As the metaverse begins to find its feet and develop a sense of self, even more opportunities for virtual real estate investors and those looking to open metaverse-based businesses are emerging. Sure, billboards are great, as are rental units for retail operations, but in a world with no limits, there are tons of other ways to build the metaverse.
Virtual real estate investors looking for unique opportunities to stand out should consider these business types that could easily explode in popularity in the metaverse.
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1. Movie theaters
The Cannes Movie Festival generates a lot of excitement, but maybe even more this year than usual. Between the first ever NFTCannes Summit, where film industry professionals will be discussing the various ways of using non-fungible tokens (NFTs) to reach movie audiences, and the first-ever NFT movie festival in Decentraland, yet another use case for virtual real estate is emerging.
Since Filmrare launched its metaverse cineplex in Decentraland in January 2022, there's been a monthly movie series available to anyone who wants to visit the platform. With the purchase of a (virtually) wearable pair of 3D glasses, moviegoers get access to all the films showing at the theater. Although these have been largely indie films thus far, there's nothing stopping someone from running feature films, assuming the licensing has been secured.
Dollar theaters with second-run movies or even first-run movie theaters are totally possible in the metaverse, without having to worry about whether someone is talking in the third row, cleaning up spilled popcorn, or even having to hire employees. NFTs could be minted to allow entrance to specific films, and you could offer limited-run branded gear for your movie theater brand (or licensed apparel, if created in conjunction with the various studios).
2. Music stores
Music can also be secured with NFTs, or simply sold as digital downloads, giving people more ways to connect to their favorite artists. A music store is more than just a place to buy music, though. It's an experience, where people listen to new music and even connect with their favorite artists. It's a perfect application for the metaverse.
Someone already running a music entertainment venue might be able to expand their efforts into providing special meet and greets with artists ahead of time, along with sampling music that makes sense with the artist in question. Of course, NFT merch is always on the table, because, frankly, who doesn't like a good band T-shirt (even for their avatars)?
3. Event planning
As event spaces expand in the metaverse, the first metaverse marriages are taking place and being registered on the blockchain. And there will be even more need for someone to help plan and execute even bigger events.
Imagine if, instead of having to create the fairytale wedding someone has in mind with a less-than-perfect venue, you could simply change the venue to be exactly what you need. How much easier would that make event planning? You'd have no last-minute mishaps with incorrect cakes, flowers that don't arrive, or a lack of parking -- just digital weddings that are always exactly what they should be, with none of the drama.
Of course, any kind of event space could become a popular rental in the metaverse, given the right creative mind at the helm. Does someone want to rent a space for a special birthday for their family that's scattered across the globe? No problem, you've got the room to create the right atmosphere for a massive COVID-safe party. Even bigger event rentals for events like fandom conventions are possible with enough imagination (and virtual real estate).
The metaverse is a place for everyone
Because the metaverse is for everyone, there's room for every kind of business you can imagine. If there's a business using something you can turn into an NFT, for example, or deliver digitally in other ways, it's a great candidate for further investigation.
The real strength in each metaverse platform lies in its community, so your hit movie theater or Metaverse Comic Con can only add to the thriving and diverse group of people who use the space for work and play. You don't have to be a real estate mogul to buy digital land in the metaverse, and you don't have to stick to what's already there to own a successful metaverse business.
