Insights - 20 ways to build a business in the metaverse with examples.

20 ways to build a business in the metaverse with examples.

by Dr. Thomas Papanikolaou on July 19, 2022

The Metaverse is a hypothetical single, universal, and immersive virtual world focused on social connection, existing as a parallel to, or replacement of, the physical world. In science fiction and technological utopianism, it is often described as a future iteration of the Internet as a network of interactive virtual worlds that is facilitated by the use of virtual reality (VR) and augmented reality (AR) headsets and other interaction-enabling accessories. Metaverse thrust into public consciousness with the announcement of Facebook renaming itself to Meta. In this article, we list 20 business ideas and examples that can be enabled or improved when implemented in the metaverse.

METAVERSE USER EXPERIENCE

There are three (3) ways humans can interact with the Metaverse, often summarised under the umbrella term Extended Reality (XR).

Augmented Reality (AR)
In this interaction mode, virtual objects are overlayed on the real-world environment humans experience. Typically, humans will see overlays through see-through smart glasses, however, the augmented reality experience is expected to expand beyond eyesight to the remaining human senses.
Mixed/Hybrid Reality (MR)
In this interaction mode, virtual objects are overlayed and anchored on the real-world environment humans experience. Typically, humans are able to interact with anchored virtual objects using head movements, body motion, and hand gestures.
Virtual Reality (VR)
In this interaction mode, humans immerse in a fully digitally-generated environment. Typically, humans will experience the digital evironment through head-motion and eye-tracking virtual reality glasses, interact with the surrounding using VR haptic gloves or similar hand movement VR controllers, and walk through it using omni-directional VR treadmills or motion simulators.

LIST OF SERVICES

Here is our list of metaverse startup ideas and metaverse business opportunities

Real-time translation within a cross-border business meeting

A real-time translation service within a cross-border business meeting would allow for two or more people who speak different languages to communicate with each other in real-time. This would be done through automatic software or the use of a translator who would be able to translate what each person is saying as they are saying it, and would allow for a more efficient meeting as there would be no need for pauses to allow for translation, and it would also allow for a more accurate understanding of what is being said.

Smart Glasses for City Travel

This service uses smart glasses that display different types of relevant information depending on where the user is and what they are looking at. For example, if the user is looking at a historical building, the glasses may display information about the history of the building. Or, if the user is looking at a point of interest, the glasses may display information about the area. The glasses may also display information about the climate and environmental conditions, such as air pollution levels. Additionally, the glasses may offer information about nearby shops and relevant offers.

Smart Glasses to Prevent Bad Food Choices

This health and safety service uses the smart glasses' internal camera to scan bar codes and QR codes of supermarket food items and display nutritional, allergenic, food origin, fair trade practices, and sustainability information so that users eat safely and with a good conscience towards the society and the environment.

Bike / Bicycle / E-scooter Helmet with Augmented Reality Navigation

This navigation and road safety service is designed to help riders navigate safely to their destination by providing them with road-safety information and navigation instructions. The smart helmet used for this purpose is equipped with an overlay that projects these instructions onto the road. This increases safety and allows riders to see the information clearly and follow the guidance provided. In addition, the helmet is also equipped with sensors that can detect potential hazards on the road and provide warnings to the rider.

Fitness Smart Glasses with Augmented Reality Obstacles

This fitness service turns every park or flat area into a parcours by overlaying virtual obstacles and barriers that the user has to duck under, jump over, or run around. The difficulty of the obstacles increases as users progress through the training and their fitness improves.

Virtual Guided Tours of Museums, Exhibitions, and Historic Sites

This leisure and tourism service allows users to take virtual guided tours of museums, exhibitions, and historic sites as if they are walking through the respective site. The service would also provide educational overlay information about the exhibits and sites and would allow the user to interact with specific exhibits.

Step-by-Step House Renovation Courses

This hybrid reality step-by-step house renovation courses would provide users with immersive, step-by-step learning experiences for renovating their homes. The service would allow users to see what their home would look like after completing each step of the renovation process, and would provide detailed instructions on how to complete each step.

DIY Painting Courses

In hybrid reality painting courses, users would be able to choose from a variety of painting lessons. Each lesson would be interactive, allowing users to paint along with the lesson and receive feedback. Additionally, users would be able to view their paintings in a virtual gallery and receive critiques from other users.

DIY Cooking Courses

A hybrid reality cooking course that would allow users to immerse themselves in a cooking environment (virtual or their kitchen) where they could learn how to cook various recipes. An augmented reality cooking course would entail a cook who provides users with instructions and tips in real-time on how to cook certain recipes, as well as allow them to see the finished product.

DIY Gardening Courses

In a hybrid reality gardening course, users can learn about gardening while they are doing it. Users will be able to see a virtual guide who will show them how to plant and care for their garden, and they will be able to ask questions and get feedback in real-time.

