January 25, 2023

Opinions expressed by Entrepreneur contributors are their own.

In times of economic uncertainty, you can find unique entrepreneurial ideas in the metaverse, often driving innovation in the industry and opening up new opportunities for companies and individuals alike. As the metaverse continues to expand, here are five trends that will shape the next 10 years:

1. Virtual content creation

3D modeling has been used for decades in almost all industries such as gaming, engineering and architecture. All products, buildings, characters and environments are created using 3D modeling tools on a computer. This sector is only expected to increase in value, reaching $6.33 billion by 2028. This number excludes the metaverse space, which is expected to reach $783.3 billion by 2024.

As consumers migrate to the 3D space, the need for virtual goods has only increased. For example, the most popular Roblox metaverse has over 40 million games in which the users exclusively create all items, characters, and environments. Those who are top makers can make a ton of money. Just look at Samuel Jordan, who reportedly earns up to $80,000 every month selling his digital goods in Roblox.

Related: Brace yourself for impact: It’s time to usher in the metaverse

2. Metaversal Education

Covid-19 has shifted most of the world to remote working and distance learning. Some of the fastest to adapt to this change included school children. The idea of ​​digital learning has grabbed the younger generation so much that one of the most popular metaverses, Minecraft, has an educational platform for distance learning.

However, this is just the beginning of the global trend for online education. According to Straits Research, the market size for online education is expected to reach $198.9 billion by 2030. Entrepreneurs should expect to see new virtual study platforms as well as courses on topics such as metamarketing, avatar design, and virtual law. This will open up many career opportunities for the younger generations using the metaverse.

3. Virtual social and music events

Did you know that 4 million people attended Rod Stewart’s free concert at Rio’s Copacabana Beach in 1994? It remained the most attended live show until Travis Scott performed on the Fortnight Metaverse in 2020, when over 12 million players signed up for his virtual concert.

When other artists got wind of this, they started planning their own virtual concerts. Artists like Post Malone, Ariana Grande and Justin Bieber performed virtual concerts using the metaverse as their platform. This trend creates many opportunities for musicians and other event planners on platforms who want to capitalize on the popularity of virtual events.

It’s important to start exploring these opportunities now, though, as global entertainment company Live Nation is already partnering with Snap this year to enhance the virtual concert and social experience using AR technology.

Related: 5 Technologies That Will Shape the Future of the Metaverse

4. Dating based on avatars

While millennials started getting married virtually during the Covid-19 lockdown, Generation Z has so far been using “stay home” as a dating opportunity in the metaverse. Games today can offer more than entertainment; they can even introduce you to potential partners.

Avatar-based dating is growing in popularity, with many new companies specializing in this service, such as Nevermet. This fast-growing avatar-based service allows users to match with other VR fans and then meet up all over the metaverse. As this trend continues to grow, there will be more and more opportunities for entrepreneurs to enter this space.

5. Fluencing

When it comes to influencers, the metaverse has become an important platform for marketing and advertising products and services. This is mainly due to its interactive platform, which allows users to interact with each other in real time.

This trend is known as “metfluencing,” which refers to when an influencer uses their popularity in the metaverse to influence other users. For example, Albert Spencer Aretz, also known as Flamingo, is an American Roblox gamer whose “let’s play” videos get millions of views. His estimated net worth is over $20 million as reported by various sources. Due to his popularity, brands now pay him to promote their products on his channel. If you’ve ever considered becoming an influencer, the metaverse is definitely a great place to start.

Related: Your brand can become part of the metaverse. Here’s how.

The metaverse is an ever-evolving ecosystem that is becoming increasingly popular and accessible. As more people turn to this virtual reality, entrepreneurs should look for ways to take advantage of the opportunities available in the metaverse. From setting up an online education platform to promoting products through metfluencing, there are plenty of opportunities to explore. With the right strategy, you can use the metaverse to create your own successful business.

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