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Businesses worldwide are prospecting the scope of the metaverse as it offers a brand new channel to engage and socialize with their customers and employees. It also presents an opportunity for businesses to capitalize on new revenue streams. According to Bloomberg, the metaverse is the next big technology trend, with an estimated $800 billion market opportunity. This article will explore how one can launch a virtual marketplace in the metaverse.
Read ahead to find out:
Let’s first understand the Metaverse: Metaverse is a 3D virtual space that offers an immersive experience for people to socialize in a digital environment. For example, reimagine your zoom call meeting. Instead of staring at your computer screen, metaverse meetings offer you the experience of virtually greeting your colleagues, shaking hands, and getting into an immersive discussion in a digital space. That is what the metaverse is all about. This world is malleable enough to change the structure and surroundings according to a person’s desire and change their avatars the same way. The Metaverse avatars can travel, work, attend events, play games, shop, or trade. The video below explains the core concepts of the metaverse.
So how can a Marketplace fit into the Metaverse?
Any business that sells goods online could potentially benefit from launching a marketplace in the metaverse. A metaverse marketplace would facilitate users buying and selling products with an immersive experience.
Image this – you put on a VR headset, walk around a digital store, enquire about a virtual salesperson regarding the products that interest you, get a 360-degree view of the products, talk to the other shoppers, and share opinions. There are a lot of opportunities a metaverse-based marketplace can provide users.
Art, Gaming sectors can embrace NFT marketplaces in the metaverse to enable users to trade collectibles and digital assets as NFTs in the virtual world. Anything from collectibles, art, and in-game purchases to sports memorabilia can be traded in the metaverse while providing the user an up-close and detailed product experience through virtual reality.
Digital art-based NFTs have taken the world by fire over recent years. With artworks being sold for millions on NFT marketplaces. With its integration into the metaverse, buyers find a new way to interact with the art, attend virtual events, tour museums, and are part of live auctions through marketplaces in the metaverse.
Play-to-Earn games and opportunities for gamers to prove their ability and earn in-game assets, characters, and accessories. Due to the decentralized nature of the metaverse, the earned assets can be attached to the user’s digital wallet. Moreover, this allows users to trade the assets in different NFT markets.
The virtual world of real estate presents ownership of virtually owned lands that can be traded or rented. The metaverse real estate marketplace facilitates this trade. Dencentraland is a good example of a metaverse real estate marketplace that provides users opportunities to buy, sell, rent or have auctions to trade virtual land and profit from that.
Some companies showcase their architectural designs or prototypes that they hope to launch in the real world. Also, this allows their avatars to experience the land or building without geographical barriers.
The e-commerce market within the metaverse can present a realistic experience of shopping, comparing products, and better understanding the product from the comfort of your couch. Ecommerce apps have gained huge acceptance, especially since the pandemic, and the introduction of the metaverse is likely to create a richer customer experience while online shopping. Brands like Nike are ready to give customers a realistic metaverse experience while shopping.
Nike’s direct-to-avatar sale of the RTKFT x Nike Dunk Genesis CryptoKicks has caught much traction. The CryptoKicks are digital wearable skins for the Metaverse avatars. They’ve also launched their metaverse Nikeland on Roblox.
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The luxury of seeing the asset in detail and the virtual feel of the asset also prove crucial to the marketplace experience. Like in the real world, brands can buy land to set up brand-specific shops within the marketplace. The users’ avatars can then interact with the product, seamlessly connect to NFT wallets, give instant payments, and trade NFT regardless of real-time and geographic location.
If you plan to launch a marketplace, consult a reliable metaverse development company to do a feasibility analysis for launching a marketplace for your metaverse project.
Make sure you have a solid start by accounting for the tools, technologies, and programming language knowledge required to build Marketplaces in Metaverse. The primary tools you require are modeling tools like Unity and Unreal Engine.
Remember that the metaverse is the boiling pot for new and popular technologies like 3D reconstruction, Extended reality – Augmented Reality, Virtual Reality, Mixed Reality, IoT, Artificial Intelligence, Blockchain, and Cryptography.
Now to start with the marketplace development:
1. Platform Choice: Before starting, choose the platform that runs your marketplace in the metaverse. You can use Metaverse platforms like Meta’s (former Facebook) metaverse platform (in the future) or build your own metaverse platform. Ensure that your choice is project-specific and can meet your needs.
2. Design User Interface: The next step is to create a solid user interface. Since the main appeal of a marketplace lies in its user experience, creating a seamless experience with the best features would help you stand out from the competition. The key is to make the interface user-friendly and simple. Design the digital space VR components and user interaction modules.
3. Choice of Features: Based on the project, ensure that your team chooses features necessary for smooth functioning on the metaverse-based marketplace. Features like wallet, interoperability, storefront, 3D interface, etc., ensure that your users get exactly what they need at the NFT marketplace.
4. Smart Contract Creation: Next, if you use blockchain to govern the operations in the metaverse, ensure the smooth working of your smart contracts. These smart contracts must be programmed according to the requirements and functions of the marketplace. The smart contracts would provide the platform’s backbone from listing to trading. This ensures the elimination of third-party intermediaries from the NFT marketplace.
5. Secured Data Storing with IPFS and DB: The data you’d collect across your metaverse NFT marketplace has to be securely stored. You must ensure the security of your user’s NFT data. To achieve this, set up an IPFS storage to store the metadata of the Nft marketplace users and a database (DB) to store the NFT transaction information and user information.
6. Integration: The next step is integrating the payment gateways and third-party SDKs to create the final functioning of the marketplaces in the metaverse. Integration of essentials like wallets, dApps, browser extensions, and so on is crucial at this stage.
Our previous article discussed how to launch an online store in the metaverse. The steps are more detailed in it.
Related article: How to launch an online store in the metaverse?
The metaverse can be a medium for offering your customers a whole new experience at NFT marketplaces. It also creates a ground to bring in new and previously unexplored areas. The future opportunities it holds for all industries are still being explored and understood. The companies and brands that have taken an interest and active participation in the metaverse have a head start toward the future.
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