What Businesses Need to Know to Make Money in the Metaverse

The metaverse has only just entered the mainstream discourse, but this new, immersive internet has already emerged as a lucrative new medium for generating revenue. Businesses as diverse as Gucci and FIFA already offer digitally savvy shoppers various new products accessible only via virtual reality headset. Their success paves the road for new market entrants to tap the metaverse’s growing potential.

“Enter the Metaverse: The Next Frontier of Digital Commerce,” a PYMNTS and Payoneer collaboration, delves deeply into how innovators use payments to explore metaverse opportunities. The playbook details the key market trends that businesses should recognize before entering the metaverse and outlines the steps businesses and innovators can take to increase their likelihood of success in this emerging virtual ecosystem.

Key takeaways from the playbook include the following:

• Being familiar with the metaverse’s major players can help businesses gauge which platforms are right for their ambitions. There is not one, but many metaverses, each supported by a different company and reaching a particular audience. Knowing which is best suited to reach their customers is crucial to monetizing this new virtual world.

• Tapping the power of digital wallets, crypto wallets and cryptocurrencies can help businesses streamline inter-metaverse transactions. Most metaverse platforms are built on blockchain, making cryptocurrency a natural choice in enabling transactions across platforms.

• Investing in flexible payments infrastructure will be vital to keeping ahead. The metaverse is still in its infancy, and there is no surefire way to tell which key players will ultimately come to dominate the ecosystem. Businesses must be able to change their payment offerings with the market as it grows to keep ahead of the competition.

These are only a few actionable insights detailed in the playbook. To learn more about how businesses can use payments to supercharge their ventures into the metaverse, download the report.