How to Start a Business in the Metaverse?

Having discussed how the Metaverse will change the world, we have come to the conclusion that it drastically reshape the way in which companies operate. Shifts from traditional remote work to VR one, brand building in virtual reality, or even business models based on selling NFTs – all of this is bound to happen. If a company desires to keep up with its competitors, it needs to adapt as soon as possible. It also creates a window of opportunity for those, who have not yet run their own company. Setting up one on this VR platform might be the road to quick, prominent success. Therefore, in this article, we will focus on how to start a business in the Metaverse and explain why we believe that this is a wise step. If you are a manager, business owner, or a beginning entrepreneur, you should definitely read on.

Key Takeaways

• The Metaverse is reshaping how businesses operate – From VR-based work environments and virtual brand building to NFT-driven business models, companies must adapt early to stay competitive.
• Early entry creates a competitive advantage – The Metaverse is still a low-exploited, high-potential market, offering easier entry and less competition than traditional channels.
• New products and services unlock fresh revenue streams – NFTs, virtual real estate, digital fashion, events, and immersive experiences enable entirely new business models.
• Success requires strategic focus, not mass presence – Choosing the right platform, understanding the target audience, and building a strong external digital presence are critical first steps.
• Advertising and engagement are more immersive and effective – Metaverse advertising turns users into active participants, increasing engagement, brand recall, and purchase intent.

Why is starting a business in the Metaverse a way to outrun the competitors?

The Metaverse offers new channels and ways of interacting with other human beings. AI-driven translations and the possibility to cooperate on 3D objects with people from around the world are just a few major advantages of this platform. As such, it opens completely new, unique opportunities for businesses. And these have already begun to be used by the leading, worldwide corporations.

Brand building in the Metaverse is becoming increasingly common. Companies like Coca-Cola and H&M have recognized the potential of this platform and were quick to use it for their benefit. Yet, even their actions do not embrace the Metaverse to the fullest. They are but a beginning and testing waters for the future, much more complex, strategies. Therefore, although they do have an edge over the competition in the VR environment, it is yet not as large as in traditional channels, so it is still possible to take up the challenge and beat them.

Apart from battling the old world order, there is yet another reason to enter the Metaverse with a business – new products and services that have not existed before. NFT art, clothes, penthouses or virtual concerts – all of these are new. This means that there is scarce competition and the market is easier to enter. Metaverse is simply a high-potential, low-exploited market, and it has to be filled by businesses. And you know what they say: first come, first served.

How to start a business in the Metaverse?

Knowing why launching a Metaverse-focused company is beneficial, let us move to the main topic of this article: how to start a business in the Metaverse? As with any other type of business, the key factor is a plan – a well-thought-through roadmap of steps that need to be undertaken. Therefore, we present the most critical aspects that need to be analyzed before starting a Metaverse company:

• Choose the platform – Metaverse is like a mosaic, a big platform that is built by numerous small ones. Before starting your business, it is crucial to decide which of these tiles you are going to explore. It is impossible to focus on all of them, so you should begin by choosing only one of the Metaverse worlds. The choice has to be made with your target group in mind – the Roblox platform will not be suitable if your target audience is in their forties, while a world focused on NFTs will likely fail if your marketing personas are people below 18.
• Work on your online presence – Simply entering the Metaverse will not do the job. Your potential customers need to discover you first, which can be done through proper digital marketing. Advertising in the Metaverse will not be enough – you should introduce e-mail marketing, create an SEO website, prepare online advertisements and use social media. Build a community outside the Metaverse, which you will attract to its inside.
• Invest in VR/AR technologies – If you desire to know how to start a business in the Metaverse, you should learn one crucial thing – you need VR technology at your disposal. Various companies have already begun research on it, as a way to enhance their Metaverse presence, thus the only way to keep up is to follow their steps.

How can companies advertise in the metaverse?

Ads in the metaverse are already gaining popularity. One example is of beer manufacturer Miller Lite, which promoted its products in the metaverse during the Super Bowl. So why did this company choose to advertise in the metaverse? The answer is quite simple. A competing beer brand had exclusive rights to advertise its alcoholic products during the event as an NFL sponsor. The brand, however, did not have exclusivity in the metaverse.

For this reason, Miller Lite created a virtual bar inside Decentraland’s 3D world. Miller Lite’s beer commercial premiered on TV screens in the digital bar, and those in attendance loved it. This was confirmed by the time spent interacting with the ad, which averaged 20 minutes per user.

In another example, on Halloween 2021, restaurant chain Chipotle opened a store in Roblox as part of a promotion. The event resulted in the most extensive digital sales in the brand’s history. Tressie Lieberman, vice president of digital marketing and sales at Chipotle, believes the dynamic nature of the metaverse is a fantastic fit for the new marketing era.

Advertising in the metaverse – how does it work?

To fully realize the potential of the metaverse world, users need the help of the latest technology. This includes devices like VR goggles, lenses, and high-end computers. Through these technologies, users can connect to the three-dimensional space and take full advantage of its potential, interacting with companies and the advertisements they broadcast.

As it turns out, many world-renowned brands are already experimenting with XR (VR, AR, and MR) technologies. Many of them are also working on scalable solutions for their businesses that are tailored to the metaverse. This is because it allows users to cross multiple boundaries, making activities that most of us could never enjoy in the real world, such as flying into space, almost universally accessible.

In the metaverse, the same accessibility applies to all sorts of goods and services. We can be sure that the possibilities of Zuckerberg’s version of the three-dimensional space will also directly affect the advertising market. Meta has made no secret of the fact that it intends to monetize the metaverse, creating virtual stores to sell sponsored products. Tracking users’ body positions or facial expressions to send them the best possible marketing content is expected to help achieve the best possible results. This is because the metaverse world turns customers from passive observers into active participants in a three-dimensional reality. As a result, they can get to know a product better and test its capabilities before buying it. These benefits mean that advertising in the metaverse has huge potential and will no doubt form a big part of the new virtual world as it grows and develops.

Conclusions

You should learn how to start a business in the Metaverse if you desire for it to be competitive in the future setting. The earlier this process is started, the more likely you are to succeed. Do not go big at the beginning – focusing on one platform is an excellent way to kick off.

Did you like this article? Be sure to share your feeling with us in the comments, and check out our other article on how to invest in the Metaverse!