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ROAD TOWN, BVI, Sept. 22, 2022 (GLOBE NEWSWIRE) — The Metaverse is a shared and persistent virtual space existing in real-time and emerging from the convergence of virtual reality and virtual augmented physical reality. This merging of worlds is creating a paradigm shift driven by technological evolution, opening up new possibilities – exciting possibilities for consumers and businesses alike. So whether you’re hosting a virtual concert for a global audience or holding an executive meeting with your company in a realistic digital boardroom from the comfort of your own home, the Metaverse means big things for the future of business.
Industry leaders and tech giants like Meta, Apple, and Microsoft are investing heavily in the Metaverse, suggesting that this concept is not another experiment, but the future. To remain competitive in the modern world, companies must develop strong strategies for entering this new virtual world. That’s why GamesPad created the Gaming, NFT, and Metaverse ecosystem Metaverse: New Business Opportunities, a comprehensive research paper examining Metaverse markets, business opportunities presented by this new concept, and strategies for entering emerging markets. The research paper was authored by GamesPad and BullPerks co-founders Constantin Kogan and Eran Elhanani. It provides an overview of 20+ Metaverse trends, unique statistics collected from around 1,000 respondents, and insights from the top industry experts and thought leaders including:
- Yat Siu (Co-Founder of Animoca Brands)
- Wahid Chammas (Chairman and Co-Founder of Faith Tribe, Co-Owner of Faith Connexion and Founder and CIO of TyreGate Capital)
- Travis Wu (Founder of High Street)
- Brian Hazan (Co-Founder of THE HUSL)
- Philip Devine (Co-Founder of CryptoBlades Kingdoms)
- A. Bahadir Yener (Founder of Metawear)
- Gal Yosef (3D Artist, CEO of Reflection Studios)
- Anastasia Drinevskaya (CEO and Creative Director of Cointelegraph Communications)
- Shawn Mims (American rapper, co-founder of Cre8tor and RecordGram Inc.)
- Warren Parker-Mill (Managing Director of Fashion Metaverse Club)
- Eathan Janney, Jeff Kelley and Josh Kriger (Co-Founders of the Edge of NFT Podcast, Edge of Company, NFT | LA)
- Gary Ongko Putera (CEO and Founder of BOOM Esports)
- Dana Kachan (CMO at GamesPad and BullPerks)
- Petrix Barbosa (Co-founder of MoonBoots Capital)
Shops in the Metaverse
The Metaverse will open up new possibilities for almost all companies. First of all, Metaverse experiences can help companies connect with their existing customers on a whole new level of personalization and reach new markets. In addition, the Metaverse can transform products and services, production and distribution processes, organizational operations, and more. GamesPad has identified some of the key economic sectors that will benefit from the Metaverse.
Gamers worldwide have shown a fondness for games that offer an immersive experience with 3D graphics, VR-enabled titles and platforms for user creativity. It is predicted that nearly 3 billion gamers worldwide will enter the Metaverse to experience next-level gaming, putting the gaming industry in a unique position to benefit from the Metaverse.
Additionally, according to GamesPad, 44% of respondents consider play-to-earn games to be the most exciting aspect of the metaverse. The ability to disrupt traditional modalities and advance metaverse concepts demonstrates the power and relevance of play-to-earn gaming for the future. This is proven by data from play-to-earn NFT game CryptoBlades Kingdoms: Since August, its users have completed 23,709 battles, trained 4,472,925 units, looted over 313,146,492, and looted over 1,712,753,259 in Wood, Stone, and Clay collected, reflecting the growing interest in the GameFi space.
Avatars are the central part of a player’s virtual identity in the metaverse, which describes why digital self-expression is becoming increasingly important for online users. Fashion brands play a crucial role in shaping the metaverse. A great example is Faith Tribe, an open source design platform created to empower and reward digital creators in the metaverse and physical realms. The brand aims to develop a global creator ecosystem that fosters an inclusive and open environment for the successful creation, trading, distribution and monetization of user-generated designs of fashion items.
Another interesting example is Metawear changing the fashion industry by creating the Metaverse Fashion DOME, which is essentially the Metaverse temple of top fashion designs, hosting talented global designers, top fashion brands, students, young artists, experienced Designers and famous people meet place to create, earn and market their designs and products.
virtual real estate
According to a GamesPad survey, 45% of respondents say they would consider buying virtual real estate, while 14% of users say they have already bought some. As ambitious real estate entrepreneurs aggressively amass lots in the metaverse, virtual real estate becomes a lucrative investment. GamesPad believes that investing in real estate in the Metaverse allows businesses to reach a larger percentage of customers compared to most physical locations.
Marketing and Advertising
Companies can use virtual reality in the Metaverse to engage with customers more creatively and offer them exclusive brand experiences in the new virtual world. It will surely bring about a whole new direction in digital marketing and advertising that will include in-metaverse ads, virtual influencers, metaverse events, and metaverse commerce.
Economy of the Creator
Currently, the creators’ economy largely depends on centralized companies, namely social media platforms like YouTube and Facebook, which not only capture a large portion of creators’ revenue, but can also ban and censor them. However, the Metaverse allows creators to bypass these platforms and connect directly with their audience, allowing the creator economy to thrive.
Immersive shopping experiences
According to GamesPad’s survey, 43% of respondents prefer online shopping. An immersive 3D virtual world will provide enhanced shopping experiences and transform the way we shop and interact with brands. Virtual malls and curated, customizable shopping platforms are some of the ways the Metaverse can enhance the shopping experience. For example, Highstreet is transforming retail in the Metaverse by making department stores around the world like Saks, Selfridges, and Lane Crawford entry points into Highstreet World.
Source: GamesPad Metaverse Report 2022
music and entertainment
The Metaverse will make concerts and other virtual events borderless and borderless, allowing a global audience to participate and enjoy exhibitions. Celebrities and musicians can use the Metaverse to engage with their fans at a high level while monetizing their performance.
Unlike the physical world, there are no boundaries in the Metaverse. By combining the unlimited travel opportunities of the virtual world with the profitable tourism industry, the Metaverse offers a number of lucrative opportunities for the travel industry.
In the Metaverse, organizations can leverage emerging technologies to enable enhanced virtual workspaces that can dramatically increase employee engagement and productivity. This can be especially helpful in remote working environments and can stimulate creative collaboration in the workplace.
Immersive learning experiences
Leveraging VR and AR technologies, the Metaverse can enhance education and enable online course providers to offer immersive learning experiences in a variety of fields. Not only will this improve how students interact with information, but it will also make the learning process more engaging.
The Metaverse will revolutionize the way we socialize digitally, facilitating the creation of independent virtual communities where users can enjoy immersive and enriching social experiences. For example, digital avatars allow friends to socialize “in person” in the same virtual space, when in reality they are miles apart.
Accessibility and Empowerment
In essence, the Metaverse is borderless, allowing access for people from all over the world, regardless of their physical location. This universality will particularly increase access for people with disabilities or people from developing communities.
Is the Metaverse a good fit for your business?
GamesPad believes the metaverse offers new opportunities for all businesses. The Metaverse presents a future full of abundance and possibility. It’s up to industry leaders and entrepreneurs to invest early in Metaverse strategies to solidify lucrative channels in this exciting new world.
Read Metaverse: New Business Opportunitiesa comprehensive 2022 report from GamesPad to learn more about the Metaverse and how it can help your business grow.
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Dana Kachan Head of Marketing at GamesPad GamesPad marketing (at) gamespad.io