Explore metaverse markets and strategies for your business through GamesPad’s comprehensive report.
Road Town / British Virgin Islands — While the metaverse is new within mainstream conversations, businesses are quickly picking up on this blooming concept as they search for the best future strategies. How industry leaders are investing in emerging metaverse themes reveals that this concept is not just an experiment but a new frontier for all humanity to explore. The following stages of metaverse development will influence technology, the arts, entertainment, gaming, and society at large.
The ebb and flow of hype surrounding the metaverse may make some businesses wonder whether the underlying infrastructure to sustain everlasting and profitable business strategies is attainable. We believe that most business sectors are primed for early-stage investments and that the metaverse (regardless of hype) will continue to reshape everyone’s lives fundamentally. Understanding how to position your company for successful metaverse involvement is essential in discovering how the metaverse will lead to great things for your business.
GamesPad launches the report Metaverse: Emerging Business Opportunities to discuss how the metaverse will influence crucial business sectors, as well as analyze the emerging technology and markets that will continue to build the framework of the metaverse — exploring the most successful ways that businesses can build strategies around the metaverse. The research paper is written by GamesPad and BullPerks Co-Founders Constantin Kogan and Eran Elhanani.
The research paper by GamesPad overviews over 20 metaverse trends, unique statistics collected from around 1,000 respondents, as well as insights by the top industry experts and thought leaders including:
- Yat Siu (Co-Founder of Animoca Brands)
- Wahid Chammas (Chairman & Co-Founder of Faith Tribe, Co-Owner of Faith Connexion, and Founder & CIO of TyreGate Capital)
- Travis Wu (Founder of Highstreet)
- Brian Hazan (Co-Founder of THE HUSL)
- A. Bahadir Yener (Founder of Metawear)
- Philip Devine (Co-Founder of CryptoBlades Kingdoms)
- 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 (CEO of Fashion Metaverse Club)
- Eathan Janney, Jeff Kelley, and Josh Kriger (Co-Founders of 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)
What Is The Metaverse, and Why Now?
The metaverse is a seamless composite of our physical world melded with the digital. This immersive experience involves the exploration of 3D virtual worlds where people can socialize, shop, and enjoy online entertainment. In a borderless digital world, the metaverse is not singularly owned or belongs to one platform; it is a boundless, user-owned internet economy.
The essence of the internet has always been about connection. GamesPad considers how the rapid evolution of technology over the past three decades influences how we interact. This stems from the evolution of the internet. The three key eras of the internet are identified as follows:
- Web 1.0 — the inception of the internet, which connected us online.
- Web 2.0 — the socialization of the internet, which connects us to online communities.
- Web 3.0 — the decentralized Internet immersion that connects us into a community-owned virtual world.
Source: Metaverse Industry Report 2022 by GamesPad
The Economics of the Metaverse
GamesPad aims to reveal all of the tangible and lucrative ways that the economic opportunities of the metaverse are making their way into our lives. A key indicator of society’s readiness for the metaverse involves the change in consumer behavior and the influence of digitization.
Source: Metaverse Industry Report 2022 by GamesPad
In addition to the increased market opportunities presented by a growing number of digital consumers, GamesPad has distinguished the main converging themes of the metaverse:
- Web 3.0 Metaverse Worlds — Broader interconnected crypto cloud economy, one that is decentralized and interoperable, providing the infrastructure to support virtual economies successfully.
- Non-Fungible Tokens — An NFT is 100% unique and created when a digital file is minted. This minting process on the blockchain generates originality and allows the buying and selling of a unique asset.
- Blockchain Technology — Blockchain allows platforms to be built on secure decentralized databases that make digital assets like cryptocurrency and NFTs possible.
- MetaFi — an all-encompassing term for products, protocols, and services that create the economic relationship between NFTs and fungible tokens within the scope of their broader ecosystem.
- Decentralized Autonomous Organizations — DAOs are community-led initiatives that epitomize the decentralized future of the internet with a collective goal of pushing for a more level playing field in contrast to traditional organizational structures.
- Adoption by Governments — The metaverse was one of the key topics during the 2022 World Economic Forum (WEF), where experts discussed how governments would use it to strengthen various fields.
Business Opportunities in the Metaverse
The need for new and innovative opportunities in business is met with the emerging meta-economy and the inherent supply and demand dynamics of a budding economic landscape. GamesPad has identified some of the main economic sectors that will benefit from the initial stages of the metaverse. Related businesses can utilize these emerging markets for their metaverse strategy.
Gaming
Video games play a central role in the creation and expansion of the metaverse. The current state of gaming already builds on immersive experiences with 3D graphics, VR-enabled titles, and platforms for user creativity. The gaming market currently sits at approximately 3 billion users and is projected to reach 4.5 billion by 2030.
The ability to disrupt traditional modalities and progress metaverse concepts shows the power and importance of gaming for the future. It’s proven by data by Play-to-Earn NFT game CryptoBlades Kingdoms: since August, their users completed 23,709 battles, trained 4,472,925 units, looted over 313,146,492, and collected more than 1,712,753,259 in wood, stone, and clay, which demonstrates the users’ growing interest in the GameFi space.
