The world as we know it is about to change. We can either accept our fate or get left behind. But, there is a third option⎼we can profit from this change. The change I am referring to is the metaverse.
Yes, the metaverse is the new buzzword around town, but it carries enormous implications. Previously, I discussed the metaverse in general and buying virtual land. Today, I want to focus on the concept of business in the metaverse.
Of course, we are too early to know what the business in the metaverse will look like in 10 years. I grew up in the early days of the internet, and I could not have imagined today’s social media platforms.
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That means we need to take our best guess and prepare ourselves and our businesses for the future. So, let’s take a stroll into the future and see how we can profit as entrepreneurs.
The future of business. Two of the major components of the metaverse are virtual reality (VR) and augmented reality (AR). Imagine VR as a headset that takes you into a brand new virtual world. Envision AR as glasses that produce a heads-up display, or overlay, on top of the real world.
Understanding these concepts is vital to the success of your business. VR may have the ability to covert your standard e-commerce website into a virtual store. Customers could pick up your wares, try them on, and look into the virtual mirror.
The book “Artificial Intelligence, Blockchain, and Virtual Worlds” talks about a virtual bookstore where authors could display their entire back catalog. What if you sell travel books, and you can give the reader a walk through a virtual town.
Which brings up a great question, how will we get the older population involved in the metaverse? Someone will have to help them set up their headsets, internet connections, profiles, avatars, and crypto-wallets. There will be a vast market (and business) assisting the 40+-year-olds into the metaverse.
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How will dating occur in the metaverse? There is currently a massive market for online dating, but it may be running thin. How can an entrepreneur usher in virtual dating, movies, coffee, and dinners?
With the outcome of the pandemic still unknown, we still frown on group events. However, the younger generation will always urge to meet and greet each other. Can the metaverse bring concerts, conventions, sports, and conferences into the virtual space?
Parenting and family are a huge deal to most people. I am currently sitting in a barracks room in Japan, away from my family. How can the metaverse allow me to connect to my family in a meaningful way? Zoom calls are great, but sharing a virtual home may be a better way to bond with my wife and kids. What new interactions can an entrepreneur bring to the virtual world?
Board games, card games, and video games all have their own followings. Can we turn a board game into a more visual experience? How about card games you play like video games but finish with new cards in your deck?
How will non-fungible tokens play a role in the metaverse? NFTs allow us to claim sole ownership of a digital product by writing the transaction to the blockchain. Can I create unique books that only have a print run of 100 copies? If everyone can produce NFTs, how will they maintain their value?
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How will education fare in the metaverse? Can a standard consultant build her own education empire by hosting virtual courses? How hands-on will the metaverse allow us to teach our lessons? Can we train electricians, plumbers, and contractors through interactions in the metaverse?
Food and wine are a huge part of the dining-out experience, but will this carry over into the metaverse? Can an entrepreneur build a business where they can deliver food to two homes, and the customers can eat together virtually (and physically in two separate locations)?
Vacations, road trips, getaways, etc., are mega enterprises that will need conversion into the metaverse. How realistic do we want our virtual getaways? Will it only be for a couple of hours or days? How can you ensure every family or couple has a unique experience?
Or do we want to go the crazy, out-of-this-world route? Do we want to travel to Mars, space, or the bottom of the ocean? Is there room for all types of experiments and experiences?
Fashion is another hot topic where most people cannot involve themselves. We watch the runways from afar, but what if we could get much closer? How can we bring high fashion to the main street?
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Finally, what business-to-business applications will maximize the metaverse? Collaborations, teams, meetings, and group events may occur in the metaverse. The businesses that solve their problems through the metaverse will have a solution for others.
Much more. These ideas were just off the top of my head. I cannot even imagine where we are heading with the metaverse. But, entrepreneurs need to prepare themselves now for the future. If you are waiting until the metaverse unfolds before jumping in, you’re already too late.
How to prepare for the metaverse as an entrepreneur. First and foremost, you need to build the mindset of an entrepreneur. An entrepreneur solves other people’s problems at a profit. They only receive payment by adding value.
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Understanding these principles of entrepreneurship will assist you in the metaverse. Ask questions like, “who needs access to the metaverse but doesn’t understand it?” “How can people connect in more meaningful ways within the metaverse?”
Content Creation. We don’t know how people will consume content in the metaverse. Will I put on my VR headset and read a book or watch YouTube? Therefore, if you are a content creator, continue to produce as much content as possible.
The goal then becomes to get your back catalog to the masses through the metaverse. Producing content is challenging; however, it is much easier to convert it to new formats. Remember watching Star Wars on VHS, Laserdisc, and Blu-ray?
Online shops. If you own an online shop, start envisioning what it would be like in virtual reality. If you could form a physical store, what would it need to separate itself from every other store?
Physical shops. If you own a physical store, restaurant, brewery, etc., how can you utilize the metaverse to increase real-world attendance? How about using AR to show how meals or clothes look before buying
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Renovations. What if you are a general contractor? Can you use VR or AR to show clients exactly how their renovations would look? Will clients be able to walk through your past works virtually?
Conclusion. Whatever we believe the future to hold, it will be ten times as grand. Today, we can learn about business, cryptocurrencies, and technology. We should be on cutting-edge websites gathering as much information as possible.
We can also join online metaverses already running, such as Decentraland and even Fortnite. These will give us a glimpse into the future. The future will be bright for those who embrace it—and prepare for it.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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