How Businesses Can Make Money in the Metaverse

Businesses that are quick to adopt the Metaverse as a platform for marketing and advertising are setting themselves up for success in the new world of digital.

The internet and what we know it, is changing with the revolutionization of Blockchain technology, Web3 and Cryptocurrency.

Getting a foothold in the Metaverse can look different depending on your approach. This article will show you some of the ways out there that businesses can make money in the Metaverse.

1. Establish a presence in the metaverse
2. Sell digital assets and products that can only be accessed in the metaverse
3. Take advantage of the growing trend of social VR
4. Use virtual reality to create a more immersive customer experience
5. Use marketing and advertising to reach new customers
   

Establish a Presence in the Metaverse

Many businesses are taking the leap into the Metaverse including names such as: Atari, Microsoft, Nvidia, Roblox, Meta (formerly known as Facebook) and even Gucci, just to name a few!

Of course these brands are well established, but getting your feet wet in the Metaverse can take many forms and any budget.

Here's a few ways you can establish a presence in the Metaverse:



Purchase Virtual Property

As mentioned above, Roblox, Atari and even Gucci are buying property in the popular Metaverse game Sandbox.

In buying land, you are able to get a foothold in the display aspect and overall awareness of your brand ten fold!

Create NFTs

One way is to create and sell virtual goods and services. These can include virtual clothing, furniture, or even land.

There is a large demand for these items, and businesses can make a good profit by selling them.

It's easy to create an NFT.

There are many articles on how you can create an NFT in detail, but simply put:

1. You need to create art - 3D art, .jpegs, any rendered form of digital art
2. Set up your digital wallet - The top NFT wallets include Metamask, Math Wallet, AlphaWallet, Trust Wallet, and Coinbase Wallet
3. You need to Mint the file as an NFT - this will allow you to list the property on marketplaces
4. Select your NFT Marketplace - Some of the top NFT marketplaces include OpenSea, Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Nifty Gateway, Mintable, and ThetaDrop.
5. Upload your file and sell - once uploaded, set up the sales process whether its selling at a fix price, auction or unlimited auction.

Sponsorships

Another way to make money in the metaverse is through sponsorship. Sponsors can place ads in virtual worlds and on virtual items. This is a great way to reach a large audience, and it can be very effective at generating leads or sales.

If you run a business and network with other businesses currently taking advantage of the metaverse, you can piggyback on their success.

Sponsorship is becoming an increasingly popular way for businesses to market their products and services, and it is likely to continue to grow in popularity.

Sell Digital Assets and Products That Can Only Be Accessed in the Metaverse

It's only a matter of time before business is conducted more regularly on the Metaverse, and on Web3 and decentralized blockchain servers.

Early adopters of the technology and processes will find it considerably simpler as technology advances, giving them an advantage over their competition when it's time for the consumer shift to take rapidly take effect.

The future of eCommerce?

When it comes to consumer product trends, there will be a variety of benefits of familiarizing your business to Metaverse transactions.

Imagine selling your product online in a Metaverse, to a user strolling by the mall in search of the latest NFT projects, and in the window they see your shirt. They come into your store and your sales rep approaches them with the link to your eCommerce store.

Take advantage of the growing trend of social VR

Once again, the possibilities are endless and any business can take advantage of this.

One trend amongst businesses really took off amid the Covid-19 pandemic, which was virtual tours of their business. Allowing their customers, and incoming website traffic to experience their business first hand.

As technology advances, the Metaverse will take this one step further, allowing you to actually step into the digital version of their business, and conduct business as if you were physically present.

Use Virtual Reality to Create a More Immersive Customer Experience

Businesses can adopt VR/AR technology to enhance their customer experience throughout touchpoints of their current digital property!

Clothing brands can use VR to stimulate their clothing on a customer, whereas they would have to go in store to see the clothing on them, otherwise.

These methods of VR can increase conversion rates and make you as a business stand out from your competition.

Use Marketing and Advertising to Reach New Customers

Marketing your business in the metaverse can be a great way to reach a large audience. There are a number of ways to do this, and each has its own advantages.

Display Advertising

One way to market your business in the metaverse is to purchase land in a virtual world that is somewhat based on your business. This world can be used to promote your products and services, and it can also be used to engage with your customers.

Affiliate Marketing

Another way to market your business in the metaverse is to place ads in virtual worlds and on virtual items. This is a great way to reach a large audience, and it can be very effective at generating leads or sales.

In conclusion,

As the metaverse evolves, businesses that establish a presence now will have a considerable advantage. VR/AR technology can be used to create a more immersive customer experience, which can lead to increased conversions rates. Additionally, marketing and advertising in the metaverse can be very effective at reaching new customers. Overall, familiarizing your business in the metaverse is a great way to prepare for the future, and it can provide a number of benefits for your business.