Metaverse Markets and Business Predictions in The Industry Report 2022 by GamesPad
Gaming, NFT and Metaverse ecosystem GamesPad has released Metaverse: Emerging Business Opportunities, a comprehensive research paper that explores how the metaverse will influence crucial business sectors, examines the opportunities presented by this new concept, and offers strategies for capitalizing on these opportunities.
GamesPad believes that the metaverse will transform all aspects of our lives, starting with the way we socialize to how we work, shop, and even consume content. In the report, GamesPad lists the new markets that emerge through the evolution of the metaverse and advises entrepreneurs, thought leaders, and business owners on the importance of establishing a metaverse business strategy. In this article, we will explore the predictions and insights about the future of business in the metaverse by contributors to the Metaverse Industry Report 2022 by GamesPad.
The Future of Business in The Metaverse
The metaverse economy is expected to reach up to $13 trillion in value by 2030. Many mainstream big-name companies, especially tech giants, have already started exploring and heavily investing in the metaverse, which highlights the potential possibilities businesses have within a broad number of current business sectors.
In the research paper, Co-Founder of GamesPad and BullPerks Constantin Kogan commented: “The importance of the metaverse is twofold. First, its decentralized nature is revolutionary in shifting the power away from a single corporate entity and handing it back to the people. The second is connection. A shared community where anyone has access to be whoever they want to be. This is important because empowered people who feel supported by the community can change the world.”
Anastasia Drinevskaya, Cointelegraph Communications CEO & Creative Director, added: “Innovation in technology is the key ingredient in the ways metaverse opportunities will be presented to business leaders. As the metaverse continues to evolve, strategies will become more clear. In a boundless virtual world that allows users to explore and interact, the metaverse will be powered by an independent virtual economy utilizing blockchain and NFTs.”
In the report, GamesPad notes that businesses of all kinds can have their share of the metaverse, though they need to develop a metaverse business strategy in the early stages to maximize its impact.
Fashion brands will be playing a crucial role in shaping the emerging stages of the metaverse. Digital self-expression will become the primary way for people to express their personality, mood, and style in the metaverse, which will bring the need for an entirely new sector focused on branded avatar skins and other digital clothing. However, metaverse fashion is not limited to that and embraces more opportunities.
Wahid Chammas, Chairman & Co-Founder of Faith Tribe, Co-Owner of Faith Connexion, and Founder & CIO of TyreGate Capital, commented: “Consumers today are demanding immersive experiences, where they can express identity through fashion in both their physical and digital realms. As we like to say at Faith, digital fashion is not limited to clothing for avatars. It’s a growing fashion subculture that includes the digital design and modeling of real-world clothing, the uploading of designs for real and digital clothing onto the blockchain (so these designs can be sold as NFTs) and even digital clothes rendered onto real people.”
Moreover, the metaverse serves as a perfect environment for creativity and self-expression for all users, particularly for content creators, artists, and fashion designers.
“The creative freedom that comes with digital design is a profound utility for fashion designers and artists of all kinds. Our evolving digital world has changed the ways that the masses interact with fashion brands and clothing in general. Physical garments are no longer the most important element. – said A.Bahadir Yener, Founder of Metawear. – Fashion extends beyond fabric and fashion designers are harnessing the creative liberties of digital design to reignite a spark within consumers to discover their own digital and physical identities. Digital fashion has the potential to be both inspirational and accessible in ways the physical world doesn’t provide.” – he added.
Travis Wu, Founder of Highstreet, about e-Commerce opportunities for brands in the metaverse: “Inhabitants of the metaverse already spend hundreds if not thousands of dollars on virtual assets, whether its character skins or weapons, gamers understand the emotional payoff of customizing digital avatars. What Web3 does is that it decentralizes these assets from the studio’s game servers and gives true ownership of them to players, allowing them to then be able to resell digital assets to their peers. For brands, this not only creates a brand new market for distribution, but unlocks the fastest growing demographic to their sales”
As the limits of real-world geography fade, virtual real estate encompasses opportunities in digital landscapes, virtual gaming, and entertainment. GamesPad believes investing in a single location in the metaverse has the potential to reach a larger share of customers than most physical locations. Currently, the metaverse’s expansion relies heavily on digital real estate trading and leasing.
