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The metaverse consists of a connected network of virtual 3D worlds which can be accessed by a Virtual-reality (VR) headset. The VR headset immerses the user giving a physical sensation of being actually present in the Metaverse virtual reality. You may reside in the metaverse, develop their own interpretations of reality, play games with other people, and even meet new people. It’s an idea that’s only been around for a short while. However it offers huge potential to companies as well as individuals. Read on to learn everything you need to know about the metaverse and how to make money in the metaverse.
Big players in the field like Microsoft, Facebook and NVidia are creating their own soloutions for metaverse. Others like McDonald’s, JPMorgan and Manchester City F.C which are apparently unrelated have all one thing in common, joining in the metaverse.
The 3D metaverse world has the potential to reach a market size of US$800 billion by 2024 according to bloomberg. Various industries, institutions and government entities are adapting the metaverse for gaming, entertainment, art, education.
New metaverse virtual reality worlds are emmerging everyday, yet some platforms have already established their presence in this digital arena. The following chart from CoinMarketCap shows metaverse platforms according to their popularity.
What is selling in the Metaverse?
Sales in the metaverse are transactions that take place within an online version of an alternate reality. Because the metaverse is still a developing sales channel, there is no foolproof technique to determine whether a certain kind of transaction will take place or not.
However, transactions in the metaverse today are not the same as conventional sales to which you are probably accustomed. For instance, you won’t have any interactions with large corporations for sales of software as a service (SaaS) in the metaverse. It’s more probable that you’ll be selling to individual customers. The products you’ll be selling will be things like non-fungible tokens (which we’ll talk more about in the following section) or unique items.
An excellent illustration of successful metaverse sales is provided by Spotify and the introduction of Spotify Island within Roblox’s metaverse. A metaverse sale is an event in which performers, together with their followers, participate in interactive games and quests and purchase unique merchandise from their favourite artists.
In the next five years, Gartner anticipates that one in every four individuals will spend at least one hour per day in the metaverse for a variety of reasons, including shopping. It also forecasts that thirty percent of firms will provide some kind of product or service. It is logical to assume that metaverse will emerge as a prominent (though distinctive) sales channel in the years to come.
metaverses that allow you to sell
You are able to make money in many different metaverse worlds. However five popular metaverse virtual reality worlds are Zepeto, Horizon Worlds, The Sandbox, Decentraland, and Roblox.
Horizon Worlds (formerly Facebook Horizon) is an online virtual reality platform developed by Meta Platforms that users can access free of charge. Meta released the platform on December 9th 2021 in the beta phase.
Horizon Worlds is Meta’s take on the metaverse. Meta has made it clear that users will be allowed to do business on its platform. The accessories that users use to outfit their characters in the author’s worlds can be purchased from the creator, who receives a commission of up to 47.5 percent on each sale.
The Sandbox was first conceived of as a video game in 2018; but, since then, it has evolved into one of the most well-known metaverses. People have the ability to create their own characters and games within it. In addition taking part in events and purchasing property is also possible.
Decentraland is a massive virtual reality environment that enables users to buy and sell non-fungible tokens (NFTs), real estate, and participating in virtual events. It even serves as the location of the official Barbadian embassy at the present time.
This is an online game universe containing Pokemon like digital pets called the Axis. Players are able to battle, breed, collect, raise and create kingdoms. Axis has created a synergy between the so called standard online gaming and blockchain. This game is considered as one of the leaders in NFT gaming. You can own virtual assets, reward players and trade Axies on the marketplace for real money.
Roblox is a platform for creating games and playing games online. It has expanded into a metaverse where users may buy in-game items and digital assets. It provides real-life simulations, which may be quite helpful for salespeople who want to replicate an in-person encounter online in a virtual setting.
Sale Opportunities in the metaverse
As was just discussed, the sales that take place in the metaverse virtual reality will seem very different to those that take place in the actual world. Various digital products and assets are being sold on the metaverse by different companies.
For example Nike has started to sell digitalised nike products from shoes to clothes. These products can be experienced through various methods.
Let’s talk about some of the options that are now available in this arena.
Recently, the real estate market has emerged as a substantial driver of sales in the metaverse. It is not only a reproduction of real-world properties in the virtual world; rather, it is the sale of individual plots of land within the metaverse that individuals may own outright and use to construct their own online enclaves.
Last year, real estate transactions in the metaverse reached $500 million. According to BrandEssence, the metaverse real estate market is anticipated to expand at a rate of 31 percent per year from 2022 until 2028. Angelica Saldaa is a cryptocurrency investor that made purchases for a total of $11,325.13 in the metaverse in 2021.
Saldaa claims that she will be able to generate passive money from them in the near future: “I’ll soon be able to rent my properties out in NFT Worlds to anyone that require the room to build a game or anything like that.”
In the metaverse, it’s normal practise to buy and sell non-fungible tokens, sometimes known as NFTs for short. You can buy one-of-a-kind non-fungible tokens (NFTs) from brands and artists, and these NFTs cannot be lawfully duplicated or used by anyone else. For businesses, this is a one-of-a-kind chance to build enthusiasm about one-of-a-kind items that can be tailored for each individual customer.
In the metaverse businesses have the ability to build customised gamification events where attendees will have sales opportunities. Conferences, seminars and even concerts can take place through the metaverse.
