The metaverse, a shared virtual reality powered by advancements in virtual and augmented reality, blockchain, and Web3 technology, is rapidly gaining popularity and offering new business opportunities across various sectors, including hospitality.

This article aims to guide entrepreneurs in the hospitality industry through the process of navigating and leveraging the opportunities offered by the metaverse.

Initial Steps for Exploring the Metaverse in Hospitality

To successfully enter the metaverse, hospitality entrepreneurs must first identify the opportunities and needs within the metaverse that their businesses can address. This may include creating virtual hotels, entertainment offerings, and dining services. Next, it is crucial to explore various metaverse platforms such as Decentraland, The Sandbox, and Somnium Space (just to mention some platform based on blockchain) to understand their features and limitations and determine which of them best suits your hospitality business.

Essential Information to Know

For success in the metaverse, hospitality entrepreneurs must familiarize at least with the following aspects:

• Digital property: acquire virtual land and build structures such as hotels, restaurants, and entertainment venues.
• Tokens and cryptocurrencies: understand the digital currencies and how they are used for transactions in the metaverse.
• Smart contracts: learn to create and use smart contracts for managing reservations, payments, and other transactions in the virtual hotel"s reality.

Required Team Members

To launch a hospitality business in the metaverse, hospitality entrepreneurs will need a team of experts with diverse skills, including:

• Virtual/augmented reality developers, for creating and optimizing virtual experiences for guests.
• Blockchain developers, to handle program and security for blockchain-based transactions.
• 3D designers and artists, for creating visual elements such as structures, interiors, and avatars.
• Digital marketing experts: to promote virtual hotels in the metaverse and engage customers.

Collaboration with metagencies

Metagencies are specialized agencies that provide services for businesses in the metaverse. Collaborating with a metagency can simplify the startup process, granting access to specialized knowledge and skills that may not be present within your internal team. Metagencies can offer strategic advice, design and development services, and help promote the virtual hotel in the metaverse.

Accessibility and Inclusion

To make virtual hotels accessible to a wider audience, it is essential to consider accessibility and inclusion in the design and development process. This can include, for instance, compatibility with low-cost devices, by ensuring that virtual hotels are accessible to those using less expensive virtual/augmented reality devices; ease of use, by creating an intuitive user interface that can be easily used by people with varying technical skills.

Furthermore, it is crucial to comply with privacy and security regulations to protect users' personal information and ensure a safe and transparent environment in the virtual hotels.

Conclusion

The metaverse offers a unique opportunity for hospitality entrepreneurs to tap into new technological frontiers and create innovative experiences for guests. To succeed, it is vital to understand the workings of this ecosystem, learn essential information, recruit a team of experts, and collaborate with metagencies to tackle the challenges and opportunities of the metaverse. Additionally, focusing on accessibility and inclusion will ensure that your virtual hotel is welcoming and available to a broad range of guests.