Metaverse companies develop many methods of access to virtual worlds and places within them. This includes environments, worlds created by users, special events, and architectural designs. Such things make these worlds very profitable, and more people are interested in investing in them every day.
Achieving all of this is possible thanks to interoperability: companies work while keeping it compatible for users to work too.
Since most of the limitations applied to the real world aren’t applied to the Metaverse, it allows it to operate in ways that some people aren’t used to. These decentralized visions permit the unlimited expansion of companies through many devices.
How to Start a Business in the Metaverse from Zero
All of these opportunities the Metaverse offers have attracted many willing people to join and start their businesses in the virtual worlds. However, achieving a successful business there can be a challenging adventure. Big corporations are attracting many customers, making this process a little more complicated.
However, luckily there’s still plenty of room for those who want to have their businesses in the Metaverse. Just make sure to follow the next ways and steps to begin on the right foot.
The first step to start a business in the Metaverse would be to grab some attention to your project. One of the easiest ways to gain notoriety in the Metaverse is by joining communities. Experts and people used to the Metaverse gather around the many groups that help newcomers survive the first stages.
These communities also offer tutorials, different case studies, and even forums to search for. The most famous ones are WebVR, Oculus Rift, and Facebook Spaces. Each one has vital information about their related spaces: virtual reality, apps, and interactive environments.
Look for Opportunities
Looking around the many communities can give you an idea about how to start a Metaverse company that will be successful. Gathering experience permits seeing these new spaces from a different point of view and asking the correct questions.
Knowing what the demands are and focusing on those groups is vital, especially if there’s no one else trying to do it. However, if there’s already a company occupying that role, it is sometimes better just to move on and find something else.
Competing in a lost battle can cost many resources and time, which is worthless, having so many options waiting to be found.
Create a Platform
After understanding the basics of how the Metaverse works, you will need to create a platform that will be your avatar. This will be your digital asset and can be anything you want to sell. However, it needs to be unique and special to make it interesting for the targeted customers.
After getting the assets ready, creating a metaspace is the next step. Again, it can be heavily customized thanks to the personalized interaction layers, enabling an operational business process (B2C or B2B, for example).
Other payment methods are often included, too, such as the globally popular Bitcoin, especially in the Metaverse.
Configure Your Metaverse Wallet
Buying a block of Metaverse addresses will allow you to see your address and ETP wallet. This is where all the ETP (the native currency of the Metaverse world) is stored. Choosing its name wisely is essential because it cannot be changed once it’s set.
Launch the Product
If the asset’s name is available to be launched, it will be published on the blockchain and ready to be sold within 5 minutes. Of course, the name needs to be unique, and the asset needs to provide all the necessary information (title, symbol, supply, and more).
Moving an Existing Business to the Metaverse
For those who already have a business online but are looking to move into the Metaverse, it could be seen as an easier way to achieve success. While most of the steps need to be followed, it can prevent doing certain things, depending on how famous the business is before entering the virtual market.
Finding the Suitable Metaverse for Your Business
Many sectors of business have their “version” of the Metaverse. This includes gaming, NFTs, real estate, and more. For example, the most concurrent ones are in the video game industry, with Roblox and Fortnite having more than 50 million active users daily.
While they are focused on young and teen audiences, everyone can enjoy their variety of game modes and even special events that are held, too, like huge recitals. Due to this, many brands have started to look for collaborations with these platforms, creating PR campaigns and sponsored events.
Outside the gaming scene, fashion companies like Nike, Gucci, Balenciaga, and Adidas opened their virtual stores for their NFT versions. Creating a good foundation and infrastructure is key to finding the target audience of your audience and attracting the public to hire the service or buy products.
Making a Strong Online Presence
For those wondering how to start a metaverse company, sometimes it is better to ask themselves other questions beforehand. For example, reevaluating if it’s not only worth it but also the business’s current situation. Sometimes, a little makeover, restructuring, and specific changes are needed to adapt.
Among these changes needed, advertising is probably the most necessary one. These campaigns need to be the most creative possible and also innovative. An excellent example is Gucci’s collaboration with Roblox, bringing aspects of real life but embracing the virtual world with no limitations of its physics.
Developing collectibles such as NFTs, limited edition products, and things that can be redeemed in real life are also ways to gain attraction and presence.
Invest in Virtual Reality and Augmented Reality
The Metaverse world is strongly tied to virtual and augmented reality, almost a crosspoint between these technologies. Many businesses are looking into the future and planning to include more VR/AR inclusion development in the next few years.
To not fall behind, those looking to set up their company in the Metaverse cannot ignore this fact. Adapting to these new realities can bring a whole new group of clients. Experimenting with how VR headsets and supporting technology work might be the best step to try first.
A great example is the Spanish brand Zara, which created an augmented-reality app for users to see models wearing the clothes they choose just with their phones.
Reaching the Target Audience
Depending on the business type, companies need to attract a sure public to succeed. But unfortunately, not everyone is suited to every type of market, and targeting the wrong audience can ruin a company.
Although one of the crucial steps is to optimize the product to the Metaverse, it’s vital to cater to how this will be affected by the new rules. The most recommended starting point by experts and experienced users is realizing deep market research through the age demographics of the Metaverse worlds.
Among these Metaverse worlds, the ones that usually stand out are Roblox, Decentraland, Axie, and The Sandbox. This is because they offer millions and millions of active users infinite and unlimited things to explore and do.
Many brands have signed deals with these platforms since they are very profitable. Finding the correct niche inside these amazingly huge communities can bring a lot of attention to a new business and profit to continue growing.
How to Make Both Processes Easier
There’s one thing that can be a game changer when moving or starting your company in the Metaverse that will increase your chances of success and makes all the steps easier. It consists in placing a building for your company in Decentraland. This will work as your headquarters in the Metaverse.
By having a base for your business in Decentraland, you will immediately gain a presence in the Metaverse. Moreover, people will start recognizing your brand as soon as the building is inaugurated, thanks to the thousands of users of Decentraland.
Although building in Decentraland can be hard, outsourcing the construction of your business’ building can make it simple. By outsourcing the design and construction of the 3D model for your building, you need to be worried about how you want it to look. The experts will do the rest.
There are many steps and guidelines to start a Metaverse company correctly, and now you are aware of them. Although it is a complicated task due to the market’s competitiveness, it is possible to achieve success by modernizing the methods and adapting to the situation.
Companies also need to acquire modern tools and equipment and perform specific tests to know what is better for the business and how to please the users of the Metaverse. However, since there are no bounds and physics laws, it is possible to achieve anything quickly.