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In times of economic uncertainty, you can find unique entrepreneurial ideas emerging in the metaverse, often driving industry innovation and opening up new opportunities for businesses and individuals alike. As the metaverse continues to expand, here are five trends that will shape the next 10 years:
1. Virtual content creation
3D modeling has been used for many decades in almost all industries, such as gaming, engineering and architecture. All products, buildings, characters and environments have been created using 3D modeling tools on a computer. This industry is only projected to increase in value, reaching $6.33 billion in 2028. This number doesn’t include the metaverse space, which is predicted to reach $783.3 billion by 2024.
As consumers migrate to the 3D space, the need for virtual goods has only increased. For example, the most popular Roblox metaverse has over 40 million games where its users exclusively create all items, characters, and environments. Those who are top creators can make a ton of money. Just look at Samuel Jordan, who reportedly makes up to $80,000 each month from selling his digital goods in Roblox.
2. Metaversal education
Covid-19 has shifted most of the world to remote working and distance learning. Some of the fastest to adapt to this change included schoolchildren. The idea of learning digitally has really caught the younger generation to the point where one of the most popular metaverses, Minecraft, has an educational platform for distance learning.
However, this is just the beginning of the global trend for online education. The online education market size is expected to reach $198.9 billion by 2030, according to Straits Research. Entrepreneurs should expect new virtual studying platforms to appear, as well as courses covering topics such as meta-marketing, avatar design and virtual law. This will open up a lot of career options for the younger generations that use the metaverse.
3. Virtual social and music events
Did you know that 4 million people attended Rod Stewart’s free concert on Copacabana Beach in Rio in 1994? It remained the most attended live show until Travis Scott performed in the Fortnight Metaverse in 2020, as more than 12 million players logged in for his virtual concert.
Once other artists caught wind of this, they started planning their own virtual concerts. Artists such as Post Malone, Ariana Grande and Justin Bieber provided virtual concerts using the metaverse as their platform. This trend creates many opportunities for musicians and other event planners on platforms who want to capitalize on the popularity of virtual events.
However, it’s important to start exploring these opportunities now, as global entertainment company, Live Nation, has already partnered with Snap this year to improve the virtual concert and social experience using AR technology.
4. Avatar-based dating
While millennials were getting married virtually during the Covid-19 lockdown, Gen Z has been using “stay at home” as an opportunity to date in the metaverse. Games today can provide more than entertainment; they can even introduce you to potential partners.
Avatar-based dating is becoming more and more popular, with many new companies emerging that specialize in this service, such as Nevermet. This fast-growing avatar-based service allows users to match with other VR fans and then meet up anywhere in the metaverse. As this trend continues to grow, there will be more and more opportunities for entrepreneurs to enter this space.
When it comes to influencers, the metaverse has become a prime platform for marketing and advertising products and services. This is mostly due to its interactive platform, which allows users to engage with each other in real-time.
This trend is known as “metfluencing,” which refers to when an influencer leverages their popularity in the metaverse to influence other users. For example, Albert Spencer Aretz, also known as Flamingo, is an American Roblox Gamer whose “let’s play” videos are gaining millions of views. His estimated net worth is over $20 million, as reported by various sources. Due to his popularity, brands are now paying him to promote their products on his channel. If you’ve ever considered becoming an influencer, the metaverse is definitely a great place to start.
The metaverse is an ever-evolving ecosystem that’s becoming increasingly popular and accessible. As more people turn to this virtual reality, entrepreneurs should look for ways to take advantage of the opportunities available in the metaverse. From establishing an online education platform to promoting products via metfluencing, there are plenty of avenues to explore. With the right strategy, you can use the metaverse to create your own successful business.