"The New Business Models in the Metaverse"

(Area: Technology, Entrepreneurship, Innovation, Strategy, And More)

(Reading Material "Advanced Course: Emerging Technologies for New Age Organizations", Hugo Céspedes A.)

In a previous post I had already made an introduction to the Metaverse ("Metaverse: The Next Technological Disruptive Revolution"). On this occasion, I want to introduce you to the business models that are emerging as the basis for the development of the metaverse as value propositions for the creation of value for its users from diverse and varied providers/user organizations and also providers/... among much others.

Remembering that the concept of Business Model is related to the set of descriptions that represent central aspects of a business, among which are the Purpose, Business Process, Target Market, Offers, Strategies, Infrastructure, Organizational Structures, Trade, Operational Processes, Policies. In short, the business model refers to the description of how organizations Create, Deliver and Capture Value (whether economically, socially or otherwise) and even if they do it individually or Collaboratively today.

We will see how new modalities of business models emerge in the metaverse, different (and sometimes similar) to the business models that we are accustomed to recognizing in real life (Brick and Click business model, B2B, B2C, e-business, and -talling, e-commerce, e-sales, e-procurement, e-market, Collectives, Direct Sales, Distribution, Franchises, Premium, Auction and its variations, Low Cost, Loyalty, Pyramid schemes, Network Effects, Open Source, Bait and Hook, Service Implementation, Subscription, Cloud Computing, Disaggregated, Long Tail, Multilateral Platforms, Free, Social, among many others).

For its part, the metaverse is already a plausible reality, a digital reality that you access through devices such as virtual or augmented reality glasses, in which we can interact with other users. That is why companies are trying to take advantage of a trend that promises to consolidate soon and offer great business opportunities to organizations. According to data released by crypto investment group Grayscale, metaverses could potentially represent a US$1 billion annual revenue market opportunity for companies that understand the need to pay enough attention to a new world in which to trade. your products and services. That is why I present some business models in the metaverse for you to learn and make decisions about with your value propositions in creating value for your business.

These immersive and autonomous spaces that we discovered in 2003 through Second Life, are back stronger than ever with the aim of "developing new forms of socialization and a digital economy that will continue to enrich people's lives online", within this universe built on blockchain, which could acquire the same strength of the internet today.

Some Business Models Glimpsed in the Metaverse Today.

* Use of NFT: An NFT is a digital token with a unique value, they can be seen as asset property certificates of virtual or physical value. The most successful NFTs are not mere virtual representations of real life objects. They are unique, interactive, and often in low supply. Pets (CryptoKitties, CryptoPuppies and CryptoCelebrities) are the most popular collectible NFTs. CryptoKitties raised awareness of the possibilities of blockchain technology and helped expand the Ethereum network.

It also showed that people were willing to pay for virtual goods in cryptocurrencies ((Bitcoin and Ethereum). However, you can create any NFT you want. You don't have to follow the current trend.

At the moment news has also circulated of people who have acquired virtual properties in the metaverse, as well as works of art that were auctioned for 69 million dollars. These types of acquisitions are registered in the blockchain, a series of virtual blocks that will store information and/or property contracts or objects with a unique value. For those who want to invest in a business in the metaverse, it will be through NFTs that guarantee the existence of the same in a digital atmosphere from the condominium of a brand (consisting of more than one store) to the products or services that it will promote. Decentraland has positioned itself as one of the main virtual reality platforms that sells around 90,601 parcels of "land" (NFT) that can be acquired by means of MANA cryptocurrencies. As you can see the value of NFT is controversial, people spend millions to buy an NFT whose underlying element is a jpg image. However, companies are giving physical items to NFT owners through the NFT recording mechanism and it may redefine the value of NFTs. Adidas coined an NFT collection, "Into the Metaverse", which offers owners special physical clothing.

