a new kind of business application, the possibilities are endless. So, take your cues from the information technology company Infosys, and come up with new solutions to help other startups. For instance, Infosys helps other businesses set up an exclusive metaverse experience, offers media and communication services and helps brands set up their virtual reality stores. 

3. Build a virtual touchpoint for customers

In late 2021, Nike set up its metaverse store: Nikeland. Not only do users get to virtually try on their favorite sneakers, but they can also learn from basketball legends, like LeBron James! Auction house Sotheby’s, too, recently launched a metaverse gallery in Decentraland, thus catering to digital artists and collectors. All things considered, the metaverse is a marvelous place to build virtual storefronts for your business. Not only can you showcase your products in a realistic and immersive way, but you can also interact with customers directly, in real-time. This is a great way to increase brand awareness and reach new customers that you wouldn’t be able to reach otherwise. 

4. Sell products and services

As per a J. P. Morgan report, every year, US$54 billion is spent on virtual goods. If your startup sells physical products, you can easily sell them in the metaverse. You can set up virtual retail stores where users can browse and purchase your products, or you can even offer virtual versions of your products that users can use in the metaverse, like Nike. What’s more? You can use the metaverse as a supplement to your physical store. For instance, Italian fashion brand Benetton has set up a metaverse store. But, instead of buying things there, users will play games to earn QR codes that they can later use in the brand’s physical stores! 

5. Advertise your business

The metaverse is a great place to advertise your business. You can reach a large audience of potential customers with your ads, and you can target them specifically based on their interests and demographics. Make use of billboards or other such advertising spaces to get your message across, and you’ll be sure to reach a lot of people.

The metaverse is also a great place to hold events. You can host virtual conferences, meetups, or even just casual get-togethers in the virtual world. This is a good way to build relationships with other businesses and individuals in the metaverse, and it’s also a effective way to increase brand awareness.

Undoubtedly, the metaverse is a powerful tool that startups can use to their advantage. So if you’re a startup, make sure to make use of the metaverse in order to reach new heights.

Header Image by Freepik

Also read:

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

5 More Business Podcasts You Need to Listen To

5 More Business Podcasts You Need to Listen To

Entrepreneurs have one thing in common—they always look for opportunities to learn and grow. To gain an understanding of running a viable business, you need to listen to the experiences of those who have emerged triumphant in the business world. A great way to do so is by tuning into a vast number of business and entrepreneurship podcasts scattered across the internet today.

5 Hobbies To Maximize Your Entrepreneurial Drive

5 Hobbies To Maximize Your Entrepreneurial Drive

Entrepreneurs are a special breed of person. They’re go-getters, risk-takers and dreamers. Yet, even the most driven entrepreneur needs to take a break from time to time. Spending every second of your day on your business is stressful, and you will lose your drive very soon. If you want to stay energetic and ready to take on new challenges at work, hobbies are what you need.

Making the Metaverse a Force for Good with the Metaverse Charity Foundation

Making the Metaverse a Force for Good with the Metaverse Charity Foundation

If you are a frequent reader of our website, you must have seen us mention The Sandbox, Decentraland and Axie Infinity. These are some of the most popular metaverses out there, and the one thing they all have in common is that they all have their origins in Asia. While Asia is home to all these metaverse projects, it suffers two main issues: the region has major rural-urban inequality as well as a significant wage difference between high-skilled and low-skilled occupations.

How Do Stores Get You to Spend More Money

How Do Stores Get You to Spend More Money?

Have you ever entered a grocery store to buy some milk but ended up with a bag full of items you didn’t even need? You’re not alone if you feel guilty for spending more money than you intended. It’s not our fault that we keep putting items in our shopping carts; we are manipulated to do so! To make sure you buy more, retailers will go all the way to carefully engineer every aspect of their store.

6 Lessons All Entrepreneurs Can Learn from Amazon Founder Jeff Bezos

6 Lessons All Entrepreneurs Can Learn from Amazon Founder Jeff Bezos

Whether you love or hate him, there’s no denying that Jeff Bezos is one of the most successful entrepreneurs of our generation. Bezos, the founder of Amazon, has built a business empire encompassing everything from ecommerce and cloud computing to artificial intelligence (AI). What can we learn from Bezos, one of the world’s wealthiest men with a net worth of US$151 billion? Here are six key lessons that all entrepreneurs can learn from the billionaire:

9 Signs of a Toxic Workplace

9 Signs of a Toxic Workplace

Workplace trends like “hustle culture” and “quiet quitting” are shining the light on unhealthy, toxic work environments and their effects on employees. Hustle culture is when you feel like you have to work yourself to the bone and do way more than others all the time; quiet quitting, a counteragent to hustle culture, is about doing the bare minimum at your job instead of going above and beyond for an exploitative employer.