Since technology is constantly evolving, companies are always on the lookout for new investments that will ensure their success. As a result, building in the metaverse has become the new trend for many industries worldwide.
That is why it’s imperative to grasp what makes metaverses so profitable. From NFT marketing strategies to game development: these digital worlds are filled with aspects derived from several industries.
What Is the Metaverse?
The metaverse is a cyberspace in which people can interact with each other and objects. It’sa community-driven world centered around technology and immersive experiences.
The conception of metaverses is nothing new: it’s been around for more than three decades now. The first time the word made its appearance was in 1992. Neal Stephenson merged the words meta and universe to describe the fictional word he developed in the novel Snow Crash.
Since then, the concept never grew out of its meaning, but the metaverse did evolve. As of today, there are various cyberspaces in which people take on an avatar and explore their worlds. These platforms differ significantly from each other. For instance, Axie Infinity is nothing like The Sandbox.
In the crypto scene, the metaverse functions as a marketplace. Its most distinctive feature is the ability to hang out in a marketplace and treat it as a game or as a hobby. These digital spaces encourage human interaction and provide fun activities.
That design principle is what makes these virtual spaces so successful. Not only can investors make a profit, but they can also have fun and enjoy surreal experiences in the process.
Why Companies Are Building in the Metaverse
Mark Zuckerberg’s Horizon Worlds is the top leader in the metaverse industry. Then one has to wonder why other companies are trying to keep up with Facebook’s owner. Simple: there is no definite owner.
Everyone can own a piece of these new digital worlds. Thus, anyone partakes in the future of virtual spaces. In a metaverse, many industries overlap. The array of different activities and technological breakthroughs possible in cyberspaces make them the perfect investment.
To give a few examples, Nvidia, Intel and Verizon are developing their own networks for the cyberspaces. Meanwhile, Binance is building its own digital space. Parallelly, Google is devising an operating system for the metaverse using VR and AR. Many other companies follow suit.
The metaverse is such a gold mine that no industry wants to stay behind. Brands are even investing in metaverse SEO and other marketing strategies. It’s so promising that independent developers can make it big as well.
For instance, Decentraland was made by two indie developers. The project is now the most famous metaverse in the crypto world.
Who Can Invest in the Metaverse?
The metaverse is, in nature, a decentralized space. Although there are teams of developers behind updates, these spaces are essentially owned by their users.
Since each pixel inside virtual worlds are no man’s lands until owned, literally anyone can invest in it. The scale of the investment and the goal in mind are what differ. A casual trader won’t put too much money into these worlds, whereas an NFT developer will spend at least thousands.
The only requirement to start investing and building in metaverses is to own a wallet. They deal with specific currencies designed for their platforms. Therefore, a wallet is a must for an investor to participate in this new trend.
However, before financing a project in a metaverse, an investor has to set a clear goal. Specific platforms are better for particular projects. For example, OVR is better suited for 3D NFT architects that want to build designs in a game’s lands.
Alternatively, a developer team can also start building their metaverse. Despite how ambitious this idea may sound, it’s not an unachievable dream. Nonetheless, do mind this is a draining task that demands many experts from various fields of work.
How to Start Building in the Metaverse
Whether you’re planning on building in the metaverse or developing one is a crucial question to ask. The steps you have to follow vary greatly according to which type of project you embark on.
Building in the Metaverse
Luckily, inserting a design into a metaverse is relatively easy. In fact, most platforms encourage artists to sketch and launch their NFT creations.
Before initiating an NFT design, the rule of thumb is to choose the right platform. The main theme you choose for your platform will heavily influence the final draft of your non-fungible token. After that, it’s time to model your building or collectible.
There are thousands of programs for 3D NFTs. Most designers pick Blender and Unity to create their designs. These basic programs allow artists to draw 3D models and even add animated effects to them. It takes some time to get used to them, but the process is pretty intuitive.
Building in the metaverse doesn’t end there. Coding an NFT is what follows next. The code behind a non-fungible token and its currency is of utmost importance for any project. You can either code them yourself using a blockchain’s public code or outsource it. This process is known as minting.
Finally, advertising your project in the metaverse is the last step. For this, you need marketing strategies like specialized NFT SEO. Most developers also outsource this aspect due to the amount of expertise needed to pull off successful branding.
Building a Metaverse
The first mission to complete in building a metaverse is to determine how yours will distinguish itself. Users won’t take an interest in already developed ideas. A case to note is Axie Infinity: this turn-based RPG game implemented a unique duel system to outdo its competition.
Furthermore, metaverses are tightly linked to gaming, among many others. In other words, you need most experts involved in the gaming industry alongside front-end and back-end developers. Building a digital world takes a lot of time, effort and money.
In addition to that, immersion should be one of the strengths a metaverse provides. As such, it’s vital to invest in virtual reality and augmented reality technology, meanwhile making it the most inclusive possible for everyone. Users want to interact with the world they’re in as much as possible. It’s one of their selling points.
Moreover, you’ll also need a team of Web3 developers that can concoct a decentralized market around your project. Take into account these virtual platforms are community-based. No one will even consider exploring it if its market seems faulty or fraudulent.
Lastly, advertising takes part as well. No matter how fantastic or well-designed a metaverse is, it won’t achieve much if it doesn’t have an NFT marketing plan behind it. All of these are the pillars that sustain the making of cyberspaces.
It’s no coincidence most companies are jumping on the metaverse trend. It’s a treasure full of potential that will change the way people see gaming, virtual reality and crypto currencies altogether.
Building in the metaverse equals investing in the future.