As major corporations continue to invest in the metaverse the potential for various business opportunities becomes more evident. In particular, organizations across a wide range of industries have been looking to the metaverse components, such as extended reality, IoT, and cloud technologies as new sources of revenue. Today we will look at a few of the most promising business opportunities you can explore within the metaverse.

1. Virtual Events

Virtual events are among the top earning opportunities within the metaverse. Over the past few years, thanks in part to the global pandemic, virtual events have become very popular. The metaverse allows hosts to create immersive experiences for their virtual event attendees. For example, our metaverse platform HoloFair, event attendees can customize and choose their unique identity as an avatar, walk around, and network with each other in real-time during your virtual event and to say the least, our offerings are completely customizable. HoloFair can virtually create any venue and can be branded according to your organization’s specific requirements. Ideal for clients with attendees in multiple locations, virtual attendees can communicate and interact with one another just like a real-life event. Guests can also unlock their metaverse experience on their mobile devices making virtual event opportunities available to the masses.

Additionally, in the metaverse, users can access a wide range of experiences (compared to VR where the experience is limited to the headset capabilities). Whether you explore the metaverse to play games, create scenes, customize avatars, attend concerts, collaborate with colleagues, or meet new people, the possibilities are endless. One of the many benefits of the metaverse lies in its ability to facilitate global engagements in a virtual environment. From hosting a conference between satellite offices around the world to promoting a world concert tour, the reach of the metaverse is unlimited!

2. Immersive Learning and Training Experiences

Another option for possible business opportunities barrows inspiration from immersive learning and training experiences though the metaverse. Virtual classrooms and internal training and development events for employees are only the tip of the iceberg for this potential revenue stream. From onboarding new employees and offering career development to fully immersive training opportunities, the metaverse is poised to offer a more immersive experience for visual learners. Through the reach of the metaverse, students and instructors around the world could meet and work through real life scenarios, in real time, for optimal results. Best of all, companies will not have to build any infrastructure, as offering an immersive experience is already available within the metaverse. HoloFair has successfully delivered a metaverse experience for enterprises such as Pyxis for team building activities within employees and Emirates Global Aluminum to bring new initiatives to their employees during national day celebration, innovation month and cultural event.

Unlike the metaverse, which is a shared and persistent world (even when a user logs out), VR is a limited technology. Once the user stops using their VR device, the experience is over. Additionally, with VR, users are limited to the virtual experiences offered by their VR provider.

3. Enhanced Customer Experience

Companies are invested in finding opportunities and to reach out to their customers in a unique way, and what would be a better way to explore the potential of the metaverse. This technology has the ability to empower customers to transverse the physical and virtual world when connecting with businesses, enabling exceptional positive and fun experiences.

For example, a theme park could create a virtual guide for avatars to move through the park. With the metaverse, the possibilities for enhanced customer experiences are limitless. Similarly, HoloFair loves to create new initiatives for their attendees in the metaverse through engaging activities such as gamification.

4. Advertising, Marketing, and Branding Experiences

Brands around the world are recognizing the power and reach of the metaverse to reach new customers by creating a presence in established VR settings. For example, many car companies and luxury brands are showcasing their products in popular video games, such as Roblox. The metaverse allows otherwise local brands to reach an entire global market with the click of a button and a mobile device or computer.

5. Immersive Shopping Experiences

The retail sector is poised to capitalize on the reach of the metaverse. Not only can the metaverse provide an immersive and realistic shopping experience, but it also serves as the ideal platform to introduce and test new products and services. Imagine trying on clothes as your digital avatar or providing feedback on new products or services in a realistic virtual environment. The metaverse can take the virtual shopping experience to the next level by providing an immersive experience that feels like in-person shopping.

5 Profitable Business Opportunities in Metaverse

Embrace the metaverse on HoloFair

The metaverse continues to remain the forerunner to propel many strategic business opportunities. A virtual world with features designed to empower individuals worldwide to explore and interact with others in a digital world has many advantages suitable for developing and established businesses alike.

If you are interested in learning how the metaverse can support your business on HoloFair, get in touch with our team to book a demo!

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