How to join the Metaverse in Africa and get the most out of it
Written by Jamie du Plessis
We delve into how to join the Metaverse as a professional or consumer and what you need to enter in this article. Previously the Meta Series looked into the potential effects on the Hospitality & Tourism industry and what the Metaverse is. As we continue deeper into our series, we begin to evaluate different intricate elements that allow you to build your foundations as you step into the virtual world.
According to Bloomberg Intelligence, the Metaverse market opportunities can amount to an estimated 800 billion dollars. The estimated value is continuously increasing, and further studies found that by 2030 it could reach up to 5 trillion dollars.
When looking into the Metaverse platform, you build an understanding that the space is continuously evolving, as many who have delved in will tell you. The African market can continue to look forward to learning from the progression made by the international market activities alongside our disruptive technology development.
How to join the Metaverse?
Metaverse platforms are a great way to join and connect with individuals from all around the world. Entering one can give you access to various benefits, including networking and business opportunities.
You will want to ensure that you are immersing in a platform that best suits your goals, desires, and needs. Once you’ve found a venue that you like, make sure to try it out!
There are a variety of Metaverse platforms to choose from to help develop the hospitality and tourism industry, so it’s crucial to find the one that’s right for you. The following portals are some of the few options that can be used to join:
- Spatial: 3D environments built to assist in showcasing and monetising art, establishments, and workplace spaces.
- Decentraland: Decentralised 3D environments built and regulated through the Ethereum Blockchain let you visit or monetise the respective spaces available.
- The Sandbox: A monetised, decentralised gaming platform built and regulated through the Ethereum Blockchain.
- Journee: With their extensive range of virtual tools, you may construct, design, and monetise in hyper-realistic 3D environments with bespoke worlds.
- Upland: Advertised as the most prominent virtual property platform that imitates the real world economy.
Research reports found that consumer behaviour pointed to specific opportunities you can strategise on as a brand. According to reports, 80% of people use virtual platforms to build shared experiences with their communities. Many are mainly looking for new or unique travel and event experiences that help expand on real-world potential. Once you’ve found your preferred platform the next steps in how to join the Metaverse are:
- The first step is choosing the platform that will work best for your computer and devices. There are various options available, so select one that best meets your needs.
- Once you have downloaded and installed the software, explore its various online communities! These virtual worlds offer a unique opportunity to learn more about technology and share ideas with like-minded people worldwide.
- Next, it’s time to decide which Metaverse platform suits your or your potential customers’ interests most. Each has its own features and benefits, which should be considered before making investment decisions.
- Finally, once you have made these decisions, it’s time to join in on some fun and launch your brand.
Equipment you need to enter the Metaverse.
You must ensure you have all the relevant tools to set you up for success in the virtual world. However, the metaverse investment opportunities available should be prioritised according to your goals as a business or consumer. The primary virtual tools that you need to explore the basics of the Metaverse in Africa are:
- Stable internet connectivity
- Computers or phones
- VR/AR hardware (not currently necessary)
Executives in metaverse strategy studies see the Metaverse as a tool to develop and capitalise on their strategies and business models. Brands across studies have been found to benefit from investing in:
- Finding skilled or upskilling learning and development
- Infrastructure and back-end technologies
- Cryptocurrency, NFTs, Blockchain technologies
- Virtual environment tools
Barriers to entry
Source: McKinsey & Company Senior Executive Survey, April 2022
African business development may risk barriers to entry that other international executives have faced when considering how to join the Metaverse. The continent already takes pride in worlds such as the Africa Metaverse, Metaverse South Africa, and Africarare, to mention a few. Governments must continue to invest in the necessary infrastructures and technology to maintain this road of growth.
What are some best practices for staying active in the Metaverse?
There is no universal guideline for staying active in the Metaverse, as the virtual world constantly evolves and changes. However, some general tips that can also potentially help you avoid scammers include:
- Ensuring that you are immersing in secure systems
- Developing and conducting risk assessments, mitigation, and prevention.
- Doing 360 research before investing
- Being flexible in your strategies