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The recent COVID-19 pandemic saw the global digital dependency rise to unprecedented heights, thereby fundamentally changing consumer behavior. This means a more significant percentage of consumers started working, learning, playing, and shopping online.
The metaverse is a virtual place that is real-time, realistic, and – in many circumstances – interconnected, where one can undertake any real-world activity virtually in a 3D space. When you think about it, the potential for monetization of such a world is unlimited.
It's a hybrid of augmented reality, virtual reality, and blockchain technology. Users can take advantage of ultra-fast bandwidth, the internet, and virtual reality headsets.
The metaverse activities are genuinely incredible, from working in virtual offices to relaxing in the blockchain-based game and managing their crypto funds and portfolio.
The rise of the metaverse is sure to lead to the creation of new marketing techniques and opportunities to explore the 3D virtual world. The Metaverse is a nexus of markets, decentralized government, digital identities, and other elements.
Companies can use Metaverse to attract new audiences, boost consumer confidence, and investigate a potential revenue stream. For example, Roboblox boasts 200 million active players who spent $319 million on in-game cash in the first half of 2020.
The sky's the limit for savvy marketers on the block as big brands like Nike, Facebook, and Gucci continue to position themselves into the present Metaverse, employing gaming platforms like Fortnite and Roboblox to produce immersive forms of advertising and new forms of viral brand awareness. So, how do you make money?
You can make money in the metaverse in many ways, such as:
The Metaverse creation has seen the rise of a category of games known as play to earn that enables users to play games and get rewarded with crypto. The rise of this category has been remarkable and is expected to become as popular, if not more popular, than traditional gaming.
The COVID-19 pandemic saw the meteoric rise of online shopping, with more and more consumers preferring to shop online. With the metaverse, businesses can immerse themself in the virtual world to make shopping more accessible and interactive for their consumers. Companies can sell items like NFTs (for digital art) and wearables(for avatars).
Companies like Fortnite quickly jumped on the metaverse train to bring their players VR games. And they have never regretted it. So creating and monetizing VR games is one of the best ways to make money in the metaverse.
The recent pandemic made it very difficult to host live physical events. Still, with metaverse, artists and companies can host massive audiences in the virtual world, while event organizers can sell tickets for the event.
The rise of NFTs has made it very easy for artists (primarily digital artists) to make money from their art. The increase of NFTs has been nothing but meteoric, with companies also joining the fray and creating digital collectibles for their consumers.
Companies and individuals can also open art galleries to display their art in the metaverse.
Like the real world, the metaverse allows users to buy and sell properties, opening up a new frontier for real estate in the 3D space.
Even architects are not left behind in this amazing opportunity. Architects and designers can create and design 3D structures for users in the metaverse and get paid.
One of the best ways to take advantage of the metaverse is to incorporate your virtual marketing with your real-life marketing. This means you can replicate what you offer in the real world in the metaverse. The same has proven to be an authentic way to further interact with your consumers.
Abhishek Singh Rajpurohit, Co-Founder and CMO of Acknoledger
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