After the exchange of the physical item, the status of the NFT will change and there are a total of 4 statuses. The exchange of NFTs for physical goods is not limited to the fashion industry, it suggests how companies can link their real-world businesses with the metaverse. Regarding the New Contracts with DAOs, in real life there are different types of contracts that are drafted according to government laws that govern a specific city or country. DAO′s (Decentralized Autonomous Organization), which although they were released in 1997 by Werner Dilger, today have gained strength for use within the metaverse. What makes this type of organization stand out is that the contracts are not based on the regulation of any particular law, only on the agreements of the parties involved. This type of Smart Contract (intelligent contracts) will be stored in the blockchain and any of the participating people will be able to access it. The treaties will not undergo any change at the time of being created, avoiding scams or deception being fulfilled in its entirety. In addition, we must emphasize, on the other hand, that experts point out that cryptocurrencies will have a revaluation in the short, medium and long term. For example, MANA cryptocurrencies have seen an increase of over 30%, as has DAR with a 37% increase.

* Virtual Goods: Virtual goods and services have been a major source of income for many successful metaverse companies. A wide range of virtual goods can be sold online, such as player weapons, characters, clothing, furniture, and more. The most common way to sell virtual goods is through your own website, where you provide the goods directly to customers. Examples of companies offering such services include Inworldz, There and Red Light Center of Second Life, as well as video games World of Warcraft, Sandbox and RunScape.

Another option is to sell your products through a marketplace like Second Life Marketplace or the Sansar Store. These marketplaces allow you to sell your products without having to set up and maintain your own website, while also allowing you to reach a larger audience than would be possible with your own website alone.

* Sale of Digital Art in NFTs: Galleries have become one of the most common business models in the metaverse, due to the natural connection between non-fungible token (non-fungible token) or NFT and art, something that happens due to because many of the early active members of the metaverse are part of the art world. Among the most prominent are examples such as the BCA Network's NFT BCA Gallery, one of today's most influential Art-Tech brands, or the Korean Doge Sound Club.

Digital art has become one of the most sought-after forms of art. The best example is Everydays -The First 5000 Days, a Beeple piece sold for US$69 million at the prestigious Christie's auction house. The sale of his digital collage, the result of 5,000 images taken daily over the past 13 years, shook the traditional art world for the third highest price achieved at live auction, after pieces by Jeff Koons and David Hockney.

* Digital Earth: Selling virtual real estate or other virtual space in the metaverse (especially from Second Life) on the open market is by far the most popular business model for virtual worlds today. It has many variations, such as land speculation, development and sale of "ready to build" lots, and land rental. Many people also work with real estate companies or brokers in Second Life, for example, to list their property or develop it for them. Among platforms in the metaverse to get a good return, we have: Somnium Space (built on blockchain and Ethereum, emphasizing virtual reality experiences); Axie Infinity, Mirandus (where players in this metaverse need the lands to harvest certain items); Star Atlas (land cannot be purchased yet, but could be soon); Illuvium (with the potential to increase terrain valuation by 100 times due to its competitive characteristics that can attract millions of players); Decentraland; The Sandbox (which is attracting big companies like Adidas to build complete experiences including games on its land and then sell it); ... .

* Sale of Voxels: The universe of the metaverse is made up of materials different from those of the real world. If, for example, we talk about CryptoVoxels, the virtual world powered by Ethereum in which it is possible to buy and sell virtual properties and other NFTs, we will be referring to a creative-oriented reality based on interaction with other users who are in charge of generating contents. What is special about CryptoVoxels is that you can post your own NFTs for the rest of the world to see. You can also participate in events such as exhibitions, inaugurations or parties. Companies can already stimulate their own business models in the metaverse thanks to Voxels stores, with Vox Walk being an example of a business model in the sector.

* Hardware: Another essential part of enjoying the immersive experience of the metaverse is hardware support, including network and wearable devices such as VR/AR glasses. there is intense competition in wearable VR/ AR devices. The headphones allow users to enjoy an immersive experience at a relatively lower cost. However, it is observed that companies are moving towards a mixed reality. Microsoft and Nitanic create a proof of concept version of Pokemon Go, demonstrating how mixed reality will reshape the metaverse.

