What are the opportunities related to the Metaverse?

The Metaverse is presented today as the Internet of the future. The subject of the Metaverse has recently been very much in the news due to the fact that the company Facebook by its owner Mark Zuckerberg has decided to change its name to become “Meta platforms”.

A new name which, according to him, represents better all of the company’s activities, especially those of the future. According to him, the Metaverse (meta-universe) is the future of his business and it is our future.

So what is the metaverse?

The metaverse is portrayed as the future version of the internet, a fictional virtual world, where virtual spaces are accessed through 3D interaction. Until now, the metaverse has only existed in movies and video games, but this time it’s about to become a reality in the near future.

Significant developments in technology now make the achievement of the metaverse possible. These include the migration of a large number of features to the cloud, the increase in the computing power of processors and most importantly the arrival of 5G.

What could be the opportunities around the metaverse?

There are countless opportunities in several areas coming with the metaverse. The metaverse is a new opportunity for web giants to monetize virtual spaces by selling access to private spaces:

• Work or meeting space for professional meetings
• Romantic meeting spaces
• Museum visit
• Concert
• Movie night with friends (each at home) etc.

For web giants

In their private spaces, these web giants will also be able to trade, display advertisements, etc. The metaverse will allow businesses to be closer to their customers and thus increase their bottom line.

In the metaverse you will be able to sell, buy, make payments, participate in meetings, etc.

Thanks to the metaverse, it will also be possible to make applications and video games more immersive, in order to improve the user experience, so that it is worthy of real life.

The introduction into this new universe will inevitably require more user data, which will make it even more important to secure user data, which is to say that cyber security is a field of the future.

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The metaverse will be a platform open to many talents. An independent person with design skills could for example create a virtual bag which will be very successful in the virtual world and whose success will also be transferred to the real world.

This is an opportunity for auto companies: because in the metaverse people will wake up one morning to buy cars for their avatars.

This is an opportunity for the real estate players because, people will be working and saving money. So, they can rent or buy an apartment or a house for their avatar in the metaverse.

For health

The metaverse will also be a health benefit for many users, yes you heard that right! The metaverse will be a therapy for many. Indeed nowadays many people are already using technology as a means of therapy. More than 80% of users say they turn on their consoles to relax. And more than half of them say they are physically and mentally healthier thanks to the technology.

Now, doctors can even prescribe video games to their patients to treat cognitive dysfunctions.

This was the case in June 2020, when Akili Interactive’s EndeavorRx® was approved by the Food and Drug Administration (FDA), making it the very first prescription video game. It is designed to treat ADHD (attention deficit disorder with or without hyperactivity) in young children. This game has been successful in treating 1 in 3 children for 25 minutes a day, 5 days a week.

An Advertising space

In the metaverse there will also be virtual influencers. This is already the case with Lil Miquela who currently has more than 3 million subscribers on Instagram. A sponsored post on her account would cost around $ 8,750. Famous brands like Prada, Samsung and Calvin Klein have already collaborated with her.

Agri-food companies will be able to offer their products in virtual supermarkets, cafes, bars, restaurants, nightclubs, etc. As in the real world, it will be possible to make partnerships, sponsor events, make product placements. So that they can to obtain visibility on advertising spaces (store windows, advertising screens and panels, newspapers, etc).

For Fashion

The metaverse is an opportunity for fashion and cosmetics companies who will be able to sell to users virtual fashion items (clothes, shoes, bags, jewelry and accessories, etc.; as well as virtual cosmetics so that users can make up their avatars to their liking.

In June 2021, a Gucci digital bag has been sold on Roblox for over $ 4,000 (more expensive than the actual bag in its physical version).

L’Oreal allowed Snapchat users in 2020 to try virtual products from several of their brands.

In the same vein, in February 2021, fashion pioneer NFT, RTFKT Inc, in collaboration with the artist Fewocious, sold 600 pairs of digital sneakers in just 7 minutes! This generated $ 3.1 million.

THE FABRICANT, a digital fashion house sold in 2019 among other things, a digital dress for $ 9,500.

In short, the goal of businesses is to provide products and services in a virtual world that can be consumed in the real world. And to give their consumers the opportunity to have real virtual experiences that can continue in the real world.

You will understand, as societies become more and more connected and as we spend more and more time online, and share more and more data about us, the metaverse represents the opportunity of the century for many companies and private investors.

The business opportunities are endless given that with the metaverse it is about transferring some, if not more, of what we do in the real world into this virtual world.

If you know any other opportunities related to the metaverse, please share them with us in the comments. Remember to subscribe so you don’t miss any articles posted on our blog, and visit our website to find out what we have to offer.

Note that inclusive writing is used here only for the purpose of making it easier to write articles on this blog.