According to a survey by GamesPad, 44% of respondents consider Play-to-Earn gaming the most exciting aspect of the metaverse.
Source: Metaverse Report 2022 by GamesPad
Fashion
Clothing brands, both in the luxury sector and in the mass consumer market, play a crucial early role in shaping the emerging stages of the metaverse. In addition, fashion showcases immense investment opportunities with digital avatars as the central fixture of a player’s virtual identity. A great example is Faith Tribe, an open-source design platform created to empower and reward digital creators in the metaverse and physical realm. The brand is aimed 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 instance is Metawear. This brand is changing the fashion industry by creating Metaverse Fashion DOME which is essentially the Metaverse Temple of Top Fashion Designs, where talented global designers, top fashion brands, students, young artists, senior designers, and famous figures meet in one place to create, earn, and market their designs and products.
Virtual real estate
As the limits of real-world geography fade, virtual real estate encompasses opportunities in digital landscapes, virtual gaming, and entertainment. Investing in a single location in the metaverse has the potential to reach a larger share of customers than most physical locations. Currently, the metaverse’s expansion relies heavily on digital real estate trading and leasing.
Marketing and advertising
Some of the ways companies in the metaverse will use advertising and marketing strategies include in-metaverse ads, virtual influencers, metaverse events, and metaverse commerce. As a result, this particular sector has immense opportunity for creativity in the ways it will digitally reach and influence audiences.
Creator economy
The continued exploration of the metaverse allows the creator economy to blossom, especially within crypto integrations and decentralized platforms as pathways for those creators to make money. As the metaverse expands, developers will continue to build projects on these decentralized structures, and independent creators will have more attractive opportunities to join metaverse communities. In addition, content creators can use their influence within these communities for social and monetary gains.
Gig economy
Gig workers will have a wide range of opportunities to monetize their skills in the metaverse. From digital event planning to DJing virtual parties, as an immersive digital layer on top of our physical world, the metaverse will mimic many of the same gig opportunities today in entertainment, commerce, services, and socialization.
Immersive shopping experiences
The enhanced shopping experience of a 3D immersive virtual world will change how we shop and interact daily with brands. Virtual malls and curated, customizable shopping platforms highlight some of the best ways users will consume and connect in the metaverse. For example, Highstreet is transforming retail in the Metaverse by turning department stores around the world like Saks, Selfridges, and Lane Crawford into entry points into Highstreet World.
Music and entertainment
Virtual events will become limitless and borderless worldwide experiences. In the metaverse, concerts will have the ability to reach a global audience, creating enhanced connection and accessibility. In the past year, we have seen exciting entertainment endeavors such as Snoop Dogg and Deadmau5 hosting full-fledged virtual concerts. Companies like The HUSL are revolutionizing the music industry by building a global music marketplace in the metaverse that allows individuals around the world to upload their newest music as NFTs.
Virtual travel
By virtue, there are no physical boundaries in the metaverse. By combining the virtual world’s limitless travel opportunities with the profitable tourism industry, the metaverse hosts a range of lucrative potential for those in the travel sector.
Employee engagement
Organizations have the opportunity to engage employees by using emerging technologies to enable augmented virtual workspaces. In addition, the metaverse has immense potential to drive connection even in a remote working environment, inspiring creative collaboration in the workplace.
Immersive learning experiences
Using VR spaces and layering digital information on top of the real world through hardware like VR headsets, the metaverse can apply strategic technology to enhance education and the learning experience. Therefore, VR learning would improve students’ interaction with informational concepts and ideas.
Socialization
The metaverse will be able to host everything required to create independent virtual communities on social media with their own thriving ecosystems. For example, in using digital avatars, “in-person” socialization between friends can occur in the same virtual room when in reality, everyone is physically miles apart.
Accessibility and empowerment
New technology presents the ability for universality to be at the forefront of innovation. This universality allows for accessible technology that will improve access for people with disabilities or people from developing communities.
Metaverse Metrics
This report will discover critical metaverse metrics identified by GamesPad, highlighting the opportunity for successful multi-million dollar primary and secondary metaverse markets.
The metaverse aims to remove the centralized control of Web 2.0 companies that traditionally have a monopoly on online spaces. With the rise of new metaverse-native companies, there will be more competition and a disrupted market that pave the way for traditional companies to pivot strategies, as well as rapid sector innovations, productivity gains, and spotlights on exciting startups.
Source: Metaverse Industry Report 2022 by GamesPad
Is the Metaverse Right For Your Business?
After conducting thorough research into the metaverse market sectors, GamesPad has discovered many opportunities available for every type of business. The metaverse presents a future of abundance and possibility. It is up to industry leaders and entrepreneurs to invest in metaverse strategies at the early stage to solidify lucrative channels in this exciting new frontier.
81% of consumers who have heard about Web 3.0 think that it will improve their happiness and well-being.
As far as the mainstream audience, those who have heard of the metaverse and participated in many of its current digital iterations are excited for the new waves ahead and feel that many emerging innovations will uplift the general well-being of global participants.
For more strategic information to aid your business in developing the best metaverse strategy, reference GamesPads comprehensive Metaverse: Emerging Business Opportunities report.
Contact:
Dana Kachan
Head of Marketing at GamesPad
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