New business opportunity in a world of Metaverse




The term “Metaverse” that we have heard and talked about lately has recently been hurled into such wide and varied use, that it has come to mean something not for the future but today. Facebook has announced that the company has changed its name to Meta, which reflects the fact that the company will be more than just the social media platform and ready to head for the world of metaverse. Since the metaverse will be a new ecosystem that will create millions of changes, in this article, I will shed light on the opportunity the metaverse offers for business and how we are going to live our lives differently soon. In a world of Metaverse where everyone will be integrating and living lives between a real and digital world ever more seamlessly through digital technology and an advanced internet network. It can be defined as the future of the internet and a shared 3D virtual universe that users can exist in perpetually that will pose big opportunities for business that change the lifestyle of people in different aspects. Firstly, the virtual event and travel industry will not only be in a 2D format anymore, but will likely change how everyone can communicate through their avatar in augmented reality by wearing VR glasses (Virtual Reality) or advanced devices. The entertainment industry also shifted so fast that recently Ariana Grande conducted her own live virtual concert inside of a video game through a computer rendered avatar of herself, where over 78 million people attended the concert, taking fans through an extremely surreal world. The video game industry has also become one of the next things that will get the opportunities from metaverse. For example, Fornite, the game that became a global phenomenon, has been building the foundations of the future of the internet where it is not only a game, but a platform for players to gather for events, concerts, or exhibitions. Another game called Roblox, the ultimate virtual universe that lets players create, share experiences with friends, and buy anything to be used in a game and in real life through cryptocurrency. These are the examples of what will likely happen to us soon. Next, the future of the financial system will look nothing like decentralised finance solutions that use cryptocurrency instead of money anytime and anywhere. The art industry will be evolved by NFT and art pieces will be showcased in the digital art exhibition platform just exactly like in today’s art exhibition. Lastly, luxury fashion brands will navigate the digital world. Many brands will come up with virtual shop branches that will be opened for shoppers to stay at home but still can shop through their avatars with the same level of high services by avatar sales associates at the virtual shops. They are able to try the products and feel the products just like they are at the shops. At the same time, brands will also add virtual goods and digital garments into their collections for luxury brand enthusiasts to use in both virtual and real world as they can be living a virtual life the same way they are living a physical life. However, to live in a world of metaverse and enable all the experiences in this virtual world, technology innovators still have to develop the devices for users to connect in each platform and bring touch to the metaverse such as VR headsets, smart glasses or haptic gloves. The point is to make those devices become the essential parts of everyone's daily life. Also metaverse will create many types of jobs with high demand such as programmer, virtual goods designer, digital asset advisor, virtual world architecture, or even virtual world travel tour guide. New generation of workers should focus on their tech skills and readiness to enter the future metaverse workforce. Whether we like it or not, there is a strong chance we will soon be living in a metaverse world which will give us more opportunities to expose ourselves to the new way of living, communicating and connecting to one another. For those who run the business, it is your tough work to think of what can be done differently in this fully immersive digital world to stay ahead of your competitors in the same market to enter the metaverse world, think of it now because the future is already here.


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