Interactive Fitness Training

An interactive fitness training service is an augmented reality service that allows users to interact with a virtual coach to get fit. The service provides a virtual coach that can be customized to the user's fitness goals, and the user can interact with the coach to receive feedback and guidance on their workout. The service also allows users to compete with friends in virtual fitness competitions, and track their progress over time.

Virtual Book Library

A virtual book library service would allow users to browse and borrow virtual books from a library of digital titles. The service would be accessible through a VR headset, and users would be able to view the books in 3D.

Contract signing and exchange with probative value

A hybrid service for contract signing with probative value would enable two or more parties to sign a contract virtually, with the signatures having probative value. The service would use virtual or augmented reality technology to create a realistic and legally binding experience for the parties involved.

Signature-less Authentication and Authorisation

An augmented reality service that would allow users to authenticate and authorise themselves without the need for a signature. This could be done through a variety of means such as facial recognition, fingerprint scanning, iris scanning, or even DNA identification. This would allow users to quickly and easily authenticate themselves using their AR devices without the need for a physical signature.

Neo Banking

A hybrid banking service that uses virtual and augmented reality would allow customers to see their account balances and transactions in a virtual environment. Customers would be able to interact with their account information using natural body movements and gestures. This would allow customers to get a more immersive experience with their banking information and seamlessly connect digital and real-world transactions.

Paperless Archiving and Search

In a virtual reality paperless archiving and search service, users would be able to control the interface with voice commands and body gestures. This would allow users to search through a large number of documents more efficiently. Users would be able to view documents in 3D and select and share documents or parts of documents with others in the virtual reality space.

Immersive F1 Racing Viewing

In this Point of View service, users will be able to experience what it is like to be an F1 driver in a real race. Users will be able to see the track from the driver's perspective during a race and feel the exhilaration of racing at high speeds, the thrill of competition, and the satisfaction of crossing the finish line first. Additional hardware, like F1 car cubicles used for gaming, would increase the immersive experience.

Immersive On-Stage Concert Experience

In this service, users are placed virtually on stage with their favorite star live during their concert. They will be able to see and hear the concert from an up-close and personal perspective, change views, and even get a chance to meet and chat with the star afterward.

Film Viewing from the Actors' Perspective

With this virtual reality service, users would be able to view films from the perspective of the participating actors. This would allow users to feel as though they are actually in the film, identify themselves with the hero, and would provide a more immersive experience. Admittedly, this service would require a redefinition of filming as we know it today.

Playing a Concert With A Band

In this virtual reality service, users will be able to play a concert with a rock band. They will be able to choose from a variety of songs, instruments, as well as physical holographic appearances. This service will allow them to experience the thrill of live performances, and what it is like to be a rock star interacting with an audience.

BONUS SECTION

Here are further metaverse startup ideas and metaverse business opportunities related to Web 3.0.

Own a Virtual Property beside a VIP/Movie/Music star

This service would allow users to purchase virtual property that would be located next to a movie or music star of their choice. The user would be able to select their favourite star and then purchase a virtual plot of land (as a non-fungible token) next to them. This would allow the user to have a virtual space that they could visit anytime they want, to be close to their favourite celebrity, meet them virtually or receive their news, and also enjoy all of the benefits that come with owning virtual property at a prime virtual location.

Own a Digital Twin of a Valuable Object

This virtual reality service would allow users to purchase and own a digital twin of an expensive and/or valuable object. The digital twin would be a replica of the object and would be stored in the user's virtual reality account. The user would be able to view, interact with, and show off their digital twin to others in the virtual reality world. Relevant examples include art pieces and limited edition luxury objects like jewelry and cars.

Own a Semi-Fungible Token (SFT) ticket to a invite-only concert

This virtual ticketing service would allow users to purchase a ticket to an upcoming event (SFT). After the event, the ticket would transition to an NFT. The ticket (SFT/NFT) would be stored on a blockchain and could be transferred or sold like any other cryptocurrency.

Own a Non-Fungible Token (NFT) of virtual real-estate/company participation

This virtual equity service would allow users to purchase an NFT that represents ownership of a virtual piece of real estate or company participation. The NFT would be stored on a blockchain and could be transferred or sold like any other cryptocurrency. This would provide a way for people to invest in virtual property or companies without having to own or manage the underlying asset.

IN SUMMARY

In this article, we listed 20 business ideas and examples that can be enabled or improved when implemented in the metaverse plus a bonus section. If you would like to get more inspiration, please try our

 

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CREDITS & REFERENCES

For the avoidance of doubt, Neos Chronos is not affiliated with and has no financial interest in any of the companies mentioned in this article. All names and trademarks mentioned herein are the property of their respective owners. Please observe the Neos Chronos Terms of Use.

  1. Wikipedia: Metaverse, Extended Reality (XR)
  2. Facebook company is now Meta
  3. Neos Chronos Template Library
  4. Neos Chronos Metaverse App

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