How to Create a Metaverse World for Your Business?

In the fast growing digital era, creating a Metaverse world is one of the most trending topics in the market. Organizations across industries are been for Metaverse components or metaverse based solutions suitable for their businesses. Those include: extended reality headsets, blockchain and nonfungible tokens (NFTs), IoT and cloud technologies, as means of connection and new sources of revenue. The list is likely to be extended in new ways as these developing technologies increasingly interconnect and mature.

Introduction to Metaverse

Virtual communities have quickly grown in importance during the COVID-19 world pandemics and the periods of massive lockdowns. The spirit of moving towards the latest digital developments has brought the term Metaverse, which is becoming increasingly popular this year.

But what is it – “Metaverse”?

Simply put, the Metaverse is a virtual environment in which you may connect with others using your unique digital avatars. It produces a virtual environment that looks and feels like the real world.

This virtual environment can potentially transform the way people engage digitally, driving the progression from chatting apps and social media platforms to the multidimensional spaces that allow people to engage more interactively.

The global metaverse market is expected to grow from $107.1 billion in 2020 to $758.6 billion by 2026, while a famous research firm predicted that 25% of people will spend at least one hour a day in the metaverse by the same year. The potential of the metaverse is also attributed to the growing interest of people in blockchain development. Many corporate giants like Facebook, Microsoft, Nike, Reebok, and more are massively investing in metaverse development solutions to provide ingenious future offerings to their customers.

How and where can it be applied?

In business world, what companies are calling "metaverse" varies widely. It is not just one digital space but several spaces and experiences currently being created to offer more realistic and immersive world together. The technology has a range of potential functionalities from augmented reality collaboration platforms to work productivity platforms for remote teams.

Metaverse application examples:

• Immersive Entertainment
• Improved education and training (virtual)
• Business operations (coordination)
• Enhanced customer experience
• Remote international business meetings and events
• Advertising, marketing, and branding
• Digital locations
• Revenue streams
• Data security

…and the yet-to-be imagined. A fully realized metaverse will support a more collaborative environment in every industry where data will be ubiquitous and always present.

How do you earn using Metaverse?

The Metaverse is a virtual 3D place in which people from all over the world are digitally connected. One of the main differences between those and our physical reality is that growing business virtually is often much easier and less time-consuming.

Here are some examples:

• You avail your virtual business (real estate, a shop,…).
• You participate in advertisement, marketing, or promotion activities
• You invest in various industries.
• Trading NFT’s and art collections in the metaverse.
• Earning money (bonuses, NFT’s, etc.) while playing metaverse games.
• Metaverse marketplaces.

With time, we can expect many more organizations to set up their own metaverse spaces. Eventually, these entities will need to do transactions with each other. And the best toll for that is cryptocurrency.

The most popular among cryptocurrencies in the metaverse are NFTs. Digital assets can be traded as NFTs, while any person can create digital identities and assets and put them for sale in a marketplace within the Metaverse.

How to build your own Metaverse?

Metaverse is the future of Augmented Reality (AR) and Virtual Reality (VR), decentralized open platform based on public blockchain technology. But the trend is not to Create your Own Metaverse, the objective of the metaverse is to provide the public with an open ecosystem for digital assets and values using blockchain technology. And here is it how it can be achieved.

Step-by-step process of creating your own metaverse virtual world:

1. Choose the proper (for your industry) use case of a Metaverse.

2. Think of a perfect user interface for your platform to create it, you can turn to dedicated specialists)- This might include display screens, sections, keyboards, special effects, etc..

3. Code operational smart contracts - Smart contracts are programs stored on a blockchain that run only when all the predetermined conditions are met. They are typically used to automate the execution of an agreement between the participants and ensure them in a certain outcome, eliminating any intermediary's involvement and time loss.

4. Create the IPFS (Interplanetary File System) storage system - It uses content-addressing to uniquely identify each file in a global namespace connecting all computing devices.

5. Using a Metaverse database - There are many tokens that are used across multiple platforms due to being used on a certain blockchain network like Ethereum; thus, metaverses also need the standardization of data.

6. Develop the core AI and VR functionalities - The metaverse can include Virtual Reality—characterized by persistent virtual worlds that continue to exist even when you're not playing— as well as Augmented Reality that combines aspects of the digital and physical worlds. Analyze your future Metaverse activity and choose the most suitable functionalities and tools.

7. Integrate smart contracts, IPFS, front end, and back end together - The actions will put the main components together and make your Metaverse platform ready-to-use.

8. Move to the test phase and make sure the platform functions properly - This step is crucial to understand how real users are going to interact with emerging digital experiences. Pay special attention to these three aspects: cybersecurity, API testing, and Interactive and Immersive testing. As cross-application experiences become more mainstream and interactions become less dependent on specific devices, “in the wild” testing will also become increasingly important for meta technologies.

9. Release the beta version of the platform.

10. Present and deploy your Metaverse platform.

Metaverse is complex, and the structures we build into it must support interoperability and be persistent, while being as synchronous as possible to the real world. It must also be secured enough for transactions, thus creating a strong economic base. And, most importantly, the virtual world must be filled with content and experiences staying true to its meaning.

Another way of gaining benefits through the metaverse without developing your own project is to invest in an existing one. Axie Infinity, Decentraland and The Sandbox are just a few of the projects that have already proven to be a success. Consider joining an existing digital world as a guest. You can simply log into the system and instantly create an avatar. This will already help you better understand How to Create a Metaverse object and what virtual worlds are all about.

Metaverse development services

Need help with getting started with your Metaverse project?

We will be happy to figure out the best way for you to venture into the virtual economy ahead of others. Let’s discuss your futuristic vision and make the mark in the metaverse.

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