The “metaverse”, a term coined by science fiction author Neal Stephenson in 1992, refers to a virtual space where users can interact with each other and digital objects in a seamless and immersive way. With the advancements in technology, the metaverse is no longer just a science fiction concept, but a reality that businesses can tap into.
In this article, we will explore how to enter in the metaverse, some of the current platforms, and the key factors that businesses should consider when deciding which platform to enter.
Second Life
Launched in 2003, Second Life is one of the oldest and most popular virtual worlds. It allows users to create and customize avatars, build virtual environments, and interact with other users. As of 2021, the platform had over one million active users.
VRChat
Launched in 2014, VRChat is a social platform that allows users to create and customize avatars, interact with other users, and participate in virtual events. The platform has seen significant growth in recent years, with over 20 million registered users and 2.5 million monthly active users as of 2021.
Roblox
Launched in 2006, Roblox is a platform that allows users to create and play games and socialize with other users. The platform has seen significant growth in recent years, with over 150 million monthly active users as of 2021.
Decentraland
Launched in 2017, Decentraland is a virtual world built on blockchain technology. It allows users to buy and own virtual land, create and monetize content, and interact with other users. The platform has seen significant growth in recent years, with over 2 million registered users as of 2021.
Minecraft
Launched in 2011, Minecraft is a popular sandbox game that allows users to build and explore virtual worlds. The game has sold over 200 million copies and has over 126 million monthly active users as of 2021.
Metaverse Platforms to Watch Out For in 2023
In addition to the current platforms mentioned earlier, there are several upcoming metaverse platforms that businesses should keep an eye on in 2023:
- Facebook Horizon
Facebook's entry into the metaverse, Horizon, is set to launch in 2023 and aims to provide users with a social and immersive virtual experience. The platform will allow users to create and customize avatars, build and explore virtual worlds, and interact with other users.
- Somnium Space
Somnium Space is a virtual world that allows users to buy and own virtual land, create and monetize content, and interact with other users. The platform is set to launch in 2023 and aims to provide users with a realistic and immersive experience.
- The Sandbox
The Sandbox is a virtual world that allows users to buy and own virtual land, create and monetize content, and interact with other users.
- High Fidelity
High Fidelity is a virtual world that allows users to create and customize avatars, build and explore virtual worlds, and interact with other users.
- VR World
VR World is a virtual world that allows users to create and customize avatars, build and explore virtual worlds, and interact with other users.
These upcoming platforms, along with the current ones, provide a wide range of opportunities for businesses to explore and create new opportunities in the metaverse. As the metaverse continues to grow and evolve, it's important for businesses to keep an eye on these platforms and consider how they can leverage them to grow their business.
How to Decide Which Platform to Enter
When deciding which platform to enter, businesses should consider the following key factors:
- Audience
Consider which platform has an audience that aligns with your target market.
- Monetization
Consider which platform has a monetization model that aligns with your business model.
- Content Creation and Customization
Consider which platform allows for the level of content creation and customization that aligns with your business goals.
- Community
Consider the community and culture of the platform and whether it aligns with your business values.
- Technical Capabilities
Consider the technical capabilities of the platform and whether it aligns with your business needs.
Conclusion
The metaverse presents a new frontier for businesses to explore and create new opportunities. By leveraging current platforms like Second Life, VRChat, Roblox, Decentraland, and Minecraft, businesses can tap into the potential of the metaverse to engage with customers, increase revenue, and streamline operations.
The upcoming platforms, such as Facebook Horizon, Somnium Space, The Sandbox, High Fidelity, and VR World, also provide new opportunities for businesses to watch out for in 2023. As the metaverse continues to grow and evolve, it's important for businesses to keep an eye on these platforms, assess their audience, monetization models, content creation capabilities, community culture, and technical abilities, and make strategic decisions on which platform aligns with their business goals. Businesses that embrace the metaverse and its potential will be well-positioned to succeed in the future.