Do you ever imagine being able to go from one country to another without having to catch a flight or any vehicles, or attend office meetings, concerts, or parties from anywhere in the world? These are a few use cases of Metaverse but Metaverse has a huge application in our professional as well as personal life and this is going to happen very soon.
The metaverse is a shared online space, combining physical, augmented, and virtual reality. The term “metaverse” originated in the 1992 science fiction novel Snow Crash as a portmanteau of “meta” and “universe.” Recent interest in metaverse development is influenced by Web3, a concept for a decentralized iteration of the internet.
The global metaverse market was valued at $209.77 billion in 2021 and is expected to grow to $716.5 billion by 2027 at a compound annual growth rate of 22.7%, according to the Brandessence Market Research report.
Microsoft is one of the forefront companies developing Metaverse. Microsoft recently announced that Kawasaki will use the “industrial metaverse” in its factories to help produce robots. The company is developing future versions of Azure, Windows, Office365, and LinkedIn that will be based on AR and VR technologies.
Alphabet Inc. offers a range of AR and VR products already and is currently working on developing more products for the metaverse. The company’s most innovative extended reality project is Project Starline. This product uses the technological developments in machine learning, computer vision, spatial audio, and real-time compression to make virtual meetings feel like they are being held in person, without the use of a VR headset. Alphabet Inc. is instead developing a 65-inch 3D video booth to make this possible.
Meta is the main company developing Metaverse for users and players to be in the vast network of real-time 3D virtual worlds while maintaining identity and payment history. It has been announced that the Metaverse company is focused on developing a record-breaking supercomputer to power the Metaverse— reaching quintillions of operations per second. It has also selected the European Union to develop the Metaverse Technology for creating more employment in Europe.
Another tech giant Accenture entered the metaverse field already. With more than 15 years of experience in metaverse-related services and consulting, they have more than 800 experienced metaverse professionals and they have over 600 patents in their name. They offer a wide range of services across the entire Metaverse Continuum. They are well capable of educating their clients through the metaverse continuum, setting the business strategy, and designing, developing, and operating metaverse capabilities for clients.
NVIDIA is one of the top players in the Metaverse industry. This company is in the news for developing Metaverse by supporting artists as well as content creators. It also took an initiative to distribute free copies of a program built for developing Metaverse-ready assets known as Omniverse. This company has a series of upcoming projects in this field that will help users to create personalized avatars to bring visions to life.
Epic Games, Inc. is an American video game and software developer and publisher based in Cary, North Carolina. In June 2022, Epic Games announced it had raised $2 billion, just doubling the amount of cash it raised last year to further build out its future metaverse platforms. In February 2022 Epic Games announced that at least half a billion accounts have been created on its platform.
Tim Sweeney, CEO and founder of Epic, says the investment will “accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.”
Decentraland is the first decentralized metaverse platform. Users can buy virtual land in the platform as NFTs via the MANA cryptocurrency, based on Ethereum blockchain. Users can create three dimensional content, games, and many other applications. This platform launched on February 2020, and operated by the nonprofit Decentraland Foundation.
Decentraland provides metaverse, web3 development services including 3d game design, Virtual reality, crypto & blockchain applications, 3d art & design and many more services.