By many accounts, the Metaverse is expected to become one of the most popular constructs in the digital world. With virtual reality and digital spaces quickly merging with commerce, there’s never been a better time to form a metaverse-based business and take advantage of this upcoming trend.
The Dubai Metaverse Strategy, an official strategy declaration by Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, aims to heavily contribute to the metaverse sector of the UAE economy. With over $4 billion pledged by 2030, this new e-commerce framework is set to become one of the most lucrative business opportunities for decades.
So, if you’ve thought about business opportunities in Dubai and the Metaverse, you’ve come to the right place. Below, we’ll dive into how the Metaverse is heavily influencing the Dubai economy and how to take advantage of this trend.
What is the Metaverse?
If you’ve been present in the digital realm in the last six months, you’ve surely seen advertisements for Facebook’s Metaverse at some point. You’ll find promotions for this service on every corner of social media. But what is it, exactly?
The Metaverse is a three-dimensional, multi-platform virtual reality space that allows users to interact with one another in computer-generated environments. This can take the form of retail stores, learning centers, meeting areas, and more. By combining the elements of social media with augmented and virtual reality, users will have the power to exist and interact in an entirely new environment.
Like any bourgeoning platform, investors, entrepreneurs, and savvy business owners that are quick to take advantage of new commercial avenues tend to be those that reap the most rewards.
Business Opportunities in the Metaverse
With the Metaverse still being very much in a conceptual stage, the landscape of e-commerce across the platform feels somewhat like the wild west. And that’s what makes investing in these virtual avenues such a potentially profitable decision. In fact, let’s take a look at a few of the potential business opportunities in the Metaverse.
1. Virtual Events
In recent years, virtual gatherings have gained popularity for everything from online concerts to meetings and events. Virtual event organizers put these events together to give participants the feeling of being at a physical event no matter where they’re located.
Events like this have been popularized in online social media platforms and online gaming communities like Fortnite and show no signs of dying out anytime soon. Managing these enormous events can be an extremely profitable business avenue.
2. Employee Engagement
Another aspect of the virtual community that has long existed but will see enormous change is the virtual meeting environment for business. With digitally augmented workplaces, firms and companies will have the power to actively collaborate and create regardless of distance or borders.
Businesses that specialize in improving company engagement stand to reap incredible profits as long as they perform the necessary research and stay ahead of how these virtual meeting and collaboration spaces evolve.
3. Entertainment Streaming
In recent decades, online content streaming has become a facet of our daily lives. From watching documentaries on Netflix to catching the newest seasons of your favorite show on Amazon, this industry will only continue to grow.
Streaming entertainment has reached a fever pitch where video gaming and passive forms of entertainment such as movies and television will begin to converge in the virtual Metaverse. You’ll be able to play games with friends, catch a movie, or watch a sports event from one streamlined platform. Keen businesses that can see upcoming trends in this market stand to make huge profits.
4. Online Education
After the pandemic, distance learning and online education platforms became a staple of many people’s lives. And even though many of the restrictions in place are now gone, online learning remains a massive part of the education system. For universities, companies, and instructors, taking advantage of this platform in the Metaverse can be quite financially rewarding.
5. Hosting Services
For each platform on the internet, they must have a hosting service. These hosts provide their services to millions of companies and websites across the internet, and this trend will only continue to grow as the Metaverse becomes the home base for an entirely digital economy.
6. Shopping Experiences
Companies like Amazon are making huge strides in developing three-dimensional virtual shopping experiences for customers. Using this platform, retailers can advertise and display their merchandise in real-time to virtual customers.
Integrating these e-commerce platforms into the Metaverse will allow users to meet up and have genuine shopping experiences in a virtual format. This business activity can be incredibly lucrative for e-commerce companies hoping to enter the digital market.
7. Data Service Providers
Data service providers will also use the Metaverse platform to consolidate services, improve logistics, and develop future business models using this collected data. By harvesting this data, companies will be able to offer:
• Improved mobile data experiences
• Precise acquisition of tangible virtual reality assets
• Geographic-based data
• Expanded GPS tracking functionality
• And much more!
8. Gaming Companies
The multi-billion dollar gaming industry has been on a steady rise for decades and, with the advent of virtual reality platforms, will continue to evolve into the virtual and augmented reality sector.
Businesses that develop key marketing strategies for the gaming market stand to bring in millions in profit and fundamentally change the way that market works.
9. Social-Media Platforms
Social media is the root of the Metaverse and will continue to develop and interface with this nascent market. Digital marketers already maintain a massive amount of control over their platforms, but with new avenues in the virtual reality space becoming a possibility each day, social media platforms are specially positioned to take advantage of the Metaverse and everything that comes with it.
10. Advertising Services
No, it’s not Blade Runner; it’s the future! With VR experiences constantly growing, advertisers and marketing companies have now been given access to an entirely new realm of possibilities. Here, advertisers can play and experiment with various strategies and tactics in new, untold ways, from interactive ads to augmented reality marketing campaigns.
11. Real Estate
Another business avenue that’s quickly gaining notoriety is the virtual real estate space. Businesses and investors can purchase and sell a wide range of residential and commercial e-properties.
12. Metaverse Hardware
A globally united virtual reality experience isn’t going to happen on its own! From VR headsets to haptic feedback suits, computers, and the hardware running them, companies that develop and maintain cutting-edge hardware will have access to enormous business possibilities.
Making the Most of Your Business with the Metaverse
It’s no doubt that the Metaverse stands to be one of the largest, most significant advances in digital commerce the world has ever seen. And the best part? It’s still in its infancy. As a result, investors and business owners who perform the necessary research to stay in line with upcoming trends reap enormous rewards.
Much like Ford, when he invented the first manufactured vehicles, the e-commerce world will be fundamentally changed by the advances made with the Metaverse.
Are you looking to dip your toes into the Metaverse? How about business opportunities in Dubai? If this sounds like you, you’ll need the help of business experts like MSZ Consultancy. These expert consultants have years of experience navigating the terrain of foreign business, helping business owners and investors make the most of their investments.
Are you looking for online business ideas in Dubai? We can help! Want to know more about business setup costs in Dubai? We do that, too! Our skilled consultants can help you handle the day-to-day business, so you’ll be free to concentrate on what matters most. Give us a call today at +971 52 544 1248, and let us supercharge your business potential!