Eran Elhanani, Co-Founder of GamesPad and BullPerks, said: “We all know from the traditional real estate world that when supply is limited and demand is high then prices go up as well as it’s all about location, location, location. The same is true for the Metaverse. While there might be multiple digital worlds/Metaverses then just like countries and cities there will be some more successful and more attractive than others and it will be about buying lands in those where it’s also limited.”
Gaming and entertainment platforms will be at the forefront of metaverse development. Players have globally shown a preference for games that offer immersive experiences with 3D graphics and VR-enabled titles, putting the already booming GameFi industry in a unique position to benefit from the metaverse.
“Game developers are focusing more on economic incentives within gameplay as the GameFi model is rapidly becoming the most important feature for metaverse gaming projects. Monetizing games is keeping players interested and invested, and decentralized finance (DeFi) is making it all possible. As we see more gaming projects expand features to be more immersive and utilize technology like AR and VR, we will also notice that metaverse ready games will have incentive structures that allow players to earn real-world income.” – Phillip Devine, CEO of CryptoBlades Kingdoms.
In the past year, we have seen exciting entertainment endeavors such as Snoop Dogg and Deadmau5 hosting full-fledged virtual concerts. GamesPad believes that the metaverse will make concerts and other virtual events limitless and borderless, allowing a global audience to participate and enjoy exhibitions.
Brian Hazan, Co-Founder and Chief Revenue Officer at THE HUSL, commented: “Entertainment industry players might have the most lucrative opportunities in the metaverse. This emerging virtual space is garnering immense interest from younger demographics, a social cohort that is the most excited about new types of entertainment. This is why gaming, mass media, and even event management companies are joining the metaverse, trying to create a virtual replica of their real-world services to capitalize on the opportunity and expand their audience reach.”
The metaverse can make digital marketing even more exciting because of the implied fully immersive experiences, allowing companies to engage with customers at a whole new level. Some of the strategies for metaverse marketing include in-metaverse ads, virtual influencers, metaverse events, and metaverse commerce.
Dana Kachan, CMO at GamesPad and BullPerks, commented about marketing in the metaverse: “The metaverse is the next big thing in digital marketing. Marketers have always been striving to build more immersive and exciting brand experiences. Today there is likely no better place for this than the metaverse. From virtual showrooms to test drives to online shopping – in the metaverse, all this will acquire a new form and skyrocket customer engagement. Imagine a Ferrari test drive on the virtual streets of Los Angeles, Bangkok, or any other location in the world.”
The metaverse can help all businesses engage with customers, expand brand awareness, and identify new revenue streams. With the help of Metaverse: Emerging Business Opportunities, you can explore metaverse markets, the opportunities presented by this new concept, as well as strategies for capitalizing on those opportunities.
The research paper is written by GamesPad and BullPerks Co-Founders Constantin Kogan and Eran Elhanani. It overviews over 20 metaverse trends, unique statistics collected from around 1,000 respondents, as well as insights by the top industry experts and thought leaders including:
- Yat Siu (Co-Founder of Animoca Brands)
- Wahid Chammas (Chairman & Co-Founder of Faith Tribe, Co-Owner of Faith Connexion, and Founder & CIO of TyreGate Capital)
- Travis Wu (Founder of Highstreet)
- Brian Hazan (Co-Founder of THE HUSL)
- Bahadir Yener (Founder of Metawear)
- Philip Devine (Co-Founder of CryptoBlades Kingdoms)
- Gal Yosef (3D Artist, CEO of Reflection Studios)
- Anastasia Drinevskaya (CEO and Creative Director of Cointelegraph Communications)
- Shawn Mims (American Rapper, Co-Founder of Cre8tor and RecordGram Inc.)
- Warren Parker-Mill (CEO of Fashion Metaverse Club)
- Eathan Janney, Jeff Kelley, and Josh Kriger (Co-Founders of Edge of NFT podcast, Edge of Company, NFT | LA)
- Gary Ongko Putera (CEO and Founder of BOOM Esports)
- Dana Kachan (CMO at GamesPad and BullPerks)
- Petrix Barbosa (Co-Founder of MoonBoots Capital)
You can download it for free here.