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Metaverse technologies can generate revenue — today. Augmented reality (AR), for example, can turbocharge marketing, by bringing three dimensional reproductions of appliances, electronics, clothing, cosmetics and more into your customers’ homes. No headsets are required. AR can work through functionalities already present in smart phones. Or you can create a new product segment through non-fungible tokens (NFTs) that are collectibles, or grant access to exclusive services and experiences. NFTs’ appeal can be broad, and they need not call attention to themselves: they can simply be a seamless, user-friendly way to digitally store and sell value.
The metaverse is starting to offer new sales channels. Some metaverse gaming platforms already have tens of millions of daily users — and they don’t just play games. They buy goods and services, and they generate enormous amounts of data. New lines of business also await, in financial services, professional services and more. Insurers, for example, are finding new revenue insuring metaverse events and digital assets.
To be realistic: In most industries, the metaverse does not yet offer vast new revenue streams. But your metaverse initiatives often can generate enough new income to pay for themselves, while you familiarize yourself with the metaverse’s technologies, culture and consumers.
Develop a strategy
Revenue from the metaverse and its component technologies begin with a strategy that matches your current and potential customer base, and your technological maturity. The right strategy can set priorities and a roadmap for opportunities that include marketing, customer engagement and loyalty, new products and services, new sales channels and monetizing new kinds of data.
Grow trust as you grow revenue
Whether your customers are paying with credit cards or cryptocurrency, metaverse revenue depends on easy, convenient transactions that also inhibit cyber threats and fraud, obey all relevant regulations and protect data privacy. Build trust by addressing key metaverse risks today. As the use of extended reality (XR) headsets and glasses continues to grow, you’ll likely need to deploy a Responsible XR Framework.
Create new lines of business
Monetizing metaverse-specific goods and services, as well as the data that metaverse activities may create, requires not just an understanding of the metaverse marketplace. You’ll also likely need to build a sustainable NFT strategy that can safely monetize your intellectual property, engage your customers and the creative economy, and improve business processes. This strategy has a technical foundation: the ability to convert physical or digital products or services into NFTs that can be securely stored, exchanged or sold.
Maximize tax value
Metaverse taxes are complex, with uncertainties still surrounding even basic questions of jurisdiction, tax base and how to identify sellers and define what was sold. Similar issues exist around many component metaverse technologies, such as blockchain, cryptocurrencies and NFTs. But you can still craft a metaverse and web3 tax strategy that achieves tax compliance and optimal tax value, without holding the business back. Basic guidelines include aligning form and commercial aims, monitoring evolving regulations, collecting new kinds of data and documents, and bringing in Tax early to avoid complications later.
Case studies or examples
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