* Business/Commercial Services: Companies that sell their services in the metaverse are often referred to as "metaverse service providers". Individual creators can start out as metaverse service providers and then grow their businesses into full-fledged "companies", which are similar to other companies that exist outside of the metaverse. The business services model involves selling a service to visitors in your virtual world, whether it be land development services, avatar customization, furniture and décor, or similar services. These services may be sold directly from your store or through the use of a shopping cart, commonly known as a "cart system", "shopping cart", or "storefront". The most popular shopping cart systems are MetaCard and Floobo.

* Construction of Virtual Spaces: There are users who have different plots of land but who do not want to be in charge of the construction. There are also companies looking to hire professional teams to build their headquarters. This has led to the emergence of building services in the metaverse, with brands like MetaEstate and VoxelArchitects and Mytaverse. Among the creations with the highest number of visits in the main space of CryptoVoxes are four buildings created by Voxel Architects. MetaEstate, for its part, can boast of the creation of the MetaChi headquarters or the Haolinju restaurant.

* Marketing and Advertising: Advertising as a business model of the metaverse is the best known of all models. It works directly on the metaverse platform and gives developers a share of the revenue generated from it. The metaverse advertising model can be used in applications (including defi-apps), or on external websites or web pages for games. Metaverse advertising works much the same as it does in the real world. You don't even need to have digital products, just metaverse to advertise. Therefore, it can be considered as a fresh ground to market whatever your current products are. This is especially good for companies that simply can't offer service in the metaverse or are undecided about what's possible and want to get a better idea before diving in. The future of marketing and advertising in the metaverse is very exciting. The new virtual world will lead us to develop new formulas and mechanisms to impact the user in ways never seen before. A blank canvas to be exploited by the best advertisers and creatives. The specialization in marketing strategies in the metaverse is a booming business in which digital marketers from companies interested in experiencing the possibilities offered by augmented and virtual reality that are called to change everything can participate. The promise of connecting with generation Z and generating media visibility as leading companies in the marketing of the future will allow the creation of new products and services. Documenting yourself about it, getting to know specialized content creators in the metaverse such as Cathy Hackl, Matthew Ball and Theo Priestley, and carrying out a SWOT analysis of each client are the first steps to gain a foothold in a market in which you stand out as early adopters. The London company Admix, for example, has been putting game developers and companies like National Geographic, Uber or Spotify in contact since 2018 to position their products in virtual games.

* Rental of Spaces: Just as it happens with real estate in the physical world, digital land can be rented and bought. In fact, many owners of these spaces are acquiring different pieces of land to do business with them. It is not unreasonable to ensure that there is a market underway in which the owners will seek to rent spaces to others to seek their exploitation. This is one of the business models in the metaverse to take into account today.

* Creation of Immersive Experiences: One of the objectives that virtual and augmented reality users will pursue is to experience amazing environments. It's something you can experience in places like Disneyland Paris, where in attractions like "Ratatouille: The Adveture" the visitor travels through the history of the famous Pixar movie without actually moving from the same room. And all this thanks to the power of technology. Specializing in the design of this type of proposal can be a success in a world increasingly focused on experiences. People need to escape from the reality of their day to day to release adrenaline and in this same sense, there is a great business opportunity, something that virtual reality games like Virtual Zone or Zero Latency also explain.

* Video Game Design: Blockchain community-driven platforms such as The Sandbox, Decentraland, Somnium Space and Roblox allow us to identify the needs of game creators who can stand out in a world of digital assets, incorporating game creation functions for users. Different celebrities and businesses are also building games on their land to attract users. Nike has created Nikeland in Roblox which allows users to create and play games. In addition, these are experiences that can be perfectly integrated into other platforms and that allow you to invest in NFT while enjoying the experience.