Organisations are also looking into having the so called “hybrid events” where there will be a physical event with virtual features making it much more engaging for the attendees. This way the attendees will have both the physical and digital experience.
A customer may visit a seller’s virtual showroom, browse available products, obtain further information about those things, and make unique purchases from the seller. Gucci, the illustrious fashion business, only lately launched its international and NFT collections on the website known as Vault.
Becoming a salesperson in the Metaverse
You might be asking how to join in on the action given that there is potential inside the metaverse that has not yet been exploited.
To become a salesperson in the metaverse involves many of the same talents as selling in the real world. You need to be able to tell stories that are interesting, have strong communication skills, comprehend your prospects and the requirements they have, be able to solve problems, negotiate, communicate, and so on.
The main distinction is that you have to adapt your abilities to a virtual environment. Therefore, even though you are comfortable conversing with someone face to face, are you able to adapt this skill into an atmosphere in which you might never talk to a prospect or even send them a message?
Luring consumers into your world and convincing them to purchase what you’re offering is a part of the work. It’s conceivable that a salespeople will also need to be skilled marketers. You are only able to sell the products or services that you have to offer. There is no possibility for you to make sales pitches or communicate directly to people.
Things you need to learn
Because of its singular nature, the metaverse necessitates learning specialised information. Here are some qualifications listed in metaverse sales job descriptions:
- Gaining familiarity with the metaverse and its fundamental components, such as web3, extended reality, and virtual reality, is essential.
- A comprehension of the many technologies that are associated with the metaverse, such as multiparty systems, blockchain, tokenization, and NFTs.
- Expertise in the use of technology for protecting data privacy and digital identification, as well as moderating material on blockchains.
- Gain an understanding of the dangers and policy norms associated with virtual worlds.
- Gaining experience in exploiting emerging technologies and expanding the effect of platforms.
- Business development experience.
- Willingness to experiment with new channels and always improve upon existing ones.
- Gain experience selling in person, online, and at events that combine the two.
- Experience with gaming and various social media platforms.
Tips for Selling in the Metaverse
According to Stephanie Baiocchi, who serves as the Director of Memberships and Events at IMPACT, having the ability to establish and inspire community is essential to having success in the business of selling in the metaverse.
She argues that “the route in” to many internet possibilities is through the community, and that making an obvious attempt to sell something would be off-putting. But if you can create relationships with individuals via a subject or passion that you both have in common, this is the foot in the door for sales. As the prospects for making sales in the metaverse are relatively recent, she explains that the most effective strategy will always be to concentrate on cultivating groups and maintaining active participation within them.
At this point in time, it appears that selling on the metaverse will centre on the creation of chances to drive sales using goods that are appropriate for the metaverse. Many of these worlds are big and open for anyone to develop their own communities. This is one of the reasons why real estate sales have taken off in recent years. This is another reason why companies like Gucci have built a name for themselves. They are offering clothes that consumers can use to adorn their avatars in the metaverse.
Cons of Metaverse Sales
Metaverse sales provide a one-of-a-kind opportunity, however there are a few limitations that you should be aware of.
Knowledge of the metaverse is necessary in order to use the metaverse, which is the most important requirement. Not every company or even every salesperson has experience in the channel they are selling via. Due to the fact that the channel is still relatively new and there is no predetermined path for salespeople to take, it might be difficult to simultaneously create a presence on the channel while also gaining an understanding of it.
In addition to this, the use of cryptocurrencies, which are essential for doing business in the universe, has a negative impact on the natural world. For instance, Ethereum, one of the most widely used currencies, consumes 238.22 kilowatt-hours of energy to process a single transaction. On the other hand Visa only consumes 148 kilowatt-hours to process 100,000 transactions. This indicates that cryptocurrencies require a significant amount of energy. This significant consumption of energy results in the emission of CO2 into the atmosphere.
Efforts are being made by groups such as Crypto Climate Accord to reduce the amount of carbon emissions produced. Therefore, if you are interested in participating in metaverse sales, it is in your best interest to educate yourself on ways to lessen the impact on the environment.
Is selling in the metaverse worth it?
According to Forbes, the Metaverse virtual reality is expected to see tremendous expansion over the next three years. This will provide a profit of more than one trillion dollars. This, along with the fact that many offline activities are increasingly becoming more and more entwined with online components, demonstrates that there is a real potential for sales opportunities within the metaverse, probably in more ways than simply selling NFTs or real estate. Furthermore, many offline activities are increasingly becoming more embedded with online components.
As is the case with all new channels, the decision is ultimately up to you. Because it is untested and there is no predetermined path to achievement, there is a possibility of failure. Trying out a virtual world is something you should do if you have time to play around with new things. Take the risk if it won’t prevent you from reaching your sales quotas. If you get a head start, you’ll be able to reap the benefits of being familiar with the platform early on, and you’ll also be ready and equipped to take advantage of chances when they arise.
However, the danger is still present. It is possible for a sales plan to fail until the metaverse has not yet reached its full potential. If this is the case, it is probably better for you to hold off on signing up for the channel until there has been more activity there from other salesmen before you do so.
In any case, venturing into new and uncharted territories may be an enjoyable experience. You are free to experiment with it, determine how well it suits you, and evaluate the likelihood that you will be able to locate chances within virtual worlds.
Highly Rated Book To Read on This Topic
If you are looking for books to read deeper into this topic then the following book is a best seller books on Amazon about the Metaverse.