Why the Metaverse Matters — A Guide for Entrepreneurs and Innovators As the metaverse continues to gain momentum, some revealing statistics offer a roadmap for entrepreneurs and innovators to unlock its potential.
By Patrik Wilkens Edited by Chelsea Brown
Opinions expressed by Entrepreneur contributors are their own.
The metaverse refers to a digital realm where people can connect with each other and digital content across various platforms and devices. It is not a singular product or service but an interconnected network of experiences spanning gaming, social media, entertainment, education, commerce and beyond.
While the concept of the metaverse has existed for decades, recent advancements in technology and changes in consumer behavior have propelled it into the limelight. The potential for engagement and innovation in this digital realm is incredible, as these statistics demonstrate:
By 2026, it's expected that a quarter of the world's population will spend at least an hour in the metaverse each day
Around 60% of gamers have used the metaverse for non-gaming virtual experiences,
52% of individuals have expressed their intention to use the metaverse for work
And 28% of consumers see music concerts as the use case with the highest potential in the metaverse.
With these statistics in mind, it's important to understand why the metaverse matters for entrepreneurs and innovators.
Related: What Is the Metaverse and Why Is It Important to Entrepreneurs?
Tapping into new creative opportunities
Firstly, the metaverse presents new opportunities for creativity. Statistics demonstrate that a significant portion of the global population is keen to engage with the metaverse. This creates opportunities for art, storytelling, music, education and more.
For example, TheSoul Publishing has launched its virtual music artist Polar, who has garnered more than 1.37 million subscribers on YouTube and signed a distribution agreement with the French record label Believe. Additionally, Facebook's Horizon Workrooms is a virtual reality platform that enables users to collaborate and communicate in 3D spaces.
Harnessing new forms of engagement and interaction
In addition, the metaverse allows for new forms of engagement and interaction. Users can connect in immersive and realistic ways, creating social, gaming, entertainment, collaboration and commerce opportunities.
Platforms like Fortnite and Roblox have seized the opportunity to host virtual events and concerts, drawing millions of viewers who can interact in real-time. In addition, many virtual worlds enable users to create and trade digital assets and experiences.
Expanding the reach and impact of brands and businesses
The metaverse can expand the reach and impact of brands and businesses. By 2026, it's expected that a quarter of the world's population will spend at least an hour in the metaverse each day, giving companies the opportunity to engage with a vast audience.
Brands can develop new products and services using the unique features of the virtual world. For example:
Nike is exploring digital fashion with NFT shoes called Cryptokicks (which are now available in real life)
Gucci has teamed up with Roblox to create a virtual Gucci Garden for users to explore and buy digital items inspired by the brand
Shopify's Shop app enables users to browse and purchase products from their favorite online stores in augmented reality.
Related: Why Your Business Needs to Prepare for the Metaverse
Revolutionizing education and professional development
The metaverse also has the potential to revolutionize education and professional development. With over half of respondents expressing an intention to use the metaverse for work and 40% for education, entrepreneurs and innovators have the opportunity to transform teaching and professional development.
Virtual classrooms and immersive learning experiences can cater to various learning styles, making education more accessible and engaging. At the same time, companies can leverage the metaverse for employee training, offering simulations, role-playing exercises and collaborative learning environments to enhance professional skills and knowledge.
Accelerating technological innovation and adoption
A growing interest in the metaverse is driving technological advancements, including virtual reality, augmented reality, artificial intelligence and blockchain. Entrepreneurs and innovators can capitalize on these developments to create new products, services and experiences that enrich people's lives and contribute to the digital economy. Additionally, the metaverse offers a testing ground for emerging technologies, enabling companies to gather user feedback and iterate on their offerings.
Creating new revenue streams and economic opportunities
The metaverse offers entrepreneurs and innovators the chance to develop new revenue streams and economic opportunities. From creating digital goods and services to establishing new advertising models and marketplaces, the metaverse opens up a vast array of possibilities for monetization.
For instance, virtual real estate sales, digital fashion and in-world events are just a few examples of how businesses and individuals can generate income within the metaverse. Furthermore, the metaverse's decentralized nature offers opportunities for peer-to-peer transactions, empowering creators and consumers alike.
Related: 3 Ways to Build Sustainable Wealth in the Metaverse | Entrepreneur
Addressing global challenges and fostering collaboration
The metaverse has the potential to address global challenges by enabling collaboration across borders and time zones. As a shared digital space, it can bring together experts, decision-makers and communities to tackle pressing issues such as climate change, poverty and healthcare.
Innovators can create platforms and tools within the metaverse that facilitate knowledge-sharing, problem-solving and collective action, ultimately driving positive change in the real world.
The metaverse is a rapidly evolving digital realm that presents numerous opportunities for entrepreneurs and innovators. It's not just a place to play. It's far bigger than that. It's a space for learning, working, creating, growing and connecting.
As we venture further into the metaverse, we must be mindful of the ethical, social, legal and environmental implications of our actions. Ensuring that the metaverse is inclusive, accessible, safe and sustainable for everyone should be a top priority. By embracing the metaverse and leveraging its potential, we can drive innovation, create new economic opportunities and shape the future of our digital society.