* Avatar Customization: Avatars in the metaverse are customizable objects that users can use to represent themselves in virtual worlds, online games, and other online communities. The customization service allows the user to customize these avatars with different appearances, such as hairstyle changes, skin finishes, clothing and accessories. These services may be offered by the owners of the virtual world, or may be offered by third parties with whom the owner has a revenue sharing agreement. Meta has announced the arrival of 3D avatars for Instagram stories, for example. This is an update of the Meta avatars, with more expressions, faces and skin tones, among other aspects. These avatars will be usable on Quest, Facebook, Instagram, and Messenger. Avatar creator platforms we can name MiT Avatar, Omniverse Avatar (powered by Artificial Intelligence), Sandbox, Descentraland, Axie Inifinity, InworldAI, UnionAvatars, Ready Player Me.

* Sale of Virtual Products (Example: Clothes): Almost everything that is sold today in the real world can be sold in the metaverse (clothes, houses, cars, ..) "Consumers no longer need to go to physical stores to try new products or feel their quality. Virtual reality and augmented reality will allow us to explore products from our home, buy them and have them delivered to us to enjoy them with the push of a button. On the other hand, the personalization of the digital avatars that we will have each of us in the metaverse will also generate opportunities to develop many customization products that today we cannot even imagine. Companies like Nike or Gucci are already setting up spaces where we can buy digital clothes for avatars, creating an unprecedented feeling of exclusivity ". And it is that basic needs also exist in the metaverse. That is why focusing on the online sale of clothing can be a great success, something that brands like Gucci or Balenciaga are already doing, taking steps towards the clothing of the future on platforms like Fortnite.

While Balenciaga presented its fall 2021 collection through a video game, Valentino and Ganni have designed their own Animal Crossing skins (avatar clothing), while Adidas has already launched a streetwear collection on NFT. If the big brands are positioning themselves in the digital world, doing the same does not seem crazy.

In March 2022, various figures from the fashion world were present (via teleporting glasses) at a party where Grimes was the main DJ. The unusual party was organized by the digital fashion house Auroboros, which was celebrating the triumphant end of the first Metaverse Fashion Week.

Designed entirely in 3D, the multi-level space was filled with avatars silently flaunting their intense gazes. Grimes was equipped with the futuristic "Mystique" suit from Auroboros, a digital wearable device that was released in limited quantities.

In the wake of the Covid-19 pandemic, many high-end brands have embraced NFTs and crypto, using the virtual landscape to stay current, and extend their influence to reach a new and digitally savvy audience online. "The pandemic has reinforced the importance of digital technology and the need for agility," says Keith Wong, co-founder and COO of Singaporean fashion house Charles & Keith. "With the growing popularity of the metaverse and our belief in the need to break boundaries, this is a great opportunity to express creativity and identity in new ways." We saw brands like Dundas, Dolce & Gabbana, Etro, Imitation of Christ, Tommy Hilfiger, and Estée Lauder carve out a space in the metaverse alongside tech giant Parcel, a virtual real estate marketplace, and digital trendsetters like Auroboros. Over the course of fashion week, more than 60 brands submitted 500 looks, some strictly for the metaverse, while others offered physical counterparts. The event was free and open to everyone, with over 30,000 visitors on the first day, 6,000 of whom headed straight to the luxury district.

The week kicked off with the opening of Selfridges' digital flagship in Decentraland, a recreation of its futuristic Birmingham store, complete with its iconic curved aluminum discs. Released a day before the official opening of MVFW, it set the bar high for what was to come. The virtual store featured 12 limited edition NFTs inspired by Paco Rabanne's 1966 archives, made in collaboration with Op Art artist Victor Vasarely.

Within the metaverse is a luxury shopping district inspired by Avenue Montaigne, where brands such as Dolce & Gabbana, Etro, Elie Saab, Dundas, Jacob/Co, Franck Muller, Imitation of Christ and Nicholas Kirkwood have virtual stores. But it looked less like the famous shopping street of Paris and more like Miami's design district, where all the shops are modern architectural gems and the items inside are displayed like museum artifacts. Dolce & Gabbana and Dundas used their respective spaces as retail stores for wearable designs that sold out after their runway presentations, while Elie Saab used her virtual presence to present a selection of dresses and drive traffic to the online site of she. It turns out that even in the metaverse, merchandise is highly coveted. And although several brands distributed digital wearables for free, some stood out above the rest. For one thing, Parcel's unique wearable glasses made experiencing MVFW smoother.

