The world around us is changing fast and the world of business is no exception. New niches and industries no one knew about a couple of years ago are now on everyone’s lips. We can already see the business of the future, understand the course of its further evolution, and what entrepreneurs should pay close attention to figure out what business to start or invest in. We have talked about this with Ivan Kroshnyi, a co-founder of an international group of companies whose key areas of expertise include investment.
What will the business of the future look like?
Metaverses are one of the rapidly-evolving niches today. I’d say that the metaverse is more of a creative word and a concept for now. Admittedly, however, the idea of a metaverse will end up becoming a new economic cluster. Trading, remote work, online learning, the booming gaming world, and evolution of the cryptocurrency industry will further encourage a new trend, creating new opportunities for those who are wondering what business to start. The metaverses prompt the development of relevant tools as a whole new field of companies emerge to cater to the needs of the metaverse users. Moreover, there are companies that have already achieved profound success in this niche.
Top most profitable investment options in the VR world
The idea of the metaverse includes many investment and business development areas. These are companies that invest in software and hardware to support virtual spaces, high bandwidth networks, cloud services, and telecommunications companies, virtual platforms, startups that create digital twins and 3D reconstructions, payment systems, to name a few.
There is a number of examples to back it up:
- Meta Platforms with the implementation of new features in the metaverse.
- Tencent is a strategic partner of Epic Games and the Roblox gaming platform.
- Roblox announced plans to build a metaverse by focusing on players’ needs.
- Sportswear giant Nike is teaming up with Roblox to launch a virtual world called Nikeland.
- Microsoft, Nvidia, Qualcomm, Autodesk, TSM, Sony, Activision Blizzard, and Electronic Arts—this is only a small list of stocks of the companies that are involved with the VR world to a greater or lesser extent.
On top of that, this is one of the biggest concepts in the technology and blockchain industries overall. These tokens form the very backbone of ecosystems. These are blockchain platforms where NFTs are traded, e.g. graphic images that enable people to own a virtual asset in a particular metaverse. Blockchain projects are particularly appealing in this sense as they build an infrastructure that is able to ensure compatibility between different blockchains within the same platform.
In addition, these are social tokens that are based around a community, individual, or brand, and may also become part of the metaverse later on. NFTs and DeFi are the key blockchain applications in the metaverse world. Both of them can keep the economic system going. If you are on the lookout for interesting investment projects or contemplating what innovative business to start, these industries will be a perfect fit for you.
What are the metaverses of the future?
I believe that the metaverse is designed to expand the internet, not replace it. There are many types of virtual worlds and we can expect more to come. The metaverse entails the creation of a single integrated system where virtual worlds merge into one. It is neither an alternate reality nor a complete virtual world. In essence, it brings together reality and virtual reality.
Basically, it is a world of endless interconnected virtual communities where people can meet up, work, and play using VR headsets, augmented reality glasses, smartphone apps, or other devices.
The IT corporations generally seek to create a place people can visit using smart glasses or a VR headset to get them fully submerged in a computer-generated world. It can be an office, a seashore, or a forest. Imagination is limitless here.
The feature of metaverses as crypto-based projects is that people can earn material resources in virtual worlds and exchange them for other digital or real goods.
What else can we expect in the coming years, and how can companies get ready for it?
VR technologies will be expanding into various business sectors, e.g. high-tech medicine. The U.S. authorities are already planning to use virtual reality for chronic pain treatment. VR glasses and health and breath sound amplifiers help the patients relax while creating body sensations. Based on the findings of clinical trials, the patients experienced nearly a 70% reduction in pain with the effect remaining for at least three months. Meta company unveiled a prototype of VR gloves that will let you sense virtual objects. The glove actuators are capable of mimicking the pressure sensations.
What devices will metaverse users need?
The development of gadgets such as glasses and VR gloves for metaverses is another thing that can give you a clue as to what business to start in 2022.
VR technologies is a bridge that connects the metaverse and the real world. This requires VR and/or AR devices. For instance, Meta Quest 2, an advanced all-in-one mobile VR device, currently has the largest market share in the world. However, we will still have to wait a few more years for the first full-fledged AR glasses by Project Nazare.
Consumer-type VR equipment will open the doors to the metaverse where the user will be able to travel to another world by simply wearing a headset. AR equipment and technologies can already create a perfect metaverse scene. It is worth mentioning that VR has better potential as the entertainment industry can be easily promoted and can reach more people quicker. That being said, the major competitive advantage of the hardware will include diversified content, interactive algorithms, and engineering potential.
But what about other areas besides the metaverses? What kind of business can you start?
Although the metaverses are taking the market by storm, I’d still be cautious with this particular niche as it is yet unknown whether this new world will be viable and competitive. This industry offers plenty of opportunities for entrepreneurs but there are also a lot of risks involved.
Aside from VR technologies, there are other investment and entrepreneurship options that shouldn’t be overlooked. Thing is, no metaverse can replace fundamental human needs. And we obviously won’t be wearing VR glasses, headphones, or gloves in order to tackle daily tasks. Health care, food, transportation, and housing are and will be essential. These areas can be safely deemed promising. I, for instance, invested in real estate projects in the Czech Republic, the production of eco-friendly e-bikes, and a chain of premium coffee shops in the UAE, and am already earning solid returns on investment.
It’s up to you to decide which business and investment niche to opt for. If you need a bit of advice or assistance in building and scaling up your business, I would be happy to offer my business mentoring services.
