Generating Value in the Metaverse Economy

Change is the only constant and for companies to be successful in an ever-changing business environment, it is necessary that they fulfil current needs, while curating products and services for future needs.

- The metaverse is expected to be valued at $5 trillion in value by 2030. This makes it too big an opportunity for businesses to miss. (McKinsey)

The potential and business applications for the metaverse are immense.

Can you imagine many interconnected virtual environments that can be seamlessly transcended through continuity? With billions of users visiting these spaces for all real-world activities like studying, shopping, playing, conducting business, networking, and even socializing?

The Business Opportunities in the Metaverse Economy

Businesses are gearing up to launch their enterprise metaverse’s. Reports suggest that more than 90% of business leaders are aware that the metaverse will considerably impact their sectors by 2030.

Powered by immersive and interactive technologies like AI, virtual reality, augmented reality, and spatial computing, the metaverse is opening up new portals to business and education.

The 3D world is a new world filled with immense possibilities. With new experiences and engagement levels to offer, it goes beyond gaming and entertainment.

Being a decentralized and open technology, all enterprises –small or large and even independent creators, can benefit from the metaverse economy opportunity.

One of the biggest outcomes of the metaverse will be new markets which will have wide-ranging social and economic impacts. As with any emerging technology, it will remain in a state of flux and uncertainty till the point of critical adoption.

After that, it can be expected that the metaverse takes a concrete shape and adheres to the economic principles.

In order to establish a responsible metaverse economy and ensure its advances benefit as many enterprises as possible, the regulatory framework for Web 3 technologies must be built on fair and secure policies.

It is a known fact that decentralized systems foster innovation, interoperability, and portability. Transparency and collaboration between private and public sectors will advance the metaverse economy to benefit all.

As the applications increase and more and more sectors adopt it for training, learning and development, business events, customer relationship, and even remote work, new forms of play to earn and learn to earn will enable a creator-led metaverse economy.

Features of the Metaverse Economy

Decentralized Finance (DeFi)

Decentralization in financial transactions gives us decentralized finance or DeFi. The basic concept is to allow financial interactions directly between interested parties without the need of a middleman or bank.

It offers privacy and ease of use to its users while doing away with transaction fees and geographical limitations. DeFi is a futuristic concept that is ushering in a new era of trading in the metaverse economy.

DeFi enables an immutable and financially independent ecosystem. Transactions are verified without any third-party intervention. It is building a new way for global transactions which is suited to the Web 3 era.

Metaverse investments are on the rise and will be enhanced with DeFi. The metaverse assets will be represented as NFTs. With DeFi, an open financial system will emerge that will imply lower transaction costs and better returns for content creators and other business transactions.

Blockchain and Crypto Technologies will Power the Metaverse Economy

Blockchains provide a decentralized ledger transaction and allow users security and ownership of their virtual assets. Decentralized transactions amongst users in a peer-to-peer network, crypto, and blockchain technologies enable the systems for digital ownership, value exchange, and proof of identity.

Blockchain and crypto technologies are vital elements of the Metaverse economy. These technologies will bring in the accelerated use of NFTs, tokens, virtual coins, and loyalty programs as the physical and virtual worlds seamlessly blend with each other.

Customer and Created Led Economy

The metaverse economy will enable creativity and skills to flourish. It is opening up new revenue streams for established companies as well as entrepreneurs and individual creators.

Being a decentralized platform, many creators can access it easily as entry costs and bureaucratic barriers will be lower. Companies and brands wishing to establish a strong presence will adapt and put the customer needs first.

The metaverse economy will drive the on-demand market. Creators from all domains like education, art, entertainment, music, etc can access a level playing field.

Moreover, the metaverse economy offers access to a global community and consumer base. Global collaborations will be redefined as unique peer-to-peer partnerships spring up. The metaverse will impact the way we learn, work, play and conduct business.

How can businesses leverage the metaverse economy?

The metaverse is a fast-growing segment that is capturing the attention of policymakers and corporate and individual users across the world.

It is offering a scalable, interoperable, and immersive 3D space to showcase products and services and engage purchasers. An immersive and interactive transaction can enhance customer and employee engagement.

Brands can leverage the metaverse economy to build parallel markets and expand their scope of operations. Partnership and collaboration will be the key to digital success.

Companies can invest in metaverse development and upskilling or hire professionals with the talents and skills to help them launch their metaverse businesses. 

The decentralized metaverse can boost global GDP, enabling better purchase journeys, and overcoming geographical and linguistic barriers. 

- A notable case in use is the famous ‘Shanghai Model’ which is relying on the metaverse economy to help recover from a falling economy.

- South Korea is planning an investment figure of $177 million into metaverse-related projects.

The Metaverse Economy will facilitate Global commerce

The metaverse offers highly engaging experiences and its potential lies in being a customer-centric economy. Businesses can tie up with skilled professionals to find creative and strategic solutions to a metaverse strategy suited to their brand and industry.

Collaborations, partnerships, creative solutions, and novel experiences will enable businesses to leverage the metaverse economy to their advantage.

Edverse is a highly respected metaverse development company, known for offering bespoke and strategic solutions. Known for building one of the largest educational metaverse platforms, Edverse offers guidance and consultation on the metaverse economy.