Technology-wise, extended reality is the cornerstone of metaverse applications. Other technologies, such as artificial intelligence, cloud computing, and the Internet of Things also provide a foundation for virtual content creation, content mapping, and life-like interactions between users. However, as IT experts argue, some of these infrastructure components either do not exist yet or cannot be used to the fullest extent, which might prevent businesses from creating compelling and truly immersive virtual environments. This is especially true for quantum computing, stable cryptocurrencies, and mature blockchain platforms. And the biggest challenge is, these technologies could take years to blossom; after all, Red Dead Redemption 2, a Triple-A computer game that can be classified as a metaverse, spent eight years in development.
The metaverse could fuel the creation of new business models, such as play-to-earn, create-to-earn, and learn-to-earn, turning fun and recreational activities into proper work. But the metaverse business opportunities stretch far beyond consumer-facing operations. Brands like Microsoft and NVIDIA, for example, leverage metaverse apps to make online meetings more engaging or simulate complex processes like industrial manufacturing. Some of the activities that users will be able to perform in metaverses include: Buying digital land, constructing virtual homes, and decorating them with digital art and collectibles Purchasing outfits and accessories for 3D avatars Interacting with digital humans for employee onboarding, customer service, sales, and other business operations Participating in a virtual social experiences, such as online classes, work meetings, and entertainment events
Selling digital products is one of the key metaverse business opportunities. To facilitate this activity, content creators and buyers need to protect virtual assets. Here’s where blockchain solutions in general (and non-fungible tokens in particular!) come into play. A non-fungible token is an asset (think images, videos, audio clips, virtual real estate, or event tickets) that has been created using digital media. Such assets bear marks of uniqueness, which include the date of creation, the tools that have been applied in the process, and the artist’s name, among others. These properties can be recorded in an NFT card driven by blockchain technology. Through tokenization, creators protect metaverse NFTs from being tampered with and can easily track their unauthorized usage. Grimes, a popular Canadian musician, has recently earned a whopping $5.18 million in mere minutes by selling ten digital images and videos from the WarNymph collection. The Nyan Cat creator turned the original meme video into a one-of-a-kind piece of digital art and sold it for an equivalent of $590,000 in cryptocurrency. And Jack Dorsey, co-founder and former CEO of Twitter, sold his first-ever tweet, which dates back to 2006 and basically reads “just setting up my twttr”, for $2.9 billion!