How the Metaverse Is Changing Business


The metaverse is a virtual world that’s independent of our physical universe and hosts a variety of immersive experiences. It also supports a digital economy that includes non-fungible tokens (NFTs) — essentially, pieces of cryptographic property recorded on blockchains. It’s a futuristic concept that often takes on a utopian flavor, but the reality is more complicated. URL

The NFT-driven metaverse is gaining traction in business environments as technology companies invest in developing hardware, software and services. It’s easy to see why the term’s popularity surged in 2021 when Facebook’s parent company rebranded itself as Meta, promulgating a vision of this new world and investing $10 billion. This galvanized interest in the metaverse and drove search engine rankings for the term skyrocket.

Several factors may be driving the momentum behind the metaverse, but one is that the COVID-19 pandemic and its lockdowns compelled many people to seek solace in virtual spaces. This was particularly true for brands, which saw their in-store sales slump and boosted e-commerce revenues.

Metaverse and Business: Opportunities and Challenges for Entrepreneurs and Brands

Another factor is ongoing technological advancements, including the steady rise of 5G and falling production costs for VR headsets. This is allowing for larger, more expansive worlds that are easier to access than ever before.

The metaverse’s popularity has also been fueled by the success of virtual worlds created by gaming platforms like Roblox and Minecraft, which allow users to create their own avatars and interact with others in 3D worlds. This is especially true for games that feature a virtual economy where players can earn and redeem NFTs for a variety of items that can be used in their avatar’s homes, such as clothing, furniture or accessories.