Notably, Estée Lauder was the only beauty brand to participate in the metaverse. In doing so, she highlighted one of her most popular products, the Advanced Night Repair Serum, giving avatars a free virtual glow, a nod to the product's moisturizing qualities. There was also a Mixed Media Art Gallery from Cash Labs, who selected a gallery space that highlighted the intersection between fashion and art. With more than 20 artists, including Krista Kim x The Fabricant and Karl Legerfeld x The Dematerialized, crossing the two disciplines with a series of NFTs, it marked a new era of collaborations by adding a futuristic digital component. SHOWStudio also participated in Cash Labs Gallery, presenting fashion films from the Nich Knight archives, along with images from Alexander McQueen, Chanel and Lanvin, among many others.

While MVFW wasn't perfect (with lots of glitches), it did provide a glimpse into the possibilities for how brands can build their narratives in the metaverse, offering immersive experiences and innovative ways to expand offerings beyond the physical.

* Data Management and Security in the Metaverse: If data has more and more weight in all sectors, in the metaverse it was not going to be less. Platforms and businesses still want to obtain data from users! If platforms such as CryptoVoxels require data on visitors to each construction, land buyers request data on spaces for sale. Sellers, for their part, ask for market data to determine their prices. Therefore, the importance of data management is essential in the metaverse, a need that should be covered by professional data analysis providers, a business model that could be highly requested in the coming years. There will still be room for dedicated cybersecurity businesses, specializing in threat control and private data protection. "We are no longer just talking about the usual user information (authentication, geolocation, browsing history...) but about all the biometric data that will be exposed, body movement, brain waves, physiological responses, etc. We will need to ensure a technical, responsible and transparent use that will value the companies dedicated to this purpose.

* Karaokes in the Digital World: What would you think of being in charge of businesses focused on entertainment? For example, with the creation of virtual karaokes in which the avatars of the participants demonstrate their artistic skills without people having to be in a specific physical space. This proposal, which has already been tested in "mobile applications such as StarMarker", is the perfect example to encourage companies to position themselves as benchmarks in the creation of platforms focused on entertainment in the metaverse.

* Remote Work: Work will increasingly move into the metaverse through online meetings, simulations, and training. "Businesses that can deliver a strong hybrid company culture, connecting people working remotely in virtual reality spaces, will be in high demand, as will all projects that enable people to learn through platforms. for educational purposes. The metaverse is a space that connects physical reality to an alternate virtual reality on the internet. It encompasses immersive platforms such as current social networks and 3D media technologies such as virtual reality (VR). Users enter through their avatars in real time to work, buy, socialize, learn and entertain.The closeness with VR or VR technology confirms that it is a parallel world, in which the new professional profiles will serve to create and develop better experiences for The future of work will be impacted and the changes will be reflected (based on the changes that are taking place today) in: a) Increase in the demand for certain Professional Profiles; b) Telecommuting; c) New Labor Competences; d(New Selection Processes; e) New Norms; among others.

* The New Revolution of the Tourism Sector: Here comes the point where we must ask ourselves if the tourism sector can miss the opportunity to make a strategic commitment to the metaverse and take advantage of this moment to face an absolutely necessary digitization. Perhaps it is time to take the opportunity to get on a train where for now only the world's largest technology companies have bought premium tickets, and those that have best known how to adapt to changes and digitization in the last twenty years. So, would hotel chains have to buy virtual plots from some of the major metaverses who seem to be starting to make their fortunes and build virtual hotels? Would companies in the tourism sector have to offer their services in any of these new worlds? Can virtual tours be sold? Will they have to create immersive experiences? Visits to museums that exhibit artistic works in NFT format? The range of possibilities presented is immense. The point is that a tourism business option in the metaverse is related to starting a vTime business. Another option is to offer guided tours or particularly beautiful terrain, or even just a well-designed city district, you can attract tourists and other visitors from across the metaverse by offering guided tours of your digital world to other users for a fee. One of the most important features of the metaverse is how expansive it is in space and possibilities. In the tourism sense, that means users anywhere in the physical world can explore areas they might never otherwise see in person through digital experiences. It also means that you can create impossible lands that are only possible in a digital space.

