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.
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