The metaverse represents an evolution of the internet that allows users to interact in virtual 3D spaces. Major companies like Meta (formerly Facebook) are investing billions into developing metaverse platforms and technologies. This presents a huge opportunity for forward-thinking entrepreneurs to capitalize on the growth of the metaverse.
In this article, we will explore the top 10 most promising metaverse business opportunities that require varying levels of investment to pursue in 2023.
Table of contents
- 1. Create Custom Metaverse Environments
- 2. Sell Virtual Land and Assets
- 3. Operate a Virtual Events Venue
- 4. Provide Avatar Design Services
- 5. Sell Virtual Fashion and Wearables
- 6. Offer Ad Services for Virtual Billboards
- 7. Provide Metaverse Marketing Services
- 8. Launch a Virtual Ecommerce Store
- 9. Provide Consulting & Advisory Services
- 10. Develop and Sell Custom Metaverse Apps
1. Create Custom Metaverse Environments
One of the most lucrative metaverse business ideas is to become a metaverse developer and create custom virtual environments. This includes designing spaces like virtual meeting rooms, classrooms, ecommerce stores, galleries, and more.
You can provide metaverse design and development services to companies looking to establish their brand in the metaverse. With the right technical skills, this business can be started with a relatively small upfront investment.
2. Sell Virtual Land and Assets
This is similar to domain name investing and requires some research into the most promising metaverse worlds and locations. However, it’s an intriguing business idea for entrepreneurs to pursue in 2023.
3. Operate a Virtual Events Venue
Once custom metaverse environments become more commonplace, operating a go-to virtual events venue could be a very profitable endeavour.
You can rent out your space to businesses and organizations looking to host conferences, meetings, virtual concerts, art exhibits, and other events inside the metaverse. Charge subscription fees or take commissions on virtual ticket sales.
4. Provide Avatar Design Services
One aspect that makes the metaverse feel immersive is the ability to customize detailed virtual avatars. As a skilled 3D designer or digital artist, you can offer avatar design and creation services to metaverse users.
Cater to individuals who want to stand out with one-of-a-kind avatars or companies that want branded avatars for executives, employees, and customers. This makes for an attractive creative business pursuit.
5. Sell Virtual Fashion and Wearables
Another way creative entrepreneurs can capitalize on the growth of virtual interaction is by designing and selling fashion wearables for avatars. This includes virtual clothing, shoes, jewellery, glasses, handbags, and more.
If you have a keen eye for digital fashion and knowledge of 3D modelling, explore opportunities to establish your own label selling limited edition wearables in popular metaverse worlds.
6. Offer Ad Services for Virtual Billboards
As more users flock to different metaverse environments, virtual advertising real estate will also rise in demand. Entrepreneurs can buy prime spots for virtual billboards and posters—and then sell advertising space to brands and businesses.
You can also offer ad creative services by designing immersive 3D advertisements suited for the metaverse. This helps brands stand out while monetizing their design skills.
7. Provide Metaverse Marketing Services
Every business wanting to tap into the metaverse opportunity needs an effective marketing strategy. As an agency that specializes in metaverse marketing, you can help brands determine how to best leverage metaverse platforms to drive awareness, engagement, and sales.
Services may include metaverse environment selection, branded avatar design, virtual events management, influencer campaigns, and performance tracking. There is ample room in this niche market to build a clientele.
8. Launch a Virtual Ecommerce Store
Ecommerce retailers can increase their reach by setting up shops inside popular metaverse worlds. As an entrepreneur with ecommerce experience, you can help businesses establish and manage virtual stores packed with avatar wearables, collectibles, upgrades, and other digital goods.
For a relatively low investment, you can also launch your own dedicated ecommerce store in the metaverse—without any physical inventory required.
9. Provide Consulting & Advisory Services
Every business from startups to Fortune 500 companies needs guidance on metaverse strategies and best practices. As an independent consultant or advisory firm, you can research the latest developments and provide consulting services.
Offer your expertise to help brands navigate the key opportunities, partnerships, investments, use cases, technologies, and challenges involved with entering the metaverse marketplace.
10. Develop and Sell Custom Metaverse Apps
Lastly, software developers and programmers can build and sell various applications and software tailored for the metaverse. As platforms launch and evolve, there will be no shortage of demand for solutions that enhance user experiences.
Possible apps include interactive games, entertainment spaces, productivity tools, chat functions, marketplaces, and more. Offer your custom creations to end users or license the software to major metaverse companies.
By closely tracking metaverse growth and consumer adoption, entrepreneurs can find the ideal niche to launch their venture while technology and interest continue maturing over the next few years. The opportunities for innovative businesses are only limited by imagination.