Thus, within the potential benefits for tourism in the metaverse, there are: a) Inspire Purchases related to tourism, b) Improve the Reservation Experience, c) Increase the Reservation Volume.

Within real examples of the Tourism Industry taking advantage of the Metaverse, we can name: -Immersive Virtual Tours (VR Tourism); - Augmented Reality in Tourism (Florence Travel Guide in Augmented Reality; Augmented Reality Quest in Best Wester Kelowna); - Facilitation of Trade Fairs and Exhibitions Online; - Virtual Theme Parks and Other Attractions; - Improved Customer Experience; - Gamification of Augmented Reality; - Augmented Reality Travel Solutions and Metavers.

Special theme for the Play-to-Earn Business Model.

The world of video games, added to the blockchain and the modalities of virtual, augmented, mixed reality, ... and their virtual worlds, a new business model has been introduced, the well-known Play-to-Earn that will determine a long-term trend. term in the very promising sector, even more than with the patterns derived from Covid-19. Play-to-Earn games are based on rewarding each user who contributes value when playing with a financial reward in cryptocurrencies, as well as rewarding the fidelity of dedicating part of the player's time to the ecosystem. It complements the system not only of fun but also the one that offers the possibility of an economic return with its participation. The traction of play-to-earn games has been due to its economic model. Thus, Axie Infinity (blockchain game inspired by Pokemon) and The Sandbox have gained popularity for their in-game liquidity and relational economic system, which has been solved through the use of blockchain technology. How do play-to-earn games work? In these games, users can raise, buy, train, make the creatures that are the basis of the game participate in tasks and participate in battles, including making bets, participating in referral earnings, etc. The main objective is to obtain an in-game token with which players can perform all of the above functionalities, which in turn allows them to have a competitive advantage that enables them to earn more. These in-game tokens are continuously spent in-game and can be worth up to $300. In addition to the game's own singular assets, the creatures themselves created (complex assets) with these kinds of new abilities and functionalities can be sold with NFTs (Non-fungible tokens) on an open market and thus monetized. But it is that the times dedicated to the game are also rewarded with tokens that can be exchanged in a decentralized way for cryptocurrencies in a fully open peer-to-peer market. A whole new world of value creation. What are decentralized metaverses? They are those play-to-earn games that provide an experience beyond the physical world in which the code is the metaverse. We have multiple examples like Blocktopia (virtual reality experience), OneTo11 (fantasy sports), etc.

There are a multitude of platforms such as Nakamoto Games that allow any player who has cryptocurrencies to access a wide variety of games on the platform and at the same time compete to win prizes on a weekly basis and monetize the results of the rewards obtained.

Other known platforms are Immortal Games, American Gothic, Fantasy Defense, TryHards, etc.

These platforms not only allow players to win but also developers, both through their contribution as creators and in their maintenance functions, which facilitates a new vertical of business within the cooperative game Marketplace. Investment funds have already seen this business opportunity and are already launching financial structures to take advantage of the trend and the sector, but the regulatory complexity that accompanies its development sidesteps the ambitions of many entrepreneurs who want to compete in this fierce market. In this type of interaction, many adjacent regulations converge that must be taken into account so as not to lose the opportunity to obtain a return on the activity with all the guarantees.

Special theme for the Metaverse and Education (Gamification, Personalization and Evaluation for the Educational/Training Experience).

How will we learn in the future? What possibilities will the mass use of Extended Reality (AR/VR) experiences open up? How should schools and teachers be prepared for what is to come?

