The idea of a parallel virtual world depicted in fiction novels and movies has become a reality. Metaverse, an immersive virtual world, is changing our world like never before. It is transforming major industries like gaming, fashion, real estate, finance, entertainment, and education.

Big brands from these industries, like Nike, Gucci, Samsung, Hyundai, Coca-Cola, and Adidas, have already dipped their toes in the metaverse. Others are planning to expand their businesses into the metaverse.

Why do you think these brands are on a run to fit into the metaverse?

Firstly, to target a large base of the digital audience directly. According to market statistics, there are over 500 million active metaverse users. Secondly, they want to be future-ready for the metaverse market, which is growing at a 47.6% CAGR. The value of the global metaverse market was $100.27 billion in 2022. Experts predict that it will reach 1527.55 billion by 2029.

In short, the metaverse is the next big thing in the world. If you are an entrepreneur, you should start exploring metaverse business ideas that will boost your business growth.

How Can Businesses Benefit From Metaverse?

Many of us view the metaverse as a virtual gaming platform. Also, you might be wondering how a virtual platform will help your business. However, the reality is that the metaverse isn’t only a gaming platform.

Metaverse is a 3D immersive virtual world that mirrors real-life experiences. Powered by sophisticated technologies like AI, VR, AR, IoT, and ML, the metaverse is a hyperrealistic parallel universe.

You can play games, work, attend meetings, and concerts, meet friends, shop, and even buy real estate. You can do all these sitting at home, while your online avatar lives your life in the virtual world.

The immense opportunities the metaverse offers its users open the door to equally brilliant business opportunities. In addition to opening a new venture in the metaverse, you can even plan to expand and grow your existing business virtually.

Firstly, you can use metaverse to directly engage with your target audience. Secondly, you can market your products on a global level. Thirdly you can even launch digital versions of your products and offer rewards to your customers.

Most importantly, you can use metaverse to enhance your user experience and upgrade your products & services.

You can do a lot more on metaverse to take the business to new heights of success. It depends entirely on how you use metaverse to transform your business and boost your profits.

Above all, you can start a new business venture in the metaverse. You can launch an engaging gaming platform, build interactive models for education and training purposes or even get into the digital real estate business.

Market research shows a $3.75 trillion to $12.46 trillion metaverse business opportunity in the coming years. Therefore, big tech companies and startups are racing to grab this opportunity.

Meta had invested $50 billion in Reality Labs for research and development purposes on the metaverse. Moreover, it has launched Horizon Workrooms where people can collaborate virtually and work together.

On the other hand, Microsoft has introduced a new feature called Metaverse Mesh for its Microsoft Teams. Metaverse Mesh allows employees to attend virtual meetings, share documents, and join discussions by combining virtual and augmented reality tools.

In addition, Microsoft Corporation acquired Activison Blizzard Inc. in January 2022. The company believes its collaboration with the gaming development company will accelerate its entry into the metaverse gaming industry.

Even luxury fashion brands like Gucci and Louis Vuitton have entered the metaverse space. They are doing live virtual fashion shows and releasing exclusive NFTs and digital products.

Even the automobile sector couldn’t stay away from the metaverse. Hyundai has partnered with Roblox to offer Hyundai Mobility Adventure to its customers. The video game was launched on September 1, 2021.

There is a reason that these business pioneers are investing in metaverse platforms. Now it’s on other businesses to decide how to use metaverse for their benefit.

It’s time to make your business future-ready!

6 Metaverse Business Opportunities To Grab In 2023

Let’s explore million-dollar metaverse business ideas for you to get hold of in 2023.

Metaverse Gaming & Entertainment

The popularity of metaverse gaming has increased exponentially since covid pandemic. Roblox is the world’s largest metaverse gaming platform. It witnesses over 230 million active users monthly. In addition, in September 2022, Roblox reported revenue of $2.215 billion.

Moreover, market surveys predict that over 3 billion gamers worldwide will enter the metaverse in future. Also, a majority of 44% of people consider the play-to-earn gaming model as the most exciting thing about the metaverse.

In such a market scenario, the best metaverse business idea would be to launch your gaming platform. Moreover, you can even develop metaverse theme parks and interactive spaces for users.

Virtual Events

Metaverse has brought our real-life experiences to digital platforms. Live events, fashion shows and music concerts are gaining popularity among generation Z.

Lil Nas X’s performance on Roblox attracted over 33 million views in just two days. Marshmello’s live Fornite concert witnessed 10.7 million players.

Ariana Grande, Justin Bieber, Travis Scott, Black Pink, BTS and other popular artists are choosing to perform at virtual metaverse concerts.

You can build and launch your own virtual events platform. The platform will allow artists, musicians, creators and other businesses to organise virtual concerts, shows, and events.

You can even integrate the metaverse event platform into your existing business model. It will allow you to build interactive space for employees.

Digital Real Estate

The real estate business is successful not only in real life but also in the metaverse. Metaverse statistics reflect that users have bought virtual real estate for over $500 million in 2021.

The real estate business is successful not only in real life but also in the metaverse. Metaverse statistics reflect that users have bought virtual real estate for over $500 million in 2021.

You can take advantage of the metaverse real estate market to start your own business. To do so, you can buy virtual land, develop properties and rent it out to generate income.

Alternatively, you can invest in metaverse real estate development to launch your metaverse platform. You can build a platform like Decentraland where people can buy and sell virtual lands and develop properties like malls, houses, shopping centres, offices, and more.

Customer Engagement

Customer engagement is very crucial if you want your business to grow. Metaverse is showing companies a new way to connect with their customers.

As a business with a metaverse presence, you can target a large customer base. Moreover, you can always experiment and find creative ways to release and market your products. In addition, you can effectively mark your presence virtually to establish your brand authority in the market.

For instance, Nike has launched Nikeland in collaboration with Roblox. It is a digital community where users can play interactive games and dress up their avatars in Nike apparel and sneakers.

Forever 21 also partnered with Roblox to open its virtual fashion store – Forever Shop City.

Even luxury resorts use metaverse technology to interact with their customers and offer quality services. For example, Vail Ski Resort in Colorado has created a digital twin of the mountain. It enables them to predict optimal weather conditions for skiing. As a result, they can fulfil guests’ demands for early-season skiing and double their profits.

Business Marketing

Gone are those days of traditional marketing. In the era of digital marketing, the metaverse plays a prominent role.

Brands like Nike, Louis Vuitton, Gucci, Adidas, Hyundai, Samsung, Coca-cola, Tommy Hilfiger and others are coming out with creative marketing strategies.

Some are releasing digital collectibles and rewarding their loyal customers through branded NFTs. While others are launching immersive spaces, virtual shops, live fashion shows and auctions.

The sole purpose is to establish their brand identity in the metaverse.

Similarly, you can also use metaverse for your business marketing and advertising purposes. An unconventional marketing strategy on metaverse can work magic for your business.

Opening Revenue Streams

Brands are exploring new ways to generate revenue from the metaverse. One of the most successful ways is to sell digital items.

Luxury fashion brands are already doing it. It’s your time to give it a shot. You can release digital replicas of your products for sale. As a business, you can even open virtual stores where people can buy branded digital collectibles, merchandise and virtual products.

Dolce and Gabbana collaborated with UNXD to release a premium collection – Titled Collezione Genesi. It consists of 9 pieces, including 5 NFTs accompanied by physical items and 4 digital NFTs only.

Concluding Thought

Metaverse is here to revolutionise the way you do business. Businesses must be up to date with the changing times if they want to sustain themselves in the market.

Since the metaverse is going to be the protagonist of our future, it’s on you how creatively you can use it to skyrocket your business growth.