With a $1 trillion revenue opportunity in less than a decade, global businesses must start preparing for a metaverse-dominated future.
Following Facebook’s rebrand as Meta and several companies’ serious intentions for the metaverse, Morgan Stanley announced that it would be the “next big investment theme” in a note. 15 years back, software-as-a-service and the cloud had evoked a similar tectonic shift, leading the value of some companies to skyrocket and opening up a new economy for a cluster of players. For several businesses that were at the right place at the right time, their growth trajectory changed for good.
Now, as we enter into 2022, what are the potential business impacts we could expect in the next few years, as metaverse technologies are developed and gradually deployed? To explore this, we need to first understand why the metaverse is a revolutionary market force in the first place. This course prepares you for a high voltage, highly rewarding 3D business Metaverse career.
How Will the Metaverse Change the Business Landscape?
The metaverse is defined as a 3D virtual space that mimics the physics of our real world but introduces the advantages of AI and VR technology to drive rich interactive experiences between multiple users, as well as between a user and their virtual environment. Think of Matrix, where Neo could walk about a virtual urban landscape but also defy the laws of gravity if needed.
The metaverse, as envisioned by companies like Microsoft, Decentraland, Epic Games, and now Facebook, bring similar capabilities to technology users. The business implications of the metaverse are immense. It would enable hi-touch interactions for remote users, employees, and customers. Employees can conduct face-to-face meetings without having to be there in person. Customers can explore locations, trial new products, and even try customizations without having to travel to a store.
Further, there are new business opportunities to be explored when you defy the laws of physical reality. For example, data presentations don’t have to be limited to a 2D slideshow – you can actually model data in 3D and interact with your hands.
Similarly, customers visiting a virtual reality theme park in the metaverse can go on rides without the traditional safety limitations. Or for a factory tour ride of a potentially dangerous work environment and perils. New Products 3D VR launches, 3D VR conferences, 3D buyer-seller meets, 3D VR trade shows and exhibitions, 3 D VR products showrooms.
A New Country with No Trade Barriers
It has been argued that the metaverse will come to be treated like a wholly new territory of its own. It will allow businesses from different physical locations to participate in a singular market economy, without trade barriers. The impact of real-world borders, treaties, and sanctions on the metaverse remains to be seen – but at its core, businesses will be able to trade freely without geographic constraints.
Eventually, one could imagine entire trading marketplaces and stock exchanges built in the metaverse that’s open to a much larger pool of investors/participants than ever possible in the real world.
Understanding the Role of NFTs, Crypto, and Blockchain
Blockchain is one of the foundational technologies that is already powering the current metaverses. And will continue to do so. The metaverse is decentralized in nature, which means that no single entity will build it, own it or support it. This requires an underlying architecture based on blockchain, which is already the case with metaverse platforms like Decentraland and Sandbox. Real estate in these platforms is considered as tradeable, blockchain-based assets. Users can trade assets through cryptocurrency and property sold as NFTs ensures that assets remain non-interchangeable and retain their value.
In other words, the economy in the metaverse will depend entirely on blockchain and related asset classes like crypto and NFTs. In the future, we may have one unified metaverse that converges the multiple platforms that are currently being built.
For now, businesses can soon expect to buy property as NFTs to set up their VR stores and offer customers product catalogs that are priced using crypto. This course helps you to make a headstart to give ideas to create your own 3D metaverses and start selling these assets like real estate.
What Can Business Do Inside the Metaverse?
At present technologies are already in place for the metaverse enabling three primary use cases for business operations:
Provide services for the metaverse
The metaverse will have its own 3D voxel products and services requirements that can be met by a variety of businesses/creators in the metaverse. For example, users/exporters might want to purchase VR accessories to personalize and “dress” their 3D avatars, put assets on purchased lands/addresses. For example, in the games space, these could have artifact hunters to help players complete goals and earn money. So so-called Voxels Creators are already making these 3 D assets/objects/things and selling these objects/voxels by transforming these into NFTs and putting these on Metaverse NFT marketplaces like Opensea.
Tour guides in VR locations like theme parks or museums are another area where businesses can operate. Similar guides like middlemen and trade agents of the real world would be required for Metaverse dedicated to global business and foreign trade.
Sell meta-assets as NFTs.
Metaverse creators can start creating their business metaverses and start selling VR land.
Businesses can also engage in the sales and purchase of virtual assets in the metaverse, in the form of NFTs. Non-fungible tokens or NFTs are an increasingly popular digital asset class that confers upon the buyer a form of ownership license for a virtual product. In the recent past, tweets, memes, GIFs, and digital artwork have been sold as NFTs. This course also provides solutions for linking real-world export shipments to NFTs through connected assets, sensors, and IoT devices.
Businesses could find investment opportunities in the metaverse, thanks to the demand for high-value NFTs.
Advertise real-world products in VR
The metaverse could also drive business growth in the real world through VR ads and marketing. Advertising in the metaverse could range from digital billboards outside of virtual collaboration spaces to product placements in VR games. You could have end-to-end brand storytelling experiences like Nikeland, with downloadable brand offerings that reinforce product recall for physical stores.
Regulating Trade in the Metaverse
Business and trade in the metaverse will have multiple dimensions, making it a challenging task for regulatory bodies. For one thing, the value of cryptocurrency is known to vary wildly on a daily basis; this calls for special measures for investor protection.
Also, the intrinsic value of NFTs is up for debate as the ownership license isn’t quite the same as for traditional goods and services.
Finally, there is a risk of large brands and market leaders getting a headstart and possibly monopolizing ad messaging in the metaverse. For instance, Gucci, Nike, Louis Vuitton, and Coca-Cola have been among the early movers in this space – this could make it difficult for smaller and emerging brands to carve out room.
This course provides answers and directions to address some of these issues in the most innovative ways to help you start working in this direction to be the first mover and founders for the future landscape of global business
Ultimately, the metaverse is poised to be the next iteration of the free market, only this time in virtual reality. It will have all the associated risks and opportunities – with regulatory intervention absolutely essential to ensure trading practices.
What is taught in this course?
While this course effectively prepares for a rewarding fast-tracked career in the 3D metaverse dominated global business, it specifically covers the following topics-
- How to create a blockchain-based Alibaba-type foreign trade VR web portal/marketplace, using Metaverse, NFTs, Defi, and Web 3.0 services, native tokens?
- Start Selling The Meta Assets In your Own Metaverse Based Marketplace
- All about basics of Metaverse, Defi, NFTs, Web 3.0, and related topics.
- Metaverse Hardware Basics
- How Metaverse global business operations are to be carried out?
- How can small and medium international traders exploit this technology?
- Exports of Services through Metaverse (with a real case study)
- Future developments in Metaverse space
About the instructor
Dr. Vijesh Jain who is the instructor and innovator of the ideas in this course has more than 33 years of corporate, international business, and new technologies solutions practical experience. He has worked with several global corporations in different countries. Having done business with more than 28 countries, he is now a full-time innovator, coach, trainer, and consultant for new global business solutions and exports mastery. He is a regular contributor since August 2020, of the online courses on Udemy with more than 20 courses available on Udemy. He is already having more than 100 K students enrolled in his 20 VJ Exports Mastery Series online courses on UDEMY with more than 230 K courses enrollments from 186 countries. He is an alumnus of BITS, Pilani, IIFT, New Delhi, BIMTECH, Delhi NCR, Univ of Mysore, Harvard University, USA. He is certified by NASBITE USA as a Global Business Professional and life member of NASBITE, USA.