As far as "Training Experience" is concerned, the metaverse gives us the possibility of training professionals who, through virtual reality goggles, immerse themselves inside virtual spaces, in which they can integrate into the team and deal with different situations, based on real experiences, in which they must make decisions and are shown the consequences of those decisions. Thus, professionals will be trained and gain confidence for the position. This is Meta's view of the Formative Experience in the Metaverse:

The metaverse will be multi-device (accessible from Virtual and Augmented Reality devices, computers, mobile phones...). With computers and mobile phones we have already experienced in recent years the transformation of educational experiences, thanks for example to online classes, videos and podcasts or mobile applications that promote self-learning through "pills" or short sessions . I will focus on the advantages that VR and AR devices can bring to the table. Knowing, yes, it is foreseeable that "the Really Augmented will be the one that will achieve the greatest degree of massification in the immediate future (when it improves, yes, its performance at the hardware level)".

Education and Virtual Reality: Training in Virtual Reality is going to be a perfect match with the simulation of environments and interventions in the field of Health, for example. In this sense, the future of education promises virtual experiences in which students, more than ever, put learning by doing into practice. In addition, without the collateral effects that a poorly performed test can have in the real world (for example, a chemistry practice in a laboratory by novice students ... better in virtual).

Also, the human brain thinks in images, wouldn't it be easier to learn about ancient Rome by moving to it and seeing everything in real scale? Immersion facilitates knowledge retention and increases student interest.

But all this takes on a new level when coupled with another key concept: Artificial Intelligence. Thanks to it, we can put into practice, for example, conversational training generated in real time so that each practice or exam is different from the previous one.

This is how they are putting it into practice at Bank of America, training their employees with Virtual Reality in their award-winning The Academy, from empathy for the different situations that their clients may encounter in physical branches (to more than 50,000 workers in more than 4,000 offices throughout the United States of America).

In fact, another thing generated by virtual environments applied to education is ATTENTION. Yes, the magic word when it comes to teaching... how many times have you lost your mind in a class looking at your mobile or thinking about your things? How many times, in your work, have you skipped training videos and been bored by the answers to the test? With the arrival of Virtual Reality it will be easier to focus on training. Although it will also be advisable to increase the work prior to the virtual session and reduce the duration of the session from 45 minutes to 1 hour. This is the case of Stanford, which has launched its first subject in VR and has done so with this dynamic of pre-Work + reduced-time class.

Virtual Reality will break down educational barriers when it improves its ease of use: let's travel to the future and think for a moment about students connected to the same class from different parts of the world with real-time translations into their language with an interaction with our own body (without have to know how to use a mobile phone or a computer). Added to all the elements that we have just commented... we could be talking about the true revolution of online training.

Education and Augmented Reality: But, once again, Augmented Reality arrives to be at an intermediate point between immersion and openness. What AR experiences do is improve the environment by superimposing digital elements that, in the case of education, will favor learning without leaving the class or the room in which we sit as students. In this way, a teacher could be talking about the spine and, live, show her students a life-size one while she continues with her explanation. The students, thanks to their future Augmented Reality glasses (which will be as discreet as Ray-Ban) will be seeing her as if she were really in class. But they will continue to see their partners or their mobile phones if they are playing Candy Crush.

Another concept related to education with Augmented Reality is Learning On-the-Go. In this case, if we have an Augmented Reality (RA or AR) viewer while we walk down the street or go sightseeing, the elements we find could give us additional information about its past, its construction or even generate a kind of documentary in front of our eyes. eyes. This is how the Greek Ministry of Culture has applied it hand in hand with Microsoft with the "recreation of the ruins of Olympia".

The Three Keys Gamification, Personalization and Evaluation: After everything we have seen, there are three concepts that I think are going to be very relevant when the Metaverse ends and crosses over with educational experiences, beyond immersion: It deals with three elements that have already had their leading role with online training but that, with Virtual and Augmented Reality, will have an even greater presence:

• Gamification: Learning by playing, introducing video game elements such as screens, scores, prizes... This is something that could be clearly greater with the arrival of VR/AR. Let's think that, in the virtual world, everything will be possible, what if we don't just move to Rome, but we learn thanks to an Escape Room?
• Personalization: Each experience can be unique, Artificial Intelligence will be able to personalize each lesson and, at the same time, users will be able to interact with these new realities, in turn provoking different resolutions before the same task.
• Evaluation and Monitoring: In addition, something that already happens with online training is the greater ease of monitoring the evolution of a student. Something that could go further with the metaverse and personalize the complete training itinerary of the student in question. Although this has another side of the coin: how will teamwork evolve if we individualize training experiences? I imagine that, as it happens today, we will find ourselves before a mix of both things, says Vicmix Reality.

Meta (formerly Facebook) is also committed to this future with the "Meta Inmersive Learning" initiative, in which it has invested 150 million dollars to improve four elements: Creators and Training, Immersive Content, Accessibility, Research.

It is true that the main engine of the industry so far has been video games. There is a very large community of virtual reality users thanks to this industry and the fact that end users have had access to virtual reality glasses at much lower prices in recent years. But on top of this initial community of videogames, other initiatives have been generated that have grouped people around them and generated communities that promote different sectors such as training, tourism, culture, ... For example, from Inmersion Studio (spinoff of the Open University of Catalonia), are dedicated to training in virtual reality and are well aware of educational activity in the metaverse.

Thus, in education, there is iLRInmersiveNetwork, a community that brings together thousands of educators, researchers and developers who investigate and work to create the next generation of relevant experiences in a metaverse that takes you to relevant contexts for your education without having to move from House.

Other companies starting their educational activities in the metaverse: Inspired Education Group (and its first school in the metaverse - with early prototypes in the King's InterHigh online school), and St. Louis School, a Milan-based school with the longest track record of IB Diploma results in continental Europe over the last seven years-).

Horizon Metaverse with its First University in the metaverse (Metaverse University) of the entrepreneur Alex Moraga that will be found in the Nubi.city (the metaverse of remote people).

Closing Words.

Whatever business model you use in the metaverse, you will need a high risk payment processor to make your business happen. With the introduction of blockchain technology, these and other business models are now possible. In addition, new players have entered the market that could be game changers in the metaverse space with their value propositions, such as not being limited by centralized servers. This is creating a hotbed of innovation that could lead to many more examples in leveraging blockchain, decentralized networks, and digital assets while continuing to build on new and immersive technology and presence. The growth potential and reach of the metaverse opens up a wealth of opportunities for anyone with a competitive advantage or, seen from another perspective, a Value Creation advantage. As people learn more about the metaverse and its capabilities, we will see companies start to spring up in all directions. The key to success will be adapting a strategy that allows companies to successfully create value in this new era of digital/augmented reality. This can only come from foresight, ingenuity, and an understanding of the potential for rapid growth in the metaverse market.

Keep in mind that cryptocurrencies, the metaverse, and any digital assets are still considered high-risk assets, which means you are running a high-risk business. As such, you will have a hard time finding a payment processor that will maintain profitable and stable operations as you grow.

After all that has been presented, what business model do you think you could implement to use the metaverse as a new immersive channel to create value for your users/customers/beneficiaries/citizens/... in your projects/businesses/.....?

(PS: For those students of the course, go back to the course and follow the instructions to assimilate the knowledge delivered).

Source: "Curios About Which metaverse Business Model Is Best? Let′s Dive In", Direct Pay Net; "10 Modelos de Negocio en el Metaverso para tu Empresa", IEBBS; "Metaverso y Educación: Posibilidades en el Futuro de la Realidad Extendida", Vicmx; "8 Modelos de Negocios en el Metaverso para tu Empresa", Opeen-Ideas; "Nuevo Modelo de Negocio: el Metaverso y el Play-to-Earn", Addvante; "El Metaverso: Nuevos Modelos de Negocio y Emprendimiento", Virket Agency; "New Business Models in the Metaverse", Steffen Schacher (Medium); "Los Altibajos de la Primera Semana de la Moda Metaverso Internacional", Elle Clarin; "El Metaverso y la Generación de Empleo Remoto", Viviana Laura Díaz, Revista IDEIDES; "Metaverse Tourism: Descripción General, Beneficios, Ejemplos y Más", RevFine.