Metaverse has become a buzzword in the digital realm nowadays. It seems that everyone is intimidated by it.
Metaverse is an immersive virtual world that replicates real life experiences and elements. What’s more, the metaverse is offering people a hyper realistic virtual environment where they can shop, work, play games, attend events and meet people.
However, the metaverse isn’t there for gaming and entertainment purposes. It is an innovative technology that is unravelling new opportunities for businesses.
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What can metaverse do for your business?
Metaverse can scale the growth of your business by:
- Enabling efficient remote working models
- Offering creative ways of customer engagement
- Building virtual products
- Opening new revenue streams
- Enhancing marketing campaigns
- Creating immersive platforms for employee training
Thus, by enabling the above benefits, metaverse can boost the efficiency, productivity and profitability of your business.
Are you looking to build metaverse app for your business?
Contact the best metaverse development company – Blocktech Brew. We are here to accelerate your metaverse development journey to success.
Why Should You Build Metaverse App For Your Business?
Metaverse development services can prove quite beneficial for your business. Powered by blockchain technology, the metaverse is a decentralized platform that will help your business grow in many aspects.
Here are 7 reasons why you should go for metaverse development.
Solving remote work limitations
Corporates with remote work cultures often face difficulties in managing their employees. They struggle to collaborate and work efficiently.
Metaverse will help you effectively manage your workforce by building a virtual office. Employees can seamlessly collaborate in this immersive virtual office and work.
Thus, it will increase the efficiency, performance and productivity of your business operations.
Creative Ways To Connect With Your Customers
Now you do not have to keep looking for exciting ways to engage with your customers.
With metaverse, you can launch immersive experiences and virtual platforms for your customers. You can offer several engaging and adventurous virtual activities in such a metaverse space.
That’s not all!
You can even open your virtual store on the metaverse offering customers a one-of-a-kind virtual shopping experience.
Open New Revenue Streams
Stop relying on conventional revenue streams. There is a new trend in the market that will help you multiply your profits.
Now you can tokenize your physical products and sell them as NFTs on the metaverse. Moreover, you can even create virtual replicas of your products and put them on sale in your virtual store.
The combined power of metaverse and NFTs will open new revenue streams for your business.
Did you know that Gucci sold its limited edition bag for $4500 on Roblox? It is $800 more than its physical handbag in the real world.
Monetizing Benefits
There is no end to monetizing opportunities on the metaverse.
You can sell advertising space and premium subscriptions. Moreover, you can integrate your metaverse app with the NFT marketplace, digital wallets and Defi.
These add-ons will help you earn a percentage every time someone uses these services on your platform.
Charging Subscriptions
Charging monthly subscriptions for access to premium features or extra storage space is a potential monetization strategy, especially for large MMO servers with a high volume of daily logins from thousands of players. This approach is more commonly associated with offline models than online ones.
Merchandising and Sponsorships
If your virtual world has its currency, you have an excellent opportunity to showcase your brand and create a buzz. Why not offer branded products like cool t-shirts, quirky mugs, or even custom mousepads?
And, here’s an exciting idea – you could give away some of these fantastic items for free!
Yes, you read that right – exchange them for social media shares, and watch as people start talking about your product.
Must-Have Features For Your Metaverse
Here are some notable features that you must integrate into your metaverse.
Decentralized Identity Management System
In the metaverse, managing your identity is decentralized through a unique identifier created by an avatar on the blockchain.
The avatar can store personal information like your name, age, and address while protecting sensitive information like bank account details and phone numbers.
The safety feature makes it easy for others to verify your real identity without having access to personal information.
Asset Marketplace
You ask your metaverse app development company to integrate a robust NFT marketplace on your metaverse platform.
The in-built NFT marketplace will enable users to buy and sell digital assets on the platform securely and seamlessly.
What’s more, NFT marketplace development on the metaverse will help double your profit. You can set transaction charges, platform fees and others charges on your NFT marketplace.
Therefore, you will earn a percentage every time someone buys or sells digital assets from your platform.
Wallet & Payment Gateway
The digital wallet provides a secure place for users to store their assets. While the payment gateway facilitates transactions between two parties with different wallets using smart contracts on the blockchain.
Build metaverse app integrated with secure digital wallet and multiple payment gateways to promote a transparent and decentralized economy on the metaverse.
Tokenization Platform & Protocols
Tokenization platforms allow users to issue their own tokens, using platforms like Ethereum, NEO, or EOS.
The protocol determines how these tokens function once they are released to the market, including how they can be transferred from one user to another and whether they can be traded on exchanges or used by other connected applications.
Step-By-Step Process To Build Metaverse App
Here is a step-by-step process to build metaverse app.
Step 1 – Ideation and Idea Generation
The metaverse development and its related applications start with an idea. The idea should provide tangible benefits to the target audience or improve some aspects of the Metaverse.
Ideas could range from simple concepts like creating a new controller for virtual reality to more complex ones such as a cryptocurrency project to move avatars and objects between different metauniverses.
Here are some more ideas for creating Metaverse applications:
- Marketplace for the sale of items from the Metaverse.
- Freelance platform with an emphasis on creating clothing for avatars.
- Freelance platform with an emphasis on creating houses, cities, and countries for the metauniverses.
- Neural network (AI) that enhances some technology or component of the Metaverse.
Step 2 – Finding the Right Metaverse Development Company
The next step is to find a metaverse development company that specializes in the chosen niche and has experience working on similar projects.
For instance, a crypto project in the Metaverse would require a team that specializes in blockchain and DeFi, while a VR controller would require coders and engineers with experience in VR and AR.
Step 3 – Project Opening Phase (Business Analysis)
Before starting the design and coding, it is essential to analyze the market, competitors, and target audience to understand the project’s prospects and select the optimal technology stack.
The business analyst, project manager, and lead programmer draw up a technical task – a list of functions and requirements for the project based on the analysis.
Step 4 – UX/UI Design Development and Prototyping
The information architecture of the system is created, user flows are developed and optimized, and the design of user interfaces is developed at this stage.
UX/UI designers work on creating an animated visualization of the interface in the form in which it will be presented to the end-users of the future product.
Step 5 – Writing Metaverse Application Code
Metaverse developers start coding the Metaverse application at this point, implementing the front-end and back-end components of the project and integrating external services such as payment gateways or liquidity pools.
Step 6 – Testing the Developed Product
QA specialists check the created product for bugs, functionality, usability, load, and compliance with the specifications prescribed in the technical task.
Testing typically takes up to 20% of the development time. Smart contracts, if used, require testing by independent auditors.
Step 7 – Deployment and Release
Once the application is built and thoroughly tested, it is deployed to local or cloud servers.
If it’s a mobile application, it must be added to the stores of mobile applications, such as the App Store and Google Play.
Step 8 – Product Support
The development team requires some more time after release to catch any bugs and improve or add features. Support service is also necessary to help users solve problems with the application and collect feedback.
Ready to start building your metaverse platform? Contact Blocktech Brew today and let us guide you through the process!
How Much Does It Cost To Build a Metaverse App?
The cost of metaverse development services depends on the complexity, features and functionalities of the metaverse platform.
It generally costs around $50,000 to $100,000 to build metaverse app. If you are building an advance metaverse platform with premium features then the cost can go up to $200,000.
Are you ready to break into the metaverse? It can be daunting to know where to start, but fear not!
Blocktech Brew, a top, Metaverse development company is here to help you navigate the metaverse journey with ease.
Read more: 5 Tips to Promote your Business on Instagram
Veena is a prolific writer, blogger, and social media enthusiast known for her expertise in crafting engaging guest posts and managing successful blogs across various niches. With a passion for writing and a keen understanding of digital marketing trends, Veena has established herself as a prominent voice in the online community.