The Metaverse is among the fastest-growing technology segments of our time. According to a 2021 Bloomberg Intelligence analysis, the Metaverse could unlock a nearly $800 billion USD market opportunity.
Despite still being in an experimental stage with only a few platforms available for general use, the unified virtual world of the Metaverse promises limitless opportunities for work, gameplay, social interactions, and revenue generation.
Inside the metaverse, users can:
1. Purchase and monetize real estate
Real estate sales are among the top use cases for the Metaverse, with individuals and organizations eager to become early movers in this space.
Metaverse platforms are divided into land blocks called parcels, which can be purchased using the environment’s unique cryptocurrency token. Once you purchase real estate, you can sell it at a higher value, or lease it to a property developer or VR event organizer for monetization.
2. Create scenes, games, and other VR experiences
Some Metaverse platforms also include built-in tools, where users can create in VR and not just experience it in a passive manner. For example, Horizon Worlds offers pre-built layouts, sounds, physics properties, shapes, and much more, to help users craft their own VR worlds. This could be a simple “hangout” space for personal use or a layered gaming experience for multiple participants.
3. Express yourself through customizable avatars
If you ask someone, “what can you do in the Metaverse?” one of the first answers you will receive is that “be anyone you like.” Initially popularized by science fiction and now enabled by Metaverse platforms, VR avatars can be highly flexible.
For example, a user can change their hair color, body type, accessories, gender, or even appear as a fictional character in the Metaverse.
4. Meet and collaborate with remote colleagues
The Metaverse will revolutionize remote work by bringing the intimacy of in-person interactions into a digital space. VR platforms like Mozilla Hubs already support this capability to a degree, and the Metaverse takes it a step further by allowing entire offices and building campuses to exist in a virtual world.
Users can leverage collaboration tools like an infinite whiteboard canvas, persistent spaces, and VR keyboards to work with their colleagues.
5. Socialize and make new friends
The Metaverse makes it easier to meet new people without having to travel large distances or even leaving home. This can be extremely useful for those living in remote locations, with limited options for social activities, as well as users with physical disabilities.
There are several Metaverse games designed primarily to help people meet and forge connections. We have even seen an instance where two individuals tied the knot in the Metaverse and were able to invite a large group of people without social distancing restrictions.
6. Shop for real and virtual products
The Metaverse allows users to interact with products in a way that is impossible via e-commerce or online stores. One’s avatar can enter a virtual shop, walk through the aisles, try out products such as apparel or shoes, and make payments directly in cryptocurrency. Users can either buy virtual products for their avatars or initiate a real-world purchase and have the product delivered later.
7. Attend concerts, trade shows, and learning events
VR real estate can be leveraged to host all kinds of events, from music concerts and social gatherings to corporate events and learning sessions. Event organizers could choose to monetize this capability by issuing paid tickets to attendees.
A metaverse event has the potential to reach a much larger audience while ensuring that the interactions are organic and personal. Most platforms announce a monthly schedule of their events ahead of time.
8. Play virtual reality games
VR gaming is one of the main use cases of the Metaverse and arguably the purpose for which it was first envisioned. The Sandbox, for instance, is a collection of games that have gradually developed into a leading Metaverse platform.
Users can not only play games for fun, but also engage in ‘earn-to-play’ activities. Bloktopia will have casinos and other games designed for this use case, and money earned will be credited to the user’s cryptocurrency wallet.
9. Sell in-game assets for cryptocurrency tokens
The editor tools in Metaverse platforms can help create in-game assets for sale in a digital marketplace. These assets range from simple wearables and avatar skins to more complex weapons and gaming aids.
The platform allows anyone to create and sell assets, even without specialized design expertise, and participate in the Metaverse economy.
10. Invest in digital artwork through NFTs
Just like there are concerts and workplaces in the Metaverse, one can create art galleries as well. Here, users would be able to view digital art and purchase them as non-fungible tokens (NFTs).
This is an emerging investment asset, which assigns digital objects with real-world value and ownership. NFTs can be resold for profit or the user can simply preserve them as part of a collection. NFT art is available outside of the Metaverse as well (through crypto marketplaces), although the experience is not as immersive.
11. Get a job in the metaverse
As the Metaverse evolves, its economy will fuel unique job opportunities that are not available anywhere else. For example, one could be a Metaverse tour guide and help new users explore all the rich VR experiences available on the platform.
Events like metaverse weddings could also create jobs such as VR wedding planners, decorators, and so on. Users can also rent real estate to host events or build places of business in VR.
12. Brainstorm and design products in 3D
In addition to collaboration, the Metaverse also opens up new methods of ideation and productivity. It also provides a 3D, realistic space where users can visually simulate their ideas, without the constraints of the real world.
For instance, a team working on a new pair of headsets can brainstorm in VR, create digital twins of headset parts, run tests, and finalize the design at a lower cost than physical prototyping.
These are some of the activities one can do in the Metaverse, and there are marketing and branding opportunities